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 released on Monday, July 31st. Zacks Investment Research currently has $22.00 price objective 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 research firms have also commented on NYT. Barclays PLC raised their price target on New York Times Company (The) from $15.00 to $16.00 and gave the stock an equal weight rating in a report on Wednesday, July 19th. Jefferies Group LLC raised their price target on New York Times Company (The) from $12.00 to $15.00 and gave the stock a hold rating in a report on Thursday, May 4th. 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. The company presently has a consensus rating of Hold and a consensus price target of $15.20.
New York Times Company (NYSE:NYT) traded up 2.23% during mid-day trading on Monday, reaching $18.35. The company had a trading volume of 1,241,226 shares. New York Times Company has a one year low of $10.60 and a one year high of $20.15. The company’s 50-day moving average is $18.27 and its 200-day moving average is $16.35. The stock has a market capitalization of $2.97 billion, a PE ratio of 46.69 and a beta of 1.81.
New York Times Company (The) (NYSE:NYT) last posted its quarterly earnings results on Thursday, July 27th. The company reported $0.18 EPS for the quarter, topping the Zacks’ consensus estimate of $0.13 by $0.05. New York Times Company (The) had a return on equity of 12.76% and a net margin of 4.12%. The firm had revenue of $407.10 million during the quarter, compared to analyst estimates of $393.07 million. During the same period last year, the company earned $0.11 earnings per share. The business’s revenue for the quarter was up 9.3% on a year-over-year basis. Equities research analysts anticipate that New York Times Company will post $0.71 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 27th. Investors of record on Wednesday, July 12th were given a $0.04 dividend. The ex-dividend date of this dividend was Monday, July 10th. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.87%. New York Times Company (The)’s dividend payout ratio (DPR) is presently 40.00%.
In related news, CFO James M. Follo sold 138,161 shares of the stock in a transaction on Tuesday, August 8th. The stock was sold at an average price of $18.97, for a total value of $2,620,914.17. Following the sale, the chief financial officer now owns 136,523 shares in the company, valued at $2,589,841.31. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP R Anthony Benten sold 13,200 shares of the firm’s stock in a transaction dated Friday, June 2nd. The shares were sold at an average price of $17.59, for a total value 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. Insiders sold 672,861 shares of company stock worth $12,902,407 in the last quarter. 5.70% of the stock is currently owned by company insiders.
Large investors have recently added to or reduced their stakes in the stock. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in New York Times Company (The) by 12.0% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,289 shares of the company’s stock worth $111,000 after buying an additional 673 shares during the last quarter. Envestnet Asset Management Inc. increased its stake in New York Times Company (The) by 384.2% in the first quarter. Envestnet Asset Management Inc. now owns 7,800 shares of the company’s stock worth $112,000 after buying an additional 6,189 shares during the last quarter. PNC Financial Services Group Inc. increased its stake in New York Times Company (The) by 6.9% in the second quarter. PNC Financial Services Group Inc. now owns 6,635 shares of the company’s stock worth $118,000 after buying an additional 429 shares during the last quarter. LS Investment Advisors LLC increased its stake in New York Times Company (The) by 17.5% in the second quarter. LS Investment Advisors LLC now owns 9,767 shares of the company’s stock worth $173,000 after buying an additional 1,452 shares during the last quarter. Finally, Sei Investments Co. increased its stake in New York Times Company (The) by 93.3% in the second quarter. Sei Investments Co. now owns 10,341 shares of the company’s stock worth $183,000 after buying an additional 4,990 shares during the last quarter. Institutional investors and hedge funds own 62.69% of the company’s stock.
New York Times Company (The) Company Profile
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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