Morgan Stanley Forecasts Strong Price Appreciation for New York Times (NYSE:NYT) Stock

New York Times (NYSE:NYT) had its target price increased by equities research analysts at Morgan Stanley from $59.00 to $62.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Morgan Stanley’s price target would suggest a potential upside of 1.15% from the stock’s previous close.

Other analysts also recently issued research reports about the stock. Weiss Ratings restated a “buy (b)” rating on shares of New York Times in a report on Wednesday, October 8th. Guggenheim raised their price target on shares of New York Times from $55.00 to $56.00 and gave the stock a “neutral” rating in a research note on Thursday, August 7th. Barclays set a $52.00 price target on shares of New York Times and gave the stock an “equal weight” rating in a report on Thursday, August 7th. Zacks Research lowered New York Times from a “strong-buy” rating to a “hold” rating in a report on Monday, September 8th. Finally, Evercore ISI raised their target price on New York Times from $60.00 to $67.00 and gave the stock an “outperform” rating in a research report on Friday, August 8th. Four analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $62.17.

New York Times Trading Up 2.2%

Shares of NYT opened at $61.29 on Thursday. The stock has a 50 day moving average of $57.34 and a 200 day moving average of $56.04. The company has a market capitalization of $9.98 billion, a price-to-earnings ratio of 31.60, a PEG ratio of 1.41 and a beta of 1.14. New York Times has a 12 month low of $44.83 and a 12 month high of $62.24.

New York Times (NYSE:NYT) last announced its quarterly earnings data on Wednesday, November 5th. The company reported $0.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.54 by $0.05. The firm had revenue of $700.82 million during the quarter, compared to the consensus estimate of $692.01 million. New York Times had a return on equity of 19.55% and a net margin of 11.92%.The business’s revenue for the quarter was up 9.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.45 EPS. As a group, equities research analysts predict that New York Times will post 2.08 earnings per share for the current year.

Insider Activity at New York Times

In other news, EVP William Bardeen sold 5,000 shares of the company’s stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $58.04, for a total value of $290,200.00. Following the transaction, the executive vice president owned 11,243 shares of the company’s stock, valued at approximately $652,543.72. This represents a 30.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Jacqueline M. Welch sold 5,500 shares of the stock in a transaction on Thursday, August 28th. The stock was sold at an average price of $60.04, for a total value of $330,220.00. Following the completion of the sale, the executive vice president owned 14,470 shares in the company, valued at $868,778.80. This trade represents a 27.54% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On New York Times

A number of institutional investors have recently added to or reduced their stakes in the business. Principal Financial Group Inc. boosted its position in shares of New York Times by 0.4% during the 1st quarter. Principal Financial Group Inc. now owns 375,258 shares of the company’s stock valued at $18,613,000 after acquiring an additional 1,315 shares during the last quarter. Alps Advisors Inc. increased its position in shares of New York Times by 7.9% in the first quarter. Alps Advisors Inc. now owns 260,817 shares of the company’s stock worth $12,937,000 after purchasing an additional 19,078 shares during the last quarter. Cerity Partners LLC increased its position in shares of New York Times by 88.2% in the first quarter. Cerity Partners LLC now owns 32,570 shares of the company’s stock worth $1,615,000 after purchasing an additional 15,265 shares during the last quarter. State of Michigan Retirement System raised its stake in New York Times by 1.0% in the first quarter. State of Michigan Retirement System now owns 39,016 shares of the company’s stock valued at $1,935,000 after purchasing an additional 400 shares in the last quarter. Finally, Kesler Norman & Wride LLC lifted its position in New York Times by 29.5% during the first quarter. Kesler Norman & Wride LLC now owns 25,876 shares of the company’s stock valued at $1,284,000 after purchasing an additional 5,889 shares during the last quarter. 95.37% of the stock is currently owned by institutional investors.

About New York Times

The New York Times Company, together with its subsidiaries, creates, collects, and distributes news and information worldwide. The company operates through two segments, The New York Times Group and The Athletic. It offers The New York Times (The Times) through company’s mobile application, website, printed newspaper, and associated content, such as podcast.