Zacks Investment Research Upgrades New York Times Company (The) (NYT) to Buy

Zacks Investment Research upgraded shares of New York Times Company (The) (NYSE:NYT) from a hold rating to a buy rating in a research note issued to investors on Monday, July 31st. They currently have $22.00 price target on the stock.

According to Zacks, “The New York Times Company has outperformed the industry in the past six months. The company is diversifying its business, adding new revenue streams, strengthening its balance sheet and restructuring its portfolio. It had offloaded assets in order to re-focus on its core newspapers and pay more attention to its online activities. These helped the company to post fourth straight quarter of positive earnings surprise, when it reported second-quarter 2017 results. Total revenue also came ahead of the estimate. Both the top and bottom lines increased on a year-over-year basis. The quarter marked a spectacular increase in digital subscribers, rise in digital advertising and subscription revenues but a decline in print advertising revenue. Although, total advertising revenue rose marginally by 0.8% during the second quarter, the company hinted that it is likely to decline in the mid to high single digits in the third quarter.”

A number of other brokerages also recently weighed in on NYT. Jefferies Group LLC raised their target price on shares of New York Times Company (The) from $12.00 to $15.00 and gave the company a hold rating in a research note on Thursday, May 4th. Barclays PLC raised their target price on shares of New York Times Company (The) from $15.00 to $16.00 and gave the company an equal weight rating in a research note on Wednesday, July 19th. One analyst has rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and a consensus price target of $15.20.

Shares of New York Times Company (NYT) opened at 18.40 on Monday. New York Times Company has a 52 week low of $10.60 and a 52 week high of $20.15. The firm has a market capitalization of $2.98 billion, a P/E ratio of 46.82 and a beta of 1.81. The firm’s 50-day moving average is $18.20 and its 200 day moving average is $16.17.

New York Times Company (The) (NYSE:NYT) last issued its earnings results on Thursday, July 27th. The company reported $0.18 earnings per share for the quarter, topping analysts’ consensus estimates of $0.13 by $0.05. New York Times Company (The) had a net margin of 4.12% and a return on equity of 12.76%. The firm had revenue of $407.10 million during the quarter, compared to analyst estimates of $393.07 million. During the same quarter last year, the business earned $0.11 earnings per share. The company’s quarterly revenue was up 9.3% on a year-over-year basis. Equities research analysts forecast that New York Times Company will post $0.71 EPS for the current fiscal year.

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The company also recently announced a quarterly dividend, which was paid on Thursday, July 27th. Investors of record on Wednesday, July 12th were paid a $0.04 dividend. This represents a $0.16 annualized dividend and a dividend yield of 0.87%. The ex-dividend date of this dividend was Monday, July 10th. New York Times Company (The)’s payout ratio is 40.00%.

In other news, insider Carso S.A. De C.V. Inversora sold 521,500 shares of the business’s stock in a transaction on Friday, July 28th. The shares were sold at an average price of $19.27, for a total transaction of $10,049,305.00. Following the sale, the insider now owns 19,353,000 shares in the company, valued at approximately $372,932,310. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, SVP R Anthony Benten sold 13,200 shares of the business’s stock in a transaction on Friday, June 2nd. The shares were sold at an average price of $17.59, for a total transaction of $232,188.00. Following the sale, the senior vice president now owns 49,376 shares in the company, valued at approximately $868,523.84. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 672,861 shares of company stock worth $12,902,407. 5.70% of the stock is owned by insiders.

Several institutional investors have recently bought and sold shares of the company. UBS Asset Management Americas Inc. raised its position in New York Times Company (The) by 29.1% in the first quarter. UBS Asset Management Americas Inc. now owns 73,163 shares of the company’s stock valued at $1,054,000 after buying an additional 16,491 shares in the last quarter. Swiss National Bank raised its position in shares of New York Times Company (The) by 2.0% in the first quarter. Swiss National Bank now owns 210,900 shares of the company’s stock worth $3,037,000 after buying an additional 4,100 shares during the period. Comerica Bank raised its position in shares of New York Times Company (The) by 4.7% in the first quarter. Comerica Bank now owns 93,898 shares of the company’s stock worth $1,376,000 after buying an additional 4,204 shares during the period. Suntrust Banks Inc. acquired a new position in shares of New York Times Company (The) during the first quarter worth $237,000. Finally, State Treasurer State of Michigan raised its position in shares of New York Times Company (The) by 1.0% in the first quarter. State Treasurer State of Michigan now owns 49,500 shares of the company’s stock worth $713,000 after buying an additional 500 shares during the period. 64.15% of the stock is owned by hedge funds and other institutional investors.

About New York Times Company (The)

The New York Times Company is a media company focused on creating, collecting and distributing news and information. The Company’s principal business consists of distributing content generated by its newsroom through its print, Web and mobile platforms. In addition, it distributes selected content on third-party platforms.

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