Jefferies Group Reiterates Hold Rating for The New York Times Co. (NYT)
The New York Times Co. (NYSE:NYT)‘s stock had its “hold” rating reaffirmed by stock analysts at Jefferies Group in a research report issued on Wednesday. They currently have a $13.00 price objective on the stock. Jefferies Group’s price target points to a potential upside of 9.24% from the stock’s previous close.
A number of other analysts also recently commented on NYT. Zacks Investment Research upgraded shares of The New York Times from a “hold” rating to a “buy” rating and set a $14.00 target price on the stock in a report on Tuesday, July 12th. TheStreet upgraded shares of The New York Times from a “hold” rating to a “buy” rating in a report on Thursday, August 4th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $13.60.
The New York Times (NYSE:NYT) opened at 11.90 on Wednesday. The stock has a market capitalization of $1.92 billion, a PE ratio of 36.73 and a beta of 1.82. The New York Times has a one year low of $11.45 and a one year high of $14.27. The firm has a 50-day moving average of $12.70 and a 200-day moving average of $12.49.
The New York Times (NYSE:NYT) last released its earnings results on Thursday, July 28th. The company reported $0.11 EPS for the quarter, hitting analysts’ consensus estimates of $0.11. The New York Times had a net margin of 3.36% and a return on equity of 13.70%. The business had revenue of $372.60 million for the quarter, compared to the consensus estimate of $377.15 million. During the same period in the previous year, the firm earned $0.13 EPS. The business’s revenue for the quarter was down 2.7% on a year-over-year basis. On average, equities research analysts forecast that The New York Times will post $0.58 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, October 20th. Stockholders of record on Wednesday, October 5th will be issued a dividend of $0.04 per share. The ex-dividend date of this dividend is Monday, October 3rd. This represents a $0.16 dividend on an annualized basis and a dividend yield of 1.34%. The New York Times’s dividend payout ratio is currently 50.00%.
In related news, EVP Kenneth A. Richieri sold 24,942 shares of the business’s stock in a transaction that occurred on Thursday, August 18th. The shares were sold at an average price of $12.95, for a total transaction of $322,998.90. Following the transaction, the executive vice president now directly owns 50,203 shares of the company’s stock, valued at $650,128.85. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Levien Meredith A. Kopit sold 26,728 shares of the business’s stock in a transaction that occurred on Thursday, August 25th. The shares were sold at an average price of $13.06, for a total transaction of $349,067.68. The disclosure for this sale can be found here. Insiders own 6.20% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in NYT. Public Employees Retirement System of Ohio increased its position in shares of The New York Times by 6.7% in the second quarter. Public Employees Retirement System of Ohio now owns 8,226 shares of the company’s stock worth $100,000 after buying an additional 517 shares during the last quarter. Fuller & Thaler Asset Management Inc. bought a new position in shares of The New York Times during the second quarter worth approximately $109,000. Barclays PLC increased its position in shares of The New York Times by 235.4% in the second quarter. Barclays PLC now owns 9,919 shares of the company’s stock worth $120,000 after buying an additional 6,962 shares during the last quarter. LMR Partners LLP bought a new position in shares of The New York Times during the second quarter worth approximately $125,000. Finally, Pacad Investment Ltd. bought a new position in shares of The New York Times during the second quarter worth approximately $125,000. 62.86% of the stock is currently owned by hedge funds and other institutional investors.
The New York Times Company Profile
The New York Times Company is a media organization focused on creating, collecting and distributing news and information. The Company includes newspapers, digital businesses and investments. Its businesses include newspapers, such as The New York Times; the International New York Times (INYT), the international edition of The Times; Websites, including NYTimes.com and international.nytimes.com; mobile applications, including The Times’s news applications, as well as interest-specific applications, such as NYT Cooking, Crossword and others, and related businesses, such as The Times news services division, digital archive distribution, NYT Live, and other products and services under The Times brand.
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