New York Times (NYSE:NYT) Stock Price Expected to Rise, Barclays Analyst Says

New York Times (NYSE:NYT) had its price objective hoisted by research analysts at Barclays from $63.00 to $64.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Barclays‘s target price would indicate a potential downside of 6.34% from the company’s current price.

A number of other equities research analysts have also recently commented on the stock. Zacks Research cut shares of New York Times from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 6th. New Street Research set a $82.00 target price on New York Times in a research note on Tuesday, September 15th. Guggenheim raised New York Times from a “neutral” rating to a “buy” rating and upped their price target for the company from $70.00 to $82.00 in a research report on Tuesday, September 15th. Weiss Ratings raised New York Times from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, October 8th. Finally, Wall Street Zen lowered New York Times from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $82.80.

New York Times Price Performance

Shares of NYSE NYT traded up $2.76 during mid-day trading on Thursday, reaching $68.33. 3,226,995 shares of the company’s stock were exchanged, compared to its average volume of 1,831,643. The firm has a 50-day moving average price of $67.29 and a two-hundred day moving average price of $73.25. The firm has a market capitalization of $11.02 billion, a price-to-earnings ratio of 27.33, a price-to-earnings-growth ratio of 1.81 and a beta of 0.89. New York Times has a 52 week low of $58.87 and a 52 week high of $87.10.

New York Times (NYSE:NYT) last posted its quarterly earnings data on Wednesday, November 4th. The company reported $0.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.65 by $0.03. The business had revenue of $768.54 million during the quarter, compared to the consensus estimate of $767.21 million. New York Times had a net margin of 13.19% and a return on equity of 22.64%. The firm’s quarterly revenue was up 9.7% compared to the same quarter last year. During the same quarter last year, the company posted $0.59 earnings per share. As a group, sell-side analysts forecast that New York Times will post 2.84 EPS for the current fiscal year.

Institutional Investors Weigh In On New York Times

A number of institutional investors and hedge funds have recently modified their holdings of the company. Renaissance Technologies LLC lifted its position in New York Times by 20.3% during the first quarter. Renaissance Technologies LLC now owns 2,756,180 shares of the company’s stock valued at $230,775,000 after purchasing an additional 465,600 shares during the last quarter. First Trust Advisors LP boosted its holdings in shares of New York Times by 0.9% during the first quarter. First Trust Advisors LP now owns 1,570,073 shares of the company’s stock worth $131,462,000 after purchasing an additional 14,202 shares during the period. Bank of New York Mellon Corp raised its holdings in shares of New York Times by 3.0% during the first quarter. Bank of New York Mellon Corp now owns 1,512,403 shares of the company’s stock valued at $126,633,000 after acquiring an additional 43,796 shares in the last quarter. Janus Henderson Group PLC raised its holdings in New York Times by 30.3% in the 1st quarter. Janus Henderson Group PLC now owns 761,118 shares of the company’s stock worth $63,740,000 after purchasing an additional 177,045 shares in the last quarter. Finally, Boston Trust Walden Corp increased its position in shares of New York Times by 12.8% during the third quarter. Boston Trust Walden Corp now owns 802,007 shares of the company’s stock valued at $51,088,000 after buying an additional 90,693 shares during the period. 95.37% of the stock is owned by hedge funds and other institutional investors.

Key Stories Impacting New York Times

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

• Positive Sentiment: NYT beat third-quarter earnings and revenue estimates. EPS was $0.68 versus expectations of $0.65, while revenue rose 9.7% year over year to $768.5 million. Digital subscriber growth, higher subscription revenue and stronger advertising supported growth and margin expansion. The New York Times Q3 Earnings Beat on Digital Subscription Growth
• Neutral Sentiment: Reports say NYT is in advanced or exclusive talks to acquire film-focused social network Letterboxd for roughly $330 million. The deal could broaden the company’s audience and businesses, but its financial impact is uncertain until terms and a transaction are confirmed. New York Times Company in advanced talks to acquire Letterboxd for roughly $330 million
• Negative Sentiment: Barclays raised its price target to $64 from $63 but kept an “equal weight” rating. The target remains below the $68.33 price cited in the report, signaling limited expected upside from the analyst’s perspective. Barclays price target update

New York Times Company Profile

The New York Times Company (NYSE: NYT) is a media and technology company best known for publishing The New York Times, a daily newspaper founded in 1851 by Henry Jarvis Raymond and George Jones. The company produces journalism across national and international news, business, politics, culture, science, sports and other topics through print and digital platforms.

In addition to its core news operation, the company offers a range of subscription products and digital services, including NYT Cooking, Games, Audio and The Athletic, a subscription-based sports media platform.