New York Times (NYSE:NYT) Downgraded to Buy at ValuEngine

ValuEngine lowered shares of New York Times (NYSE:NYT) from a strong-buy rating to a buy rating in a research report sent to investors on Thursday morning, ValuEngine reports.

Separately, Zacks Investment Research upgraded New York Times from a hold rating to a strong-buy rating and set a $39.00 price target on the stock in a research note on Monday, May 13th. One equities research analyst has rated the stock with a sell rating, four have issued a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of Buy and an average target price of $32.50.

Shares of NYT stock traded down $0.45 during midday trading on Thursday, reaching $35.28. 104,162 shares of the stock were exchanged, compared to its average volume of 1,282,491. New York Times has a 1 year low of $21.34 and a 1 year high of $36.25. The company has a 50 day simple moving average of $34.31. The firm has a market cap of $5.93 billion, a price-to-earnings ratio of 43.53 and a beta of 1.11.

New York Times (NYSE:NYT) last posted its earnings results on Wednesday, May 8th. The company reported $0.20 earnings per share for the quarter, topping analysts’ consensus estimates of $0.12 by $0.08. New York Times had a return on equity of 13.76% and a net margin of 7.55%. The firm had revenue of $439.10 million for the quarter, compared to the consensus estimate of $433.92 million. During the same quarter in the prior year, the business earned $0.17 EPS. The business’s revenue for the quarter was up 6.1% on a year-over-year basis. Analysts predict that New York Times will post 0.86 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Thursday, July 25th. Investors of record on Wednesday, July 10th were paid a $0.05 dividend. The ex-dividend date of this dividend was Tuesday, July 9th. This represents a $0.20 annualized dividend and a dividend yield of 0.57%. New York Times’s payout ratio is currently 24.69%.

In related news, SVP R Anthony Benten sold 9,815 shares of the company’s stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $34.24, for a total value of $336,065.60. Following the transaction, the senior vice president now directly owns 36,010 shares of the company’s stock, valued at approximately $1,232,982.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Mark Thompson sold 45,000 shares of the company’s stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $34.27, for a total value of $1,542,150.00. Following the completion of the transaction, the chief executive officer now directly owns 384,247 shares in the company, valued at $13,168,144.69. The disclosure for this sale can be found here. Corporate insiders own 2.70% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in NYT. JPMorgan Chase & Co. lifted its position in New York Times by 589.6% in the 1st quarter. JPMorgan Chase & Co. now owns 4,920,231 shares of the company’s stock valued at $161,630,000 after acquiring an additional 4,206,741 shares in the last quarter. FMR LLC lifted its position in New York Times by 43.6% in the 4th quarter. FMR LLC now owns 9,905,011 shares of the company’s stock valued at $220,783,000 after acquiring an additional 3,006,064 shares in the last quarter. Norges Bank bought a new position in New York Times in the 4th quarter valued at approximately $15,798,000. Jackson Square Partners LLC lifted its position in New York Times by 4.6% in the 1st quarter. Jackson Square Partners LLC now owns 12,578,254 shares of the company’s stock valued at $413,195,000 after acquiring an additional 547,650 shares in the last quarter. Finally, Zweig DiMenna Associates LLC bought a new position in New York Times in the 2nd quarter valued at approximately $15,858,000. 93.90% 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, provides news and information for readers and viewers across various platforms worldwide. The company offers The New York Times (The Times), a daily and Sunday newspaper in the United States, as well as international edition of The Times; and operates the NYTimes.com Website.

Read More: Dead Cat Bounce

To view ValuEngine’s full report, visit ValuEngine’s official website.

Receive News & Ratings for New York Times Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for New York Times and related companies with MarketBeat.com's FREE daily email newsletter.