Jefferies Group Brokers Lower Earnings Estimates for The New York Times Co. (NYT)
The New York Times Co. (NYSE:NYT) – Analysts at Jefferies Group lowered their Q3 2016 EPS estimates for shares of The New York Times in a report released on Wednesday. Jefferies Group analyst J. Janedis now expects that the firm will earn $0.03 per share for the quarter, down from their previous estimate of $0.04. Jefferies Group currently has a “Hold” rating and a $13.00 target price on the stock. Jefferies Group also issued estimates for The New York Times’ FY2016 earnings at $0.54 EPS, Q3 2017 earnings at $0.05 EPS, Q1 2018 earnings at $0.12 EPS and Q2 2018 earnings at $0.14 EPS.
The New York Times (NYSE:NYT) last announced its quarterly earnings data on Thursday, July 28th. The company reported $0.11 earnings per share for the quarter, meeting the consensus estimate of $0.11. The New York Times had a return on equity of 13.70% and a net margin of 3.36%. The business earned $372.60 million during the quarter, compared to analyst estimates of $377.15 million. During the same period in the prior year, the company earned $0.13 earnings per share. The New York Times’s revenue was down 2.7% compared to the same quarter last year.
A number of other analysts have also recently commented on the company. Zacks Investment Research cut The New York Times from a “hold” rating to a “sell” rating in a research report on Tuesday. TheStreet raised The New York Times from a “hold” rating to a “buy” rating in a research report on Thursday, August 4th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the stock. The New York Times has a consensus rating of “Hold” and a consensus target price of $13.60.
The New York Times (NYSE:NYT) opened at 11.95 on Friday. The company has a market capitalization of $1.92 billion, a price-to-earnings ratio of 36.88 and a beta of 1.82. The firm’s 50-day moving average price is $12.68 and its 200 day moving average price is $12.48. The New York Times has a one year low of $11.45 and a one year high of $14.27.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 20th. Investors of record on Wednesday, October 5th will be issued a $0.04 dividend. The ex-dividend date of this dividend is Monday, October 3rd. This represents a $0.16 dividend on an annualized basis and a yield of 1.34%. The New York Times’s payout ratio is currently 50.00%.
In other The New York Times news, EVP Kenneth A. Richieri sold 24,942 shares of the business’s stock in a transaction 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 completion of the sale, the executive vice president now directly owns 50,203 shares in the company, valued at approximately $650,128.85. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Levien Meredith A. Kopit sold 26,728 shares of the business’s stock in a transaction 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. 6.20% of the stock is currently owned by corporate insiders.
Large investors have recently made changes to their positions in the stock. Northwestern Mutual Investment Management Company LLC raised its stake in shares of The New York Times by 0.5% in the second quarter. Northwestern Mutual Investment Management Company LLC now owns 21,284 shares of the company’s stock worth $258,000 after buying an additional 109 shares in the last quarter. Mason Street Advisors LLC bought a new stake in shares of The New York Times during the second quarter worth $680,000. Public Employees Retirement System of Ohio raised its stake 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 in the last quarter. Schwab Charles Investment Management Inc. raised its stake in shares of The New York Times by 2.6% in the second quarter. Schwab Charles Investment Management Inc. now owns 622,321 shares of the company’s stock worth $7,531,000 after buying an additional 15,585 shares in the last quarter. Finally, Stifel Financial Corp raised its stake in shares of The New York Times by 61.7% in the second quarter. Stifel Financial Corp now owns 101,171 shares of the company’s stock worth $1,224,000 after buying an additional 38,594 shares in the last quarter. Institutional investors and hedge funds own 62.86% of the company’s stock.
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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