New York Times (NYSE:NYT) Posts Quarterly Earnings Results, Beats Expectations By $0.04 EPS

New York Times (NYSE:NYT) issued its quarterly earnings results on Monday. The company reported $0.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.04, Briefing.com reports. New York Times had a return on equity of 17.45% and a net margin of 10.81%. The business had revenue of $640.20 million during the quarter, compared to analysts’ expectations of $641.00 million. During the same period in the previous year, the company posted $0.37 earnings per share. The firm’s revenue for the quarter was up 7.0% compared to the same quarter last year.

New York Times Stock Performance

Shares of NYT opened at $53.25 on Wednesday. New York Times has a 52 week low of $41.02 and a 52 week high of $57.08. The stock has a market capitalization of $8.75 billion, a price-to-earnings ratio of 32.87 and a beta of 1.02. The stock has a fifty day moving average of $54.74 and a 200-day moving average of $52.14.

New York Times Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, October 24th. Stockholders of record on Wednesday, October 9th were paid a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.98%. The ex-dividend date was Wednesday, October 9th. New York Times’s payout ratio is 32.10%.

Insider Activity

In related news, CFO William Bardeen sold 2,000 shares of the stock in a transaction on Friday, August 9th. The stock was sold at an average price of $54.56, for a total value of $109,120.00. Following the completion of the sale, the chief financial officer now directly owns 10,315 shares in the company, valued at $562,786.40. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CEO Levien Meredith A. Kopit sold 18,300 shares of the stock in a transaction on Monday, August 12th. The stock was sold at an average price of $53.92, for a total value of $986,736.00. Following the completion of the sale, the chief executive officer now directly owns 101,772 shares in the company, valued at $5,487,546.24. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO William Bardeen sold 2,000 shares of the stock in a transaction on Friday, August 9th. The shares were sold at an average price of $54.56, for a total value of $109,120.00. Following the completion of the sale, the chief financial officer now owns 10,315 shares of the company’s stock, valued at $562,786.40. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.00% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on NYT shares. Barclays upped their target price on New York Times from $40.00 to $45.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 8th. JPMorgan Chase & Co. upped their target price on New York Times from $58.00 to $62.00 and gave the stock an “overweight” rating in a research note on Tuesday. Finally, Deutsche Bank Aktiengesellschaft upped their target price on New York Times from $65.00 to $66.00 and gave the stock a “buy” rating in a research note on Tuesday. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, New York Times presently has an average rating of “Moderate Buy” and a consensus price target of $53.43.

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.