Brokerages Set The New York Times Co. (NYT) Target Price at $13.47
Shares of The New York Times Co. (NYSE:NYT) have earned an average recommendation of “Hold” from the five analysts that are covering the stock. One research analyst has rated the stock with a sell recommendation and four have given a hold recommendation to the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $12.70.
A number of research analysts recently issued reports on the company. Zacks Investment Research lowered The New York Times from a “hold” rating to a “sell” rating in a report on Tuesday, September 27th. TheStreet lowered The New York Times from a “buy” rating to a “hold” rating in a report on Friday, October 21st. Finally, Jefferies Group reaffirmed a “hold” rating and set a $13.00 target price on shares of The New York Times in a report on Friday, July 29th.
In related news, EVP Levien Meredith A. Kopit sold 26,728 shares of the stock in a transaction on Thursday, August 25th. The stock was sold at an average price of $13.06, for a total value of $349,067.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Kenneth A. Richieri sold 24,942 shares of the stock in a transaction on Thursday, August 18th. The shares were sold at an average price of $12.95, for a total value of $322,998.90. Following the completion of the transaction, the executive vice president now owns 50,203 shares of the company’s stock, valued at approximately $650,128.85. The disclosure for this sale can be found here. 6.20% of the stock is owned by corporate insiders.
Several institutional investors have recently added to or reduced their stakes in NYT. AQR Capital Management LLC raised its position in The New York Times by 262.4% in the second quarter. AQR Capital Management LLC now owns 942,014 shares of the company’s stock worth $11,398,000 after buying an additional 682,077 shares during the period. Renaissance Technologies LLC raised its position in The New York Times by 35.9% in the first quarter. Renaissance Technologies LLC now owns 1,830,900 shares of the company’s stock worth $22,813,000 after buying an additional 483,900 shares during the period. Dimensional Fund Advisors LP raised its position in The New York Times by 11.0% in the second quarter. Dimensional Fund Advisors LP now owns 4,642,155 shares of the company’s stock worth $56,169,000 after buying an additional 458,376 shares during the period. Acadian Asset Management LLC bought a new position in The New York Times during the third quarter worth $5,218,000. Finally, Contrarius Investment Management Ltd raised its position in The New York Times by 4.6% in the third quarter. Contrarius Investment Management Ltd now owns 8,312,235 shares of the company’s stock worth $99,331,000 after buying an additional 363,151 shares during the period. Institutional investors and hedge funds own 63.01% of the company’s stock.
The New York Times (NYSE:NYT) opened at 12.25 on Friday. The New York Times has a 1-year low of $10.60 and a 1-year high of $14.27. The firm has a market cap of $1.97 billion, a P/E ratio of 45.54 and a beta of 1.39. The stock’s 50 day moving average is $11.59 and its 200-day moving average is $12.24.
The New York Times (NYSE:NYT) last issued its quarterly earnings results on Wednesday, November 2nd. The company reported $0.06 EPS for the quarter, beating analysts’ consensus estimates of $0.04 by $0.02. The company had revenue of $363.50 million for the quarter, compared to analyst estimates of $365 million. The New York Times had a return on equity of 13.28% and a net margin of 2.80%. The company’s quarterly revenue was down 1.1% compared to the same quarter last year. During the same period last year, the company earned $0.09 earnings per share. Analysts forecast that The New York Times will post $0.50 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Thursday, October 20th. Investors of record on Wednesday, October 5th were given a $0.04 dividend. The ex-dividend date was Monday, October 3rd. This represents a $0.16 dividend on an annualized basis and a dividend yield of 1.31%. The New York Times’s dividend payout ratio (DPR) is 61.54%.
About The New York Times
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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