New York Times (NYSE:NYT) Shares Gap Down – Here’s What Happened

The New York Times Company (NYSE:NYT)’s stock price gapped down before the market opened on Wednesday . The stock had previously closed at $55.89, but opened at $53.25. New York Times shares last traded at $49.27, with a volume of 188,385 shares trading hands.

Analyst Ratings Changes

A number of brokerages have recently issued reports on NYT. JPMorgan Chase & Co. raised their price objective on New York Times from $58.00 to $62.00 and gave the company an “overweight” rating in a research note on Tuesday, November 5th. Deutsche Bank Aktiengesellschaft raised their price objective on New York Times from $65.00 to $66.00 and gave the company a “buy” rating in a research note on Tuesday, November 5th. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $54.83.

New York Times Stock Performance

The business has a 50-day moving average price of $53.49 and a 200 day moving average price of $54.10. The stock has a market capitalization of $8.14 billion, a P/E ratio of 29.44, a PEG ratio of 1.51 and a beta of 1.01.

New York Times (NYSE:NYT) last issued its quarterly earnings results on Wednesday, February 5th. The company reported $0.80 EPS for the quarter, topping analysts’ consensus estimates of $0.74 by $0.06. New York Times had a return on equity of 17.75% and a net margin of 11.04%. As a group, research analysts forecast that The New York Times Company will post 1.84 earnings per share for the current fiscal year.

New York Times Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, April 17th. Shareholders of record on Tuesday, April 1st will be paid a dividend of $0.18 per share. This is a positive change from New York Times’s previous quarterly dividend of $0.13. This represents a $0.72 dividend on an annualized basis and a yield of 1.45%. New York Times’s payout ratio is currently 30.77%.

Institutional Investors Weigh In On New York Times

A number of hedge funds have recently modified their holdings of NYT. Proficio Capital Partners LLC bought a new position in New York Times in the 4th quarter worth $1,200,000. Bank of New York Mellon Corp boosted its holdings in shares of New York Times by 10.4% during the 4th quarter. Bank of New York Mellon Corp now owns 1,681,384 shares of the company’s stock valued at $87,516,000 after purchasing an additional 159,073 shares during the last quarter. Brown Financial Advisors boosted its holdings in shares of New York Times by 2.3% during the 4th quarter. Brown Financial Advisors now owns 8,996 shares of the company’s stock valued at $468,000 after purchasing an additional 200 shares during the last quarter. IFP Advisors Inc boosted its holdings in shares of New York Times by 0.7% during the 4th quarter. IFP Advisors Inc now owns 34,368 shares of the company’s stock valued at $1,789,000 after purchasing an additional 224 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd boosted its holdings in shares of New York Times by 11.7% during the 4th quarter. Y Intercept Hong Kong Ltd now owns 8,854 shares of the company’s stock valued at $461,000 after purchasing an additional 928 shares during the last quarter. Institutional investors own 95.37% of the company’s stock.

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.