New York Times (NYSE:NYT) Releases Quarterly Earnings Results, Beats Estimates By $0.05 EPS

New York Times (NYSE:NYT) posted its quarterly earnings results on Wednesday. The company reported $0.59 EPS for the quarter, topping the consensus estimate of $0.54 by $0.05, Zacks reports. New York Times had a return on equity of 19.55% and a net margin of 11.92%.During the same quarter last year, the firm posted $0.45 EPS. The business’s revenue was up 9.5% compared to the same quarter last year.

New York Times Trading Down 0.2%

NYT traded down $0.14 on Wednesday, hitting $57.61. The company had a trading volume of 4,499,538 shares, compared to its average volume of 1,721,852. The firm has a market cap of $9.38 billion, a P/E ratio of 29.70, a PEG ratio of 1.41 and a beta of 1.16. The company’s fifty day moving average price is $57.35 and its 200 day moving average price is $55.91. New York Times has a 1 year low of $44.83 and a 1 year high of $62.24.

New York Times Announces Dividend

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. This represents a $0.72 annualized dividend and a yield of 1.2%. The ex-dividend date was Wednesday, October 8th. New York Times’s payout ratio is 37.11%.

Insider Activity

In other news, EVP William Bardeen sold 5,000 shares of the stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $58.04, for a total transaction of $290,200.00. Following the sale, the executive vice president owned 11,243 shares of the company’s stock, valued at approximately $652,543.72. This represents a 30.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Jacqueline M. Welch sold 5,500 shares of the stock in a transaction dated Thursday, August 28th. The stock was sold at an average price of $60.04, for a total transaction of $330,220.00. Following the sale, the executive vice president directly owned 14,470 shares in the company, valued at $868,778.80. This represents a 27.54% decrease in their position. The SEC filing for this sale provides additional information. 1.90% of the stock is currently owned by corporate insiders.

Institutional Trading of New York Times

A number of large investors have recently made changes to their positions in the company. State of Wyoming purchased a new stake in shares of New York Times during the second quarter worth approximately $238,000. Nomura Holdings Inc. purchased a new stake in shares of New York Times during the second quarter worth approximately $543,000. Public Sector Pension Investment Board increased its stake in shares of New York Times by 0.7% during the second quarter. Public Sector Pension Investment Board now owns 118,390 shares of the company’s stock worth $6,627,000 after buying an additional 776 shares during the period. Evergreen Capital Management LLC increased its stake in shares of New York Times by 101.6% during the second quarter. Evergreen Capital Management LLC now owns 10,993 shares of the company’s stock worth $615,000 after buying an additional 5,541 shares during the period. Finally, Headlands Technologies LLC acquired a new position in New York Times in the second quarter valued at approximately $149,000. 95.37% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

NYT has been the topic of several analyst reports. Zacks Research lowered New York Times from a “strong-buy” rating to a “hold” rating in a report on Monday, September 8th. Morgan Stanley lifted their price target on New York Times from $54.00 to $59.00 and gave the stock an “equal weight” rating in a report on Thursday, August 7th. Barclays set a $52.00 price target on New York Times and gave the stock an “equal weight” rating in a report on Thursday, August 7th. Guggenheim lifted their price target on New York Times from $55.00 to $56.00 and gave the stock a “neutral” rating in a report on Thursday, August 7th. Finally, Evercore ISI boosted their price objective on shares of New York Times from $60.00 to $67.00 and gave the company an “outperform” rating in a report on Friday, August 8th. Three equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, New York Times currently has a consensus rating of “Hold” and a consensus price target of $58.50.

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.