Summit Global Investments Acquires Shares of 3,673 The New York Times Company $NYT

Summit Global Investments bought a new position in shares of The New York Times Company (NYSE:NYT) during the second quarter, HoldingsChannel reports. The institutional investor bought 3,673 shares of the company’s stock, valued at approximately $206,000.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Acadian Asset Management LLC grew its holdings in New York Times by 383.0% during the 1st quarter. Acadian Asset Management LLC now owns 1,765,338 shares of the company’s stock valued at $87,538,000 after purchasing an additional 1,399,865 shares in the last quarter. AQR Capital Management LLC boosted its position in New York Times by 101.6% in the 1st quarter. AQR Capital Management LLC now owns 2,351,100 shares of the company’s stock valued at $115,627,000 after buying an additional 1,184,729 shares during the last quarter. Burgundy Asset Management Ltd. grew its stake in shares of New York Times by 65.2% during the first quarter. Burgundy Asset Management Ltd. now owns 2,325,224 shares of the company’s stock valued at $115,331,000 after acquiring an additional 917,766 shares in the last quarter. Nuveen LLC purchased a new stake in shares of New York Times during the first quarter worth about $37,500,000. Finally, Alliancebernstein L.P. lifted its stake in shares of New York Times by 37.4% in the first quarter. Alliancebernstein L.P. now owns 2,622,794 shares of the company’s stock worth $130,091,000 after acquiring an additional 714,317 shares in the last quarter. 95.37% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on NYT shares. Morgan Stanley raised their price objective on New York Times from $59.00 to $62.00 and gave the company an “equal weight” rating in a research note on Thursday, November 6th. Zacks Research downgraded shares of New York Times from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 8th. Citigroup upped their target price on shares of New York Times from $64.00 to $72.00 and gave the company a “buy” rating in a research note on Thursday, November 13th. Weiss Ratings restated a “buy (b)” rating on shares of New York Times in a research report on Wednesday, October 8th. Finally, JPMorgan Chase & Co. increased their price objective on shares of New York Times from $70.00 to $71.00 and gave the stock an “overweight” rating in a research note on Thursday, November 6th. Four equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, New York Times presently has a consensus rating of “Moderate Buy” and an average price target of $63.57.

New York Times Price Performance

Shares of NYT stock opened at $65.07 on Thursday. The New York Times Company has a 12-month low of $44.83 and a 12-month high of $65.32. The firm has a market capitalization of $10.56 billion, a price-to-earnings ratio of 33.54, a price-to-earnings-growth ratio of 1.41 and a beta of 1.14. The business has a 50 day simple moving average of $58.64 and a 200 day simple moving average of $57.16.

New York Times (NYSE:NYT) last announced its earnings results on Wednesday, November 5th. The company reported $0.59 earnings per share for the quarter, beating the consensus estimate of $0.54 by $0.05. New York Times had a return on equity of 19.55% and a net margin of 11.92%.The firm had revenue of $700.82 million for the quarter, compared to the consensus estimate of $692.01 million. During the same quarter in the previous year, the business earned $0.45 EPS. The firm’s revenue for the quarter was up 9.5% on a year-over-year basis. On average, equities analysts anticipate that The New York Times Company will post 2.08 EPS for the current fiscal year.

New York Times Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 23rd. Investors of record on Wednesday, October 8th were issued a $0.18 dividend. The ex-dividend date of this dividend was Wednesday, October 8th. This represents a $0.72 annualized dividend and a yield of 1.1%. New York Times’s dividend payout ratio is presently 35.12%.

About New York Times

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.