Zacks Investment Research downgraded shares of New York Times (NYSE:NYT) from a buy rating to a hold rating in a research report sent to investors on Monday morning.

According to Zacks, “The New York Times Company’s strategic initiatives have helped propelled the stock that has outpaced the industry in a year. 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 endeavors have helped the company to post sixth straight quarter of positive earnings surprise, when it reported fourth-quarter 2017 results. Total revenue also came ahead of the consensus estimate. Notably, both the top and bottom lines grew year over year. The quarter marked an increase in digital subscribers, rise in digital advertising and subscription revenues but a fall in print advertising revenue. Total advertising revenue slid 1.3% during the quarter. Management expects the same to decline in the mid to high-single digits in the first quarter of 2018.”

A number of other research firms have also issued reports on NYT. Barclays set a $20.00 price objective on New York Times and gave the company a hold rating in a research note on Sunday. Jefferies Group reiterated a hold rating and set a $18.00 price objective on shares of New York Times in a research note on Monday, October 16th. Finally, ValuEngine lowered New York Times from a buy rating to a hold rating in a research note on Friday, December 1st. Four analysts have rated the stock with a hold rating, The company has an average rating of Hold and an average price target of $21.33.

Shares of New York Times (NYSE NYT) opened at $24.75 on Monday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.83 and a current ratio of 1.83. New York Times has a one year low of $14.08 and a one year high of $25.70. The stock has a market capitalization of $3,916.09, a price-to-earnings ratio of 29.82, a P/E/G ratio of 2.14 and a beta of 1.86.

New York Times (NYSE:NYT) last released its quarterly earnings data on Thursday, February 8th. The company reported $0.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.30 by $0.09. New York Times had a return on equity of 14.89% and a net margin of 0.26%. The company had revenue of $484.00 million for the quarter, compared to analyst estimates of $467.30 million. During the same period in the previous year, the company posted $0.30 EPS. The firm’s revenue for the quarter was up 10.1% compared to the same quarter last year. research analysts anticipate that New York Times will post 0.87 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 25th. Investors of record on Wednesday, January 10th were paid a dividend of $0.04 per share. The ex-dividend date of this dividend was Tuesday, January 9th. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.65%. New York Times’s payout ratio is 800.00%.

In related news, Director Doreen A. Toben sold 8,000 shares of the business’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $23.99, for a total transaction of $191,920.00. Following the completion of the transaction, the director now directly owns 25,342 shares in the company, valued at $607,954.58. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CFO James M. Follo sold 110,000 shares of the business’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $24.02, for a total value of $2,642,200.00. Following the transaction, the chief financial officer now owns 194,523 shares of the company’s stock, valued at $4,672,442.46. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 208,000 shares of company stock worth $5,005,820. 5.70% of the stock is currently owned by corporate insiders.

Institutional investors have recently bought and sold shares of the stock. PNC Financial Services Group Inc. grew its position in New York Times by 6.9% during the second quarter. PNC Financial Services Group Inc. now owns 6,635 shares of the company’s stock worth $118,000 after buying an additional 429 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in New York Times by 37.1% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,622 shares of the company’s stock worth $160,000 after buying an additional 2,333 shares in the last quarter. Macquarie Group Ltd. purchased a new position in New York Times during the third quarter worth about $192,000. Tyers Asset Management LLC grew its position in New York Times by 234.2% during the fourth quarter. Tyers Asset Management LLC now owns 9,840 shares of the company’s stock worth $182,000 after buying an additional 6,896 shares in the last quarter. Finally, HL Financial Services LLC purchased a new position in New York Times during the fourth quarter worth about $185,000. Institutional investors and hedge funds own 67.60% of the company’s stock.

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New York Times Company Profile

The New York Times Company is a media company focused on creating, collecting and distributing news and information. The Company’s principal business consists of distributing content generated by its newsroom through its print, Web and mobile platforms. In addition, it distributes selected content on third-party platforms.

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