New York Times (NYSE:NYT) Shares Gap Down – Here’s Why

The New York Times Company (NYSE:NYT) shares gapped down before the market opened on Monday . The stock had previously closed at $56.83, but opened at $55.12. New York Times shares last traded at $52.56, with a volume of 238,448 shares.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. JPMorgan Chase & Co. increased their price objective on New York Times from $58.00 to $62.00 and gave the company an “overweight” rating in a research note on Tuesday. Barclays increased their price target 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. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on New York Times from $65.00 to $66.00 and gave the company a “buy” rating in a research report on Tuesday. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, New York Times has a consensus rating of “Moderate Buy” and a consensus price target of $53.43.

New York Times Stock Up 1.5 %

The business’s 50 day moving average price is $54.74 and its 200-day moving average price is $52.14. The company has a market cap of $8.75 billion, a PE ratio of 32.87 and a beta of 1.02.

New York Times (NYSE:NYT) last posted its quarterly earnings data on Monday, November 4th. The company reported $0.45 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.04. New York Times had a net margin of 10.81% and a return on equity of 17.45%. The company had revenue of $640.20 million during the quarter, compared to analysts’ expectations of $641.00 million. During the same period in the prior year, the company posted $0.37 EPS. The firm’s revenue for the quarter was up 7.0% on a year-over-year basis. Equities analysts expect that The New York Times Company will post 1.83 earnings per share for the current year.

New York Times Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 24th. Stockholders of record on Wednesday, October 9th were given a dividend of $0.13 per share. 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 currently 32.10%.

Insider Buying and Selling at New York Times

In related news, CFO William Bardeen sold 2,000 shares of New York Times stock in a transaction dated 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 transaction, the chief financial officer now directly owns 10,315 shares in the company, valued at approximately $562,786.40. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO Levien Meredith A. Kopit sold 18,300 shares of the firm’s stock in a transaction that occurred 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 sale, the chief executive officer now owns 101,772 shares of the company’s stock, valued at approximately $5,487,546.24. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, 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 disclosure for this sale can be found here. 2.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On New York Times

Several large investors have recently made changes to their positions in the company. Farallon Capital Management LLC lifted its stake in shares of New York Times by 18.1% in the 1st quarter. Farallon Capital Management LLC now owns 11,188,059 shares of the company’s stock worth $483,548,000 after acquiring an additional 1,711,268 shares during the period. Darsana Capital Partners LP increased its position in shares of New York Times by 25.0% during the 2nd quarter. Darsana Capital Partners LP now owns 6,250,000 shares of the company’s stock valued at $320,062,000 after purchasing an additional 1,250,000 shares during the period. Renaissance Technologies LLC lifted its position in shares of New York Times by 19.8% in the 2nd quarter. Renaissance Technologies LLC now owns 2,912,142 shares of the company’s stock valued at $149,131,000 after acquiring an additional 482,200 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in New York Times by 22.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,424,700 shares of the company’s stock worth $124,164,000 after purchasing an additional 438,680 shares during the period. Finally, Bank of New York Mellon Corp grew its position in New York Times by 1.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,660,015 shares of the company’s stock worth $85,009,000 after purchasing an additional 19,196 shares in the last quarter. Institutional investors and hedge funds own 95.37% of the company’s stock.

New York Times Company 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.