The New York Times Company (NYSE:NYT) Stock Holdings Increased by State of Michigan Retirement System

State of Michigan Retirement System lifted its stake in The New York Times Company (NYSE:NYT) by 1.0% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 39,016 shares of the company’s stock after purchasing an additional 400 shares during the quarter. State of Michigan Retirement System’s holdings in New York Times were worth $1,935,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also made changes to their positions in the stock. Vanguard Group Inc. raised its position in New York Times by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 15,800,348 shares of the company’s stock valued at $822,408,000 after acquiring an additional 63,856 shares in the last quarter. Darsana Capital Partners LP grew its holdings in New York Times by 15.0% during the fourth quarter. Darsana Capital Partners LP now owns 5,750,000 shares of the company’s stock valued at $299,288,000 after purchasing an additional 750,000 shares during the last quarter. Geode Capital Management LLC grew its holdings in New York Times by 2.6% during the fourth quarter. Geode Capital Management LLC now owns 4,035,335 shares of the company’s stock valued at $210,084,000 after purchasing an additional 102,519 shares during the last quarter. Renaissance Technologies LLC grew its holdings in New York Times by 13.3% during the fourth quarter. Renaissance Technologies LLC now owns 3,570,380 shares of the company’s stock valued at $185,838,000 after purchasing an additional 418,155 shares during the last quarter. Finally, Franklin Resources Inc. grew its holdings in New York Times by 0.7% during the fourth quarter. Franklin Resources Inc. now owns 3,376,517 shares of the company’s stock valued at $175,748,000 after purchasing an additional 22,725 shares during the last quarter. 95.37% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. Wall Street Zen upgraded New York Times from a “hold” rating to a “buy” rating in a report on Friday, April 11th. Citigroup reiterated a “buy” rating on shares of New York Times in a report on Thursday, June 12th. Finally, Guggenheim raised their price objective on shares of New York Times from $53.00 to $55.00 and gave the stock a “neutral” rating in a research note on Monday, June 2nd. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $56.40.

Insider Buying and Selling

In related news, CAO R Anthony Benten sold 1,990 shares of the firm’s stock in a transaction on Friday, May 30th. The stock was sold at an average price of $56.75, for a total value of $112,932.50. Following the completion of the transaction, the chief accounting officer directly owned 39,685 shares of the company’s stock, valued at $2,252,123.75. This trade represents a 4.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director David S. Perpich sold 4,000 shares of the firm’s stock in a transaction on Tuesday, June 3rd. The stock was sold at an average price of $56.18, for a total value of $224,720.00. Following the completion of the transaction, the director directly owned 27,569 shares of the company’s stock, valued at approximately $1,548,826.42. This trade represents a 12.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 8,490 shares of company stock valued at $479,728 over the last ninety days. 1.90% of the stock is owned by company insiders.

New York Times Trading Up 0.4%

Shares of New York Times stock opened at $56.20 on Tuesday. The company’s fifty day simple moving average is $55.40 and its 200-day simple moving average is $51.95. The company has a market cap of $9.16 billion, a price-to-earnings ratio of 30.54, a PEG ratio of 1.53 and a beta of 1.11. The New York Times Company has a 1 year low of $44.83 and a 1 year high of $58.16.

New York Times (NYSE:NYT) last issued its earnings results on Wednesday, May 7th. The company reported $0.41 EPS for the quarter, topping the consensus estimate of $0.35 by $0.06. The firm had revenue of $635.91 million during the quarter, compared to analysts’ expectations of $634.99 million. New York Times had a return on equity of 18.70% and a net margin of 11.53%. New York Times’s quarterly revenue was up 7.1% compared to the same quarter last year. During the same period last year, the business earned $0.31 earnings per share. As a group, research analysts forecast that The New York Times Company will post 2.08 earnings per share for the current fiscal year.

New York Times Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 24th. Investors of record on Wednesday, July 9th will be given a $0.18 dividend. The ex-dividend date of this dividend is Wednesday, July 9th. This represents a $0.72 annualized dividend and a yield of 1.28%. New York Times’s dividend payout ratio (DPR) is currently 39.13%.

New York Times Company Profile

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.