New York Times (NYSE:NYT) Given New $80.00 Price Target at Bank of America

New York Times (NYSE:NYT) had its price objective reduced by analysts at Bank of America from $87.00 to $80.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Bank of America‘s price target points to a potential upside of 11.75% from the company’s previous close.

A number of other analysts also recently weighed in on the company. Barclays increased their price objective on New York Times from $60.00 to $66.00 and gave the company an “equal weight” rating in a report on Thursday, May 7th. Guggenheim lifted their target price on New York Times from $63.00 to $70.00 and gave the stock a “neutral” rating in a report on Thursday, May 7th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $95.00 price target on shares of New York Times in a research report on Thursday, May 7th. Citigroup reissued a “neutral” rating on shares of New York Times in a research note on Wednesday. Finally, Weiss Ratings restated a “buy (b)” rating on shares of New York Times in a research report on Tuesday, April 21st. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $83.22.

New York Times Trading Down 1.7%

NYSE:NYT traded down $1.24 during mid-day trading on Wednesday, hitting $71.59. 366,724 shares of the company’s stock were exchanged, compared to its average volume of 2,150,914. New York Times has a fifty-two week low of $51.03 and a fifty-two week high of $87.10. The firm has a market capitalization of $11.59 billion, a P/E ratio of 30.70, a PEG ratio of 1.49 and a beta of 0.95. The company has a 50 day simple moving average of $76.64 and a 200-day simple moving average of $75.38.

New York Times (NYSE:NYT) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $0.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.49 by $0.12. The firm had revenue of $712.24 million during the quarter, compared to analysts’ expectations of $699.93 million. New York Times had a net margin of 13.18% and a return on equity of 22.02%. The company’s revenue was up 12.0% on a year-over-year basis. During the same period in the prior year, the company posted $0.41 EPS. As a group, analysts expect that New York Times will post 2.93 earnings per share for the current year.

Insider Activity at New York Times

In other New York Times news, EVP William Bardeen sold 4,121 shares of the company’s stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $77.85, for a total transaction of $320,819.85. Following the sale, the executive vice president owned 14,560 shares of the company’s stock, valued at approximately $1,133,496. This represents a 22.06% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director David S. Perpich sold 9,000 shares of the stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $77.06, for a total value of $693,540.00. Following the sale, the director owned 28,469 shares of the company’s stock, valued at approximately $2,193,821.14. The trade was a 24.02% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 17,121 shares of company stock worth $1,310,920 over the last quarter. Company insiders own 1.90% of the company’s stock.

Institutional Investors Weigh In On New York Times

Several large investors have recently added to or reduced their stakes in the business. Pinnacle Wealth Management Advisory Group LLC lifted its stake in shares of New York Times by 4.2% in the first quarter. Pinnacle Wealth Management Advisory Group LLC now owns 3,366 shares of the company’s stock valued at $282,000 after buying an additional 135 shares in the last quarter. Andina Capital Management LLC increased its position in shares of New York Times by 1.7% during the fourth quarter. Andina Capital Management LLC now owns 8,814 shares of the company’s stock worth $612,000 after acquiring an additional 147 shares in the last quarter. Jackson Thornton Wealth Management LLC increased its position in shares of New York Times by 3.5% during the fourth quarter. Jackson Thornton Wealth Management LLC now owns 4,355 shares of the company’s stock worth $302,000 after acquiring an additional 148 shares in the last quarter. Bessemer Group Inc. raised its holdings in shares of New York Times by 34.4% in the 1st quarter. Bessemer Group Inc. now owns 687 shares of the company’s stock worth $58,000 after acquiring an additional 176 shares during the last quarter. Finally, Brown Advisory Inc. lifted its position in New York Times by 1.1% in the 4th quarter. Brown Advisory Inc. now owns 17,944 shares of the company’s stock valued at $1,246,000 after acquiring an additional 189 shares in the last quarter. Institutional investors and hedge funds own 95.37% of the company’s stock.

Key Stories Impacting New York Times

Here are the key news stories impacting New York Times this week:

• Positive Sentiment: Berkshire Hathaway reportedly nearly tripled its position in The New York Times Company, a vote of confidence from a high-profile value investor that could boost investor sentiment. Article Title
• Neutral Sentiment: The company published multiple live election-result pages and political stories, including coverage of New York, Maryland, and South Carolina contests, which should help traffic and engagement but are not major direct financial catalysts. Article Title
• Neutral Sentiment: Additional politics coverage, including “Trump to Meet With G.O.P. Senators Amid New Divisions” and related primary analysis, may support readership as a high-interest news cycle continues. Article Title
• Neutral Sentiment: MarketBeat’s note on USA Today’s digital revival suggests the newspaper industry remains in focus, but it does not directly change NYT’s fundamentals and is only a loose industry comparison. Article Title

About New York Times

The New York Times Company is a publicly traded media organization best known for publishing The New York Times newspaper and operating the NYTimes.com digital platform. The company produces daily print and digital journalism covering national and international news, opinion pieces, feature stories, and multimedia content. Alongside its flagship newspaper, the firm offers a range of subscription-based services, including Times Cooking, NYT Games, podcasts and newsletters, designed to engage a broad audience of readers and advertisers.

Founded in 1851 by Henry Jarvis Raymond and George Jones, The New York Times has built a reputation for in-depth reporting and investigative journalism.