The New York Times Co. (NYT) Upgraded to “Hold” at Zacks Investment Research
According to Zacks, “Shares of The New York Times Company have outperformed the Zacks Categorized industry year-to-date. The company is diversifying its business, adding new revenue streams, strengthening its balance sheet and restructuring its portfolio. It had offloaded assets in order to re-focus on its core newspapers and pay more attention to its online activities. These helped the company to post positive earnings surprise in third-quarter 2016, following an earnings miss in the preceding quarter. However, bottom line continued to decline on a year-over-year basis. Top-line also slid and fell short of the estimate. The quarter marked an increase in digital subscribers and rise in circulation as well as digital advertising revenues but a fall in print advertising revenue. Total advertising revenue fell 7.7% during the quarter. Management expects total advertising revenue in the final quarter to decline at a rate equivalent to that of the third quarter.”
Other analysts have also recently issued research reports about the company. TheStreet cut The New York Times from a buy rating to a hold rating in a research report on Friday, October 21st. Jefferies Group reissued a hold rating and set a $13.00 price objective on shares of The New York Times in a research report on Wednesday, September 28th. Five analysts have rated the stock with a hold rating, The company has a consensus rating of Hold and a consensus target price of $13.13.
Shares of The New York Times (NYSE:NYT) opened at 12.90 on Monday. The firm has a market cap of $2.08 billion, a price-to-earnings ratio of 47.96 and a beta of 1.39. The New York Times has a 52 week low of $10.60 and a 52 week high of $14.27. The firm’s 50-day moving average price is $11.71 and its 200-day moving average price is $12.22.
The New York Times (NYSE:NYT) last released its quarterly earnings data on Wednesday, November 2nd. The company reported $0.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.04 by $0.02. The firm earned $363.50 million during the quarter, compared to analysts’ expectations of $365 million. The New York Times had a return on equity of 13.28% and a net margin of 2.80%. The business’s revenue for the quarter was down 1.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.09 earnings per share. Equities research analysts expect that The New York Times will post $0.50 EPS for the current fiscal year.
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Several hedge funds have recently made changes to their positions in NYT. Public Employees Retirement System of Ohio raised its position in 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. acquired a new position in The New York Times during the second quarter worth approximately $109,000. Barclays PLC raised its position in 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 acquired a new position in The New York Times during the second quarter worth approximately $125,000. Finally, Pacad Investment Ltd. acquired a new position in The New York Times during the second quarter worth approximately $125,000. 63.33% of the stock is owned by institutional investors.
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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