The New York Times Company $NYT Stock Acquired by Cullinan Associates Inc.

Cullinan Associates Inc. lifted its position in The New York Times Company (NYSE:NYT) by 9.8% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 113,525 shares of the company’s stock after buying an additional 10,158 shares during the quarter. Cullinan Associates Inc.’s holdings in New York Times were worth $7,232,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Concurrent Investment Advisors LLC bought a new stake in New York Times in the second quarter worth $2,565,000. Resona Asset Management Co. Ltd. acquired a new position in New York Times during the first quarter worth $1,752,000. Engineers Gate Manager LP raised its holdings in New York Times by 832.5% during the second quarter. Engineers Gate Manager LP now owns 50,791 shares of the company’s stock valued at $3,554,000 after buying an additional 45,344 shares in the last quarter. Giverny Capital Inc. acquired a new stake in shares of New York Times in the second quarter worth about $33,900,000. Finally, LGT Fund Management Co Ltd. lifted its position in shares of New York Times by 27.8% in the first quarter. LGT Fund Management Co Ltd. now owns 70,463 shares of the company’s stock worth $5,900,000 after buying an additional 15,321 shares during the last quarter. Institutional investors and hedge funds own 95.37% of the company’s stock.

New York Times Trading Up 4.2%

Shares of NYSE NYT opened at $68.33 on Friday. The business has a fifty day simple moving average of $67.29 and a 200 day simple moving average of $73.25. The firm has a market capitalization of $11.02 billion, a price-to-earnings ratio of 27.33, a PEG ratio of 1.76 and a beta of 0.89. The New York Times Company has a one year low of $58.87 and a one year high of $87.10.

New York Times (NYSE:NYT) last posted its quarterly earnings results on Wednesday, November 4th. The company reported $0.68 earnings per share for the quarter, topping analysts’ consensus estimates of $0.65 by $0.03. New York Times had a net margin of 13.41% and a return on equity of 23.06%. The firm had revenue of $768.54 million for the quarter, compared to the consensus estimate of $767.21 million. During the same quarter in the previous year, the company earned $0.59 earnings per share. The business’s revenue was up 9.7% compared to the same quarter last year. On average, research analysts anticipate that The New York Times Company will post 2.95 earnings per share for the current fiscal year.

New York Times Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 22nd. Stockholders of record on Wednesday, October 7th were paid a $0.23 dividend. The ex-dividend date was Wednesday, October 7th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 1.3%. New York Times’s dividend payout ratio is currently 36.80%.

Key New York Times News

Here are the key news stories impacting New York Times this week:

• Positive Sentiment: NYT beat third-quarter earnings and revenue estimates. EPS was $0.68 versus expectations of $0.65, while revenue rose 9.7% year over year to $768.5 million. Digital subscriber growth, higher subscription revenue and stronger advertising supported growth and margin expansion. The New York Times Q3 Earnings Beat on Digital Subscription Growth
• Neutral Sentiment: Reports say NYT is in advanced or exclusive talks to acquire film-focused social network Letterboxd for roughly $330 million. The deal could broaden the company’s audience and businesses, but its financial impact is uncertain until terms and a transaction are confirmed. New York Times Company in advanced talks to acquire Letterboxd for roughly $330 million
• Negative Sentiment: Barclays raised its price target to $64 from $63 but kept an “equal weight” rating. The target remains below the $68.33 price cited in the report, signaling limited expected upside from the analyst’s perspective. Barclays price target update

Analysts Set New Price Targets

NYT has been the subject of several recent analyst reports. Morgan Stanley decreased their price target on New York Times from $90.00 to $75.00 and set an “equal weight” rating for the company in a research note on Sunday, October 11th. Guggenheim raised New York Times from a “neutral” rating to a “buy” rating and raised their price objective for the company from $70.00 to $82.00 in a research note on Tuesday, September 15th. New Street Research set a $82.00 price objective on New York Times in a research note on Tuesday, September 15th. Zacks Research lowered New York Times from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 6th. Finally, Weiss Ratings upgraded New York Times from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $82.80.

New York Times Profile

The New York Times Company is a media organization best known for publishing The New York Times, a newspaper founded in 1851. Based in New York City, the company produces journalism on U.S. and international news, politics, business, culture, science and other subjects.

Its offerings include print and digital news, games, cooking content, product reviews through Wirecutter, and sports journalism through The Athletic. The company serves readers in the United States and around the world through its digital platforms and print publications.

The company is led by President and Chief Executive Officer Meredith Kopit Levien, while A.G.