The New York Times Company (NYSE:NYT) Shares Acquired by Cullinan Associates Inc.

Cullinan Associates Inc. lifted its holdings in shares of The New York Times Company (NYSE:NYT) by 10.3% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 195,593 shares of the company’s stock after purchasing an additional 18,337 shares during the quarter. Cullinan Associates Inc. owned about 0.12% of New York Times worth $8,454,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in NYT. Envestnet Portfolio Solutions Inc. acquired a new stake in shares of New York Times during the third quarter worth about $224,000. Envestnet Asset Management Inc. raised its holdings in New York Times by 98.1% in the third quarter. Envestnet Asset Management Inc. now owns 145,875 shares of the company’s stock valued at $6,010,000 after acquiring an additional 72,224 shares in the last quarter. Invesco Ltd. raised its holdings in New York Times by 15.9% in the third quarter. Invesco Ltd. now owns 411,933 shares of the company’s stock valued at $16,972,000 after acquiring an additional 56,548 shares in the last quarter. Hsbc Holdings PLC acquired a new stake in New York Times in the third quarter valued at approximately $242,000. Finally, Northern Trust Corp raised its holdings in New York Times by 3.2% in the third quarter. Northern Trust Corp now owns 1,478,661 shares of the company’s stock valued at $60,921,000 after acquiring an additional 45,677 shares in the last quarter. Institutional investors and hedge funds own 95.37% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently weighed in on the stock. StockNews.com raised shares of New York Times from a “hold” rating to a “buy” rating in a report on Wednesday, March 20th. Argus raised shares of New York Times from a “hold” rating to a “buy” rating and set a $51.00 target price on the stock in a report on Monday, March 4th. Evercore ISI increased their price target on shares of New York Times from $50.00 to $53.00 and gave the company an “outperform” rating in a research note on Thursday, May 9th. Finally, Citigroup began coverage on shares of New York Times in a research note on Tuesday, March 12th. They issued a “buy” rating and a $52.00 price target on the stock. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $46.71.

New York Times Stock Up 0.5 %

Shares of NYSE NYT traded up $0.26 during mid-day trading on Tuesday, hitting $51.70. 187,404 shares of the company were exchanged, compared to its average volume of 1,202,241. The stock has a 50 day simple moving average of $48.57 and a 200-day simple moving average of $46.39. The New York Times Company has a 1-year low of $39.28 and a 1-year high of $51.98. The firm has a market cap of $8.49 billion, a price-to-earnings ratio of 34.29 and a beta of 1.06.

New York Times (NYSE:NYT) last issued its quarterly earnings results on Wednesday, May 8th. The company reported $0.31 earnings per share for the quarter, topping the consensus estimate of $0.20 by $0.11. New York Times had a return on equity of 17.33% and a net margin of 10.19%. The firm had revenue of $594.00 million during the quarter, compared to the consensus estimate of $591.97 million. During the same period last year, the company earned $0.19 earnings per share. The company’s revenue for the quarter was up 5.9% on a year-over-year basis. Analysts anticipate that The New York Times Company will post 1.77 earnings per share for the current fiscal year.

New York Times Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 25th. Investors of record on Tuesday, July 9th will be issued a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 1.01%. The ex-dividend date of this dividend is Tuesday, July 9th. New York Times’s dividend payout ratio is presently 34.67%.

Insider Buying and Selling

In other New York Times news, CEO Levien Meredith A. Kopit sold 12,548 shares of the firm’s stock in a transaction on Friday, May 10th. The stock was sold at an average price of $47.72, for a total value of $598,790.56. Following the completion of the sale, the chief executive officer now owns 120,072 shares of the company’s stock, valued at $5,729,835.84. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, CAO R Anthony Benten sold 5,171 shares of New York Times stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $48.98, for a total transaction of $253,275.58. Following the completion of the transaction, the chief accounting officer now owns 38,576 shares of the company’s stock, valued at approximately $1,889,452.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Levien Meredith A. Kopit sold 12,548 shares of New York Times stock in a transaction on Friday, May 10th. The stock was sold at an average price of $47.72, for a total value of $598,790.56. Following the transaction, the chief executive officer now directly owns 120,072 shares of the company’s stock, valued at approximately $5,729,835.84. The disclosure for this sale can be found here. Corporate insiders own 2.00% of the company’s stock.

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.