Wellington Management Group LLP Sells 1,155,059 Shares of The New York Times Company $NYT

Wellington Management Group LLP reduced its holdings in The New York Times Company (NYSE:NYT) by 27.4% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,062,504 shares of the company’s stock after selling 1,155,059 shares during the period. Wellington Management Group LLP owned approximately 1.90% of New York Times worth $214,314,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the business. Resona Asset Management Co. Ltd. purchased a new stake in New York Times during the 1st quarter valued at $1,752,000. Genus Capital Management Inc. bought a new stake in New York Times in the fourth quarter worth $4,945,000. LGT Fund Management Co Ltd. boosted its stake in New York Times by 27.8% during the first quarter. LGT Fund Management Co Ltd. now owns 70,463 shares of the company’s stock worth $5,900,000 after buying an additional 15,321 shares during the period. Geode Capital Management LLC increased its position in New York Times by 1.3% during the fourth quarter. Geode Capital Management LLC now owns 3,922,565 shares of the company’s stock valued at $272,347,000 after acquiring an additional 50,389 shares during the last quarter. Finally, UBS Group AG increased its position in New York Times by 328.8% during the fourth quarter. UBS Group AG now owns 525,124 shares of the company’s stock valued at $36,454,000 after acquiring an additional 402,660 shares during the last quarter. 95.37% of the stock is currently owned by institutional investors.

New York Times Trading Up 0.1%

NYSE NYT opened at $68.20 on Monday. The stock has a market cap of $11.00 billion, a PE ratio of 28.42, a PEG ratio of 1.76 and a beta of 0.95. The New York Times Company has a 12 month low of $54.10 and a 12 month high of $87.10. The company’s 50-day moving average price is $70.74 and its 200-day moving average price is $75.61.

New York Times (NYSE:NYT) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $0.69 earnings per share for the quarter, beating analysts’ consensus estimates of $0.67 by $0.02. The company had revenue of $762.46 million during the quarter, compared to analyst estimates of $752.01 million. New York Times had a net margin of 13.19% and a return on equity of 22.64%. The firm’s revenue for the quarter was up 11.2% on a year-over-year basis. During the same quarter last year, the business posted $0.58 EPS. As a group, sell-side analysts forecast that The New York Times Company will post 2.84 earnings per share for the current year.

New York Times Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, July 23rd. Stockholders of record on Wednesday, July 8th were given a dividend of $0.23 per share. The ex-dividend date of this dividend was Wednesday, July 8th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 1.3%. New York Times’s dividend payout ratio (DPR) is 38.33%.

Key Stories Impacting New York Times

Here are the key news stories impacting New York Times this week:

• Positive Sentiment: NYT continues publishing high-interest coverage across politics, markets, science, international crises and sports, including extensive reporting on the Federal Reserve, Iran, Nepal flooding and Premier League soccer. Broad, timely coverage may support reader engagement and digital subscription value, although the articles do not provide evidence of an immediate revenue impact. Investors Expect Higher Rates After Fed Chairman’s Inflation Pledge
• Neutral Sentiment: Coverage of the proposed rollback of S.E.C. quarterly-reporting rules highlights the importance of independent financial journalism and could reinforce the value of NYT’s business reporting, but it does not directly change the company’s financial outlook. Proposed Rollback of S.E.C. Rules Raises Fears of Another Enron Crisis
• Negative Sentiment: Investors are expecting higher interest rates after the Federal Reserve emphasized inflation risks. Higher rates can pressure richly valued media stocks such as NYT by reducing the present value of future cash flows and potentially weighing on advertising and consumer spending. Fed Chairman Seeks to Calm Concerns About Elevated Inflation
• Negative Sentiment: Continued reporting on the six-month Iran war and its effects on oil, gas and financial markets points to persistent geopolitical and economic uncertainty. Such volatility could create a less favorable advertising environment, though it may also increase demand for news subscriptions. How 6 Months of War in Iran Jolted Oil, Gas, Stocks and More

Analysts Set New Price Targets

Several research firms have recently issued reports on NYT. UBS Group set a $75.00 target price on shares of New York Times in a report on Tuesday, August 18th. Guggenheim upped their price target on shares of New York Times from $63.00 to $70.00 and gave the company a “neutral” rating in a report on Thursday, May 7th. Evercore reissued an “outperform” rating and issued a $92.00 price objective on shares of New York Times in a research note on Thursday, May 7th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $95.00 target price on shares of New York Times in a research note on Thursday, May 7th. Finally, Citigroup reiterated a “neutral” rating on shares of New York Times in a report on Wednesday, June 24th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, New York Times presently has a consensus rating of “Moderate Buy” and a consensus price target of $82.33.

Insider Buying and Selling at New York Times

In other news, EVP Jacqueline M. Welch sold 4,000 shares of New York Times stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $74.14, for a total transaction of $296,560.00. Following the completion of the sale, the executive vice president owned 23,873 shares of the company’s stock, valued at approximately $1,769,944.22. The trade was a 14.35% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 1.90% of the company’s stock.

New York Times Company Profile

The New York Times Company is a publicly traded media organization best known for publishing The New York Times newspaper and operating the NYTimes.com digital platform. The company produces daily print and digital journalism covering national and international news, opinion pieces, feature stories, and multimedia content. Alongside its flagship newspaper, the firm offers a range of subscription-based services, including Times Cooking, NYT Games, podcasts and newsletters, designed to engage a broad audience of readers and advertisers.

Founded in 1851 by Henry Jarvis Raymond and George Jones, The New York Times has built a reputation for in-depth reporting and investigative journalism.