Pallas Capital Advisors LLC Has $1.23 Million Stake in The New York Times Company $NYT

Pallas Capital Advisors LLC lifted its holdings in shares of The New York Times Company (NYSE:NYT) by 106.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 21,933 shares of the company’s stock after buying an additional 11,322 shares during the quarter. Pallas Capital Advisors LLC’s holdings in New York Times were worth $1,228,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. Covestor Ltd grew its position in shares of New York Times by 7.9% during the 1st quarter. Covestor Ltd now owns 2,849 shares of the company’s stock worth $141,000 after buying an additional 208 shares during the period. Valueworks LLC grew its holdings in New York Times by 0.3% during the first quarter. Valueworks LLC now owns 88,939 shares of the company’s stock valued at $4,411,000 after purchasing an additional 278 shares during the period. State of Michigan Retirement System grew its holdings in New York Times by 1.0% during the first quarter. State of Michigan Retirement System now owns 39,016 shares of the company’s stock valued at $1,935,000 after purchasing an additional 400 shares during the period. Louisiana State Employees Retirement System grew its holdings in New York Times by 0.9% during the first quarter. Louisiana State Employees Retirement System now owns 45,700 shares of the company’s stock valued at $2,267,000 after purchasing an additional 400 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in New York Times by 1.3% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 53,098 shares of the company’s stock valued at $2,634,000 after purchasing an additional 659 shares during the period. Institutional investors and hedge funds own 95.37% of the company’s stock.

Insiders Place Their Bets

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

Analyst Ratings Changes

A number of brokerages recently issued reports on NYT. 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. Barclays set a $52.00 price objective on shares of New York Times and gave the company an “equal weight” rating in a report on Thursday, August 7th. Morgan Stanley boosted their price objective on shares of New York Times from $54.00 to $59.00 and gave the company an “equal weight” rating in a report on Thursday, August 7th. Zacks Research cut shares of New York Times from a “strong-buy” rating to a “hold” rating in a report on Monday, September 8th. Finally, Citigroup restated a “buy” rating on shares of New York Times in a report on Thursday, June 12th. Four research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $60.33.

New York Times Trading Down 0.1%

Shares of NYT opened at $58.41 on Friday. The company has a market cap of $9.51 billion, a price-to-earnings ratio of 30.11, a PEG ratio of 1.47 and a beta of 1.16. The New York Times Company has a 1-year low of $44.83 and a 1-year high of $62.24. The company’s fifty day simple moving average is $57.07 and its 200 day simple moving average is $53.90.

New York Times (NYSE:NYT) last issued its earnings results on Wednesday, August 6th. The company reported $0.58 earnings per share for the quarter, topping analysts’ consensus estimates of $0.50 by $0.08. The business had revenue of $685.90 million for the quarter, compared to the consensus estimate of $670.22 million. New York Times had a net margin of 11.92% and a return on equity of 19.55%. The firm’s revenue for the quarter was up 9.7% on a year-over-year basis. During the same period in the previous year, the company earned $0.45 earnings per share. As a group, research analysts forecast that The New York Times Company will post 2.08 earnings per share for the current year.

New York Times Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, July 24th. Investors of record on Wednesday, July 9th were issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date was Wednesday, July 9th. New York Times’s payout ratio is presently 37.11%.

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.