Granite Investment Partners LLC Has $5.39 Million Stake in The New York Times Company (NYSE:NYT)

Granite Investment Partners LLC cut its stake in The New York Times Company (NYSE:NYT) by 9.6% in the fourth quarter, Holdings Channel.com reports. The firm owned 103,612 shares of the company’s stock after selling 11,038 shares during the quarter. Granite Investment Partners LLC’s holdings in New York Times were worth $5,393,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Franklin Resources Inc. grew its holdings in shares of New York Times by 1.5% during the third quarter. Franklin Resources Inc. now owns 3,353,792 shares of the company’s stock worth $187,544,000 after buying an additional 49,853 shares in the last quarter. Clark & Stuart Inc bought a new position in shares of New York Times during the 4th quarter worth approximately $8,490,000. Park Avenue Securities LLC raised its holdings in shares of New York Times by 236.0% in the fourth quarter. Park Avenue Securities LLC now owns 13,985 shares of the company’s stock valued at $728,000 after purchasing an additional 9,823 shares during the last quarter. Proficio Capital Partners LLC bought a new stake in shares of New York Times in the fourth quarter worth $1,200,000. Finally, Figure 8 Investment Strategies LLC acquired a new position in New York Times during the fourth quarter worth $492,000. Institutional investors own 95.37% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on NYT. Morgan Stanley cut their price target on shares of New York Times from $56.00 to $54.00 and set an “equal weight” rating on the stock in a research report on Thursday, February 6th. StockNews.com raised New York Times from a “hold” rating to a “buy” rating in a research report on Friday. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, New York Times has a consensus rating of “Moderate Buy” and a consensus price target of $56.00.

New York Times Stock Performance

Shares of NYT stock opened at $48.43 on Monday. The New York Times Company has a 52-week low of $41.55 and a 52-week high of $58.16. The stock has a market cap of $7.91 billion, a price-to-earnings ratio of 27.21, a PEG ratio of 1.75 and a beta of 1.10. The firm’s 50-day moving average is $48.52 and its 200-day moving average is $52.16.

New York Times (NYSE:NYT) last released its quarterly earnings data on Wednesday, February 5th. The company reported $0.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.74 by $0.06. New York Times had a return on equity of 18.51% and a net margin of 11.36%. Sell-side analysts predict that The New York Times Company will post 2.08 EPS for the current fiscal year.

New York Times Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, April 17th. Shareholders of record on Tuesday, April 1st will be issued a $0.18 dividend. This is an increase from New York Times’s previous quarterly dividend of $0.13. This represents a $0.72 annualized dividend and a dividend yield of 1.49%. The ex-dividend date is Tuesday, April 1st. New York Times’s payout ratio is currently 40.45%.

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.