New York Times (NYSE:NYT) Announces Quarterly Earnings Results

New York Times (NYSE:NYT – Get Rating) announced its quarterly earnings data on Wednesday. The company reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.04, Briefing.com reports. The firm had revenue of $555.70 million for the quarter, compared to analysts’ expectations of $553.74 million. New York Times had a return on equity of 12.20% and a net margin of 8.70%. New York Times’s revenue for the quarter was up 11.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.36 earnings per share.

New York Times Stock Up 0.5 %

Shares of NYT traded up $0.14 during mid-day trading on Friday, reaching $30.99. The company’s stock had a trading volume of 1,319,506 shares, compared to its average volume of 1,302,083. The business has a fifty day moving average of $30.65 and a 200 day moving average of $37.59. The company has a market cap of $5.19 billion, a price-to-earnings ratio of 27.43 and a beta of 1.01. New York Times has a 1 year low of $27.63 and a 1 year high of $56.19.

New York Times Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 21st. Stockholders of record on Monday, July 11th were issued a $0.09 dividend. The ex-dividend date was Friday, July 8th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.16%. New York Times’s payout ratio is currently 31.86%.

Institutional Trading of New York Times

A number of hedge funds have recently modified their holdings of NYT. HighTower Advisors LLC lifted its holdings in shares of New York Times by 7.8% in the first quarter. HighTower Advisors LLC now owns 5,619 shares of the company’s stock valued at $259,000 after purchasing an additional 406 shares in the last quarter. Virtu Financial LLC purchased a new stake in shares of New York Times in the first quarter valued at $287,000. XTX Topco Ltd purchased a new stake in shares of New York Times in the first quarter valued at $301,000. Canada Pension Plan Investment Board purchased a new stake in shares of New York Times during the first quarter worth $432,000. Finally, Natixis Advisors L.P. purchased a new stake in shares of New York Times during the first quarter worth $476,000. Hedge funds and other institutional investors own 90.76% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on NYT shares. Morgan Stanley dropped their price target on New York Times from $40.00 to $37.00 and set an “overweight” rating on the stock in a research report on Thursday. Evercore ISI decreased their price target on New York Times from $50.00 to $40.00 and set an “outperform” rating for the company in a research note on Tuesday, June 21st. Barclays decreased their price target on New York Times from $30.00 to $25.00 and set an “underweight” rating for the company in a research note on Tuesday, June 14th. JPMorgan Chase & Co. decreased their price target on New York Times from $54.00 to $41.00 in a research note on Tuesday, June 14th. Finally, Cannonball Research lowered New York Times from a “buy” rating to a “neutral” rating and set a $31.50 price objective for the company. in a research note on Wednesday, June 22nd. One analyst has rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, New York Times presently has an average rating of “Hold” and a consensus price target of $36.93.

About New York Times

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The New York Times Company, together with its subsidiaries, provides news and information for readers and viewers across various platforms worldwide. It 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.