SCS Capital Management LLC Boosts Stake in The New York Times Company $NYT

SCS Capital Management LLC increased its stake in The New York Times Company (NYSE:NYT) by 16.4% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 786,106 shares of the company’s stock after acquiring an additional 110,944 shares during the period. SCS Capital Management LLC’s holdings in New York Times were worth $44,006,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in New York Times by 1.2% during the first quarter. Vanguard Group Inc. now owns 15,987,404 shares of the company’s stock valued at $792,975,000 after purchasing an additional 187,056 shares in the last quarter. T. Rowe Price Investment Management Inc. increased its position in shares of New York Times by 7.2% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 10,392,977 shares of the company’s stock valued at $515,492,000 after purchasing an additional 698,433 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of New York Times by 1.2% during the 2nd quarter. Geode Capital Management LLC now owns 3,826,905 shares of the company’s stock valued at $214,257,000 after buying an additional 46,249 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in New York Times by 8.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,707,676 shares of the company’s stock worth $134,292,000 after buying an additional 211,062 shares during the last quarter. Finally, Alliancebernstein L.P. boosted its stake in New York Times by 37.4% in the first quarter. Alliancebernstein L.P. now owns 2,622,794 shares of the company’s stock worth $130,091,000 after buying an additional 714,317 shares in the last quarter. Institutional investors own 95.37% of the company’s stock.

New York Times Stock Down 0.2%

Shares of NYT opened at $64.05 on Friday. The stock has a market capitalization of $10.40 billion, a P/E ratio of 31.24, a PEG ratio of 1.60 and a beta of 1.16. The New York Times Company has a twelve month low of $44.83 and a twelve month high of $65.32. The firm has a fifty day simple moving average of $59.42 and a two-hundred day simple moving average of $57.53.

New York Times (NYSE:NYT) last released its quarterly earnings data on Wednesday, November 5th. The company reported $0.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.54 by $0.05. The firm had revenue of $700.82 million for the quarter, compared to analysts’ expectations of $692.01 million. New York Times had a net margin of 12.29% and a return on equity of 20.30%. The company’s revenue for the quarter was up 9.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.45 earnings per share. Sell-side analysts expect that The New York Times Company will post 2.08 EPS for the current fiscal year.

New York Times Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 23rd. Shareholders of record on Wednesday, October 8th were issued a $0.18 dividend. The ex-dividend date was Wednesday, October 8th. This represents a $0.72 annualized dividend and a yield of 1.1%. New York Times’s dividend payout ratio (DPR) is 35.12%.

Wall Street Analyst Weigh In

NYT has been the topic of several research reports. JPMorgan Chase & Co. lifted their price target on shares of New York Times from $70.00 to $71.00 and gave the stock an “overweight” rating in a research note on Thursday, November 6th. Morgan Stanley increased their target price on shares of New York Times from $59.00 to $62.00 and gave the company an “equal weight” rating in a report on Thursday, November 6th. Weiss Ratings reissued a “buy (b)” rating on shares of New York Times in a research note on Wednesday, October 8th. Zacks Research lowered shares of New York Times from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 8th. Finally, UBS Group set a $62.00 price objective on New York Times in a report on Thursday, November 6th. Four research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $63.57.

New York Times Profile

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.