Covestor Ltd Reduces Stock Position in The New York Times Company (NYSE:NYT)

Covestor Ltd trimmed its holdings in The New York Times Company (NYSE:NYT) by 11.3% in the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 2,535 shares of the company’s stock after selling 323 shares during the period. Covestor Ltd’s holdings in New York Times were worth $141,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Janus Henderson Group PLC grew its stake in New York Times by 72.9% during the 1st quarter. Janus Henderson Group PLC now owns 122,820 shares of the company’s stock worth $5,308,000 after purchasing an additional 51,801 shares in the last quarter. Entropy Technologies LP acquired a new position in New York Times in the 1st quarter valued at about $473,000. Comerica Bank lifted its stake in shares of New York Times by 15.6% in the 1st quarter. Comerica Bank now owns 83,282 shares of the company’s stock worth $3,599,000 after acquiring an additional 11,234 shares during the period. Russell Investments Group Ltd. boosted its holdings in New York Times by 9.0% in the 1st quarter. Russell Investments Group Ltd. now owns 116,934 shares of the company’s stock valued at $5,054,000 after purchasing an additional 9,609 shares in the last quarter. Finally, Orion Portfolio Solutions LLC increased its position in New York Times by 5.6% during the 1st quarter. Orion Portfolio Solutions LLC now owns 39,230 shares of the company’s stock worth $1,696,000 after purchasing an additional 2,082 shares during the period. 95.37% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

NYT has been the subject of several recent analyst reports. Deutsche Bank Aktiengesellschaft raised their price objective on shares of New York Times from $65.00 to $66.00 and gave the company a “buy” rating in a research note on Tuesday, November 5th. JPMorgan Chase & Co. upped their price target on shares of New York Times from $58.00 to $62.00 and gave the company an “overweight” rating in a report on Tuesday, November 5th. Finally, Barclays raised their price objective on shares of New York Times from $40.00 to $45.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 8th. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $54.83.

New York Times Stock Performance

Shares of NYT opened at $54.87 on Tuesday. The company has a market capitalization of $9.01 billion, a PE ratio of 32.47 and a beta of 1.02. The New York Times Company has a fifty-two week low of $41.55 and a fifty-two week high of $57.08. The stock has a fifty day moving average of $54.81 and a two-hundred day moving average of $52.41.

New York Times (NYSE:NYT) last issued its quarterly earnings results on Monday, November 4th. The company reported $0.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.04. New York Times had a return on equity of 17.75% and a net margin of 11.04%. The firm had revenue of $640.20 million for the quarter, compared to analyst estimates of $641.00 million. During the same period last year, the company earned $0.37 EPS. The firm’s quarterly revenue was up 7.0% on a year-over-year basis. As a group, equities research analysts forecast that The New York Times Company will post 1.85 earnings per share for the current fiscal year.

New York Times Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 24th. Stockholders of record on Wednesday, October 9th were issued a dividend of $0.13 per share. The ex-dividend date was Wednesday, October 9th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.95%. New York Times’s payout ratio is 30.77%.

New York Times Profile

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.