New York Times (NYSE:NYT) Shares Cross Above Fifty Day Moving Average – Here’s Why

The New York Times Company (NYSE:NYT) passed above its 50-day moving average during trading on Friday. The stock has a 50-day moving average of $67.29 and traded as high as $68.52. New York Times shares last traded at $68.3320, with a volume of 3,226,995 shares traded.

Key Headlines Impacting New York Times

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

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on NYT. Zacks Research cut New York Times from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 6th. Guggenheim upgraded shares of New York Times from a “neutral” rating to a “buy” rating and upped their price objective for the company from $70.00 to $82.00 in a report on Tuesday, September 15th. Barclays boosted their target price on shares of New York Times from $63.00 to $64.00 and gave the company an “equal weight” rating in a report on Thursday. Wall Street Zen cut New York Times from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. Finally, Morgan Stanley lowered their target price on shares of New York Times from $90.00 to $75.00 and set an “equal weight” rating for the company in a report on Sunday, October 11th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $82.80.

New York Times Stock Performance

The stock has a market capitalization of $11.02 billion, a P/E ratio of 27.33, a PEG ratio of 1.81 and a beta of 0.89. The firm has a fifty day moving average price of $67.29 and a two-hundred day moving average price of $73.25.

New York Times (NYSE:NYT) last posted its quarterly earnings data on Wednesday, November 4th. The company reported $0.68 EPS for the quarter, beating analysts’ consensus estimates of $0.65 by $0.03. New York Times had a net margin of 13.19% and a return on equity of 22.64%. The company had revenue of $768.54 million during the quarter, compared to the consensus estimate of $767.21 million. During the same quarter in the prior year, the company posted $0.59 EPS. The company’s quarterly 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 2.84 earnings per share for the current fiscal year.

New York Times Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, October 22nd. Investors of record on Wednesday, October 7th were issued 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 38.33%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Giverny Capital Inc. purchased a new stake in New York Times in the second quarter worth about $33,900,000. Renaissance Technologies LLC raised its stake in shares of New York Times by 20.3% in the first quarter. Renaissance Technologies LLC now owns 2,756,180 shares of the company’s stock valued at $230,775,000 after purchasing an additional 465,600 shares in the last quarter. Arbejdsmarkedets Tillaegspension acquired a new stake in New York Times in the first quarter valued at $25,207,000. Assenagon Asset Management S.A. lifted its stake in shares of New York Times by 416.3% in the 3rd quarter. Assenagon Asset Management S.A. now owns 224,075 shares of the company’s stock valued at $14,274,000 after purchasing an additional 180,678 shares during the period. Finally, Janus Henderson Group PLC increased its stake in New York Times by 30.3% in the 1st quarter. Janus Henderson Group PLC now owns 761,118 shares of the company’s stock worth $63,740,000 after acquiring an additional 177,045 shares during the last quarter. Institutional investors and hedge funds own 95.37% of the company’s stock.

New York Times Company Profile

The New York Times Company (NYSE: NYT) is a media and technology company best known for publishing The New York Times, a daily newspaper founded in 1851 by Henry Jarvis Raymond and George Jones. The company produces journalism across national and international news, business, politics, culture, science, sports and other topics through print and digital platforms.

In addition to its core news operation, the company offers a range of subscription products and digital services, including NYT Cooking, Games, Audio and The Athletic, a subscription-based sports media platform.