Evercore ISI Raises New York Times (NYSE:NYT) Price Target to $53.00

New York Times (NYSE:NYT) had its target price hoisted by Evercore ISI from $50.00 to $53.00 in a report released on Thursday, Benzinga reports. The firm currently has an “outperform” rating on the stock. Evercore ISI’s target price indicates a potential upside of 11.16% from the stock’s previous close.

A number of other brokerages have also weighed in on NYT. StockNews.com raised shares of New York Times from a “hold” rating to a “buy” rating in a research note on Wednesday, March 20th. Argus raised New York Times from a “hold” rating to a “buy” rating and set a $51.00 price target for the company in a research note on Monday, March 4th. Finally, Citigroup began coverage on New York Times in a research note on Tuesday, March 12th. They issued a “buy” rating and a $52.00 price target for the company. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $46.71.

New York Times Stock Performance

Shares of NYT traded down $0.06 during mid-day trading on Thursday, reaching $47.68. 564,285 shares of the company’s stock traded hands, compared to its average volume of 1,275,821. New York Times has a 12 month low of $35.06 and a 12 month high of $49.87. The stock has a market capitalization of $7.82 billion, a P/E ratio of 34.14 and a beta of 1.00. The business’s 50-day moving average price is $43.49 and its 200-day moving average price is $44.89.

New York Times (NYSE:NYT) last released its earnings results on Wednesday, May 8th. The company reported $0.31 earnings per share for the quarter, beating the consensus estimate of $0.20 by $0.11. The company had revenue of $594.00 million for the quarter, compared to analysts’ expectations of $591.97 million. New York Times had a return on equity of 16.48% and a net margin of 9.58%. The business’s revenue for the quarter was up 5.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.19 EPS. Equities research analysts anticipate that New York Times will post 1.64 EPS for the current year.

Insider Activity

In other news, CEO Levien Meredith A. Kopit sold 13,543 shares of the business’s stock in a transaction on Friday, February 16th. The shares were sold at an average price of $44.11, for a total transaction of $597,381.73. Following the sale, the chief executive officer now directly owns 90,759 shares of the company’s stock, valued at $4,003,379.49. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other New York Times news, Director David S. Perpich sold 3,014 shares of the company’s stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $44.03, for a total value of $132,706.42. Following the transaction, the director now owns 20,813 shares of the company’s stock, valued at $916,396.39. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Levien Meredith A. Kopit sold 13,543 shares of the firm’s stock in a transaction on Friday, February 16th. The stock was sold at an average price of $44.11, for a total value of $597,381.73. Following the transaction, the chief executive officer now owns 90,759 shares of the company’s stock, valued at $4,003,379.49. The disclosure for this sale can be found here. In the last quarter, insiders sold 23,557 shares of company stock worth $1,029,968. 2.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On New York Times

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Covestor Ltd boosted its stake in shares of New York Times by 9.6% during the third quarter. Covestor Ltd now owns 2,659 shares of the company’s stock valued at $110,000 after acquiring an additional 232 shares during the last quarter. Fifth Third Bancorp boosted its stake in shares of New York Times by 2.3% in the third quarter. Fifth Third Bancorp now owns 12,134 shares of the company’s stock valued at $500,000 after purchasing an additional 276 shares during the period. Treasurer of the State of North Carolina increased its holdings in New York Times by 0.5% during the 3rd quarter. Treasurer of the State of North Carolina now owns 70,924 shares of the company’s stock worth $2,922,000 after purchasing an additional 360 shares during the last quarter. Hall Laurie J Trustee grew its holdings in New York Times by 0.6% during the 1st quarter. Hall Laurie J Trustee now owns 74,860 shares of the company’s stock worth $3,236,000 after acquiring an additional 410 shares in the last quarter. Finally, Vanguard Personalized Indexing Management LLC increased its holdings in shares of New York Times by 1.7% in the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 24,576 shares of the company’s stock valued at $1,013,000 after acquiring an additional 420 shares during the last quarter. 95.37% of the stock is currently owned by institutional investors and hedge funds.

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.