New York Times (NYSE:NYT) Posts Earnings Results, Beats Expectations By $0.05 EPS

by · The Markets Daily

New York Times (NYSE:NYT – Get Free Report) released its quarterly earnings data on Wednesday. The company reported $0.59 earnings per share for the quarter, topping analysts’ consensus estimates of $0.54 by $0.05, Zacks reports. New York Times had a net margin of 11.92% and a return on equity of 19.55%. New York Times’s revenue for the quarter was up 9.5% compared to the same quarter last year. During the same period last year, the company earned $0.45 EPS.

New York Times Stock Performance

New York Times stock traded down $0.14 during trading on Wednesday, reaching $57.61. The company had a trading volume of 4,499,538 shares, compared to its average volume of 1,721,852. The firm’s 50-day simple moving average is $57.35 and its 200 day simple moving average is $55.91. New York Times has a 1-year low of $44.83 and a 1-year high of $62.24. The firm has a market capitalization of $9.38 billion, a PE ratio of 29.70, a price-to-earnings-growth ratio of 1.41 and a beta of 1.16.

New York Times Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 23rd. Investors of record on Wednesday, October 8th were paid a $0.18 dividend. The ex-dividend date of this dividend was Wednesday, October 8th. This represents a $0.72 dividend on an annualized basis and a yield of 1.2%. New York Times’s dividend payout ratio (DPR) is currently 37.11%.

Insiders Place Their Bets

In related news, EVP Jacqueline M. Welch sold 5,500 shares of New York Times stock in a transaction on Thursday, August 28th. The shares were sold at an average price of $60.04, for a total value of $330,220.00. Following the sale, the executive vice president owned 14,470 shares of the company’s stock, valued at approximately $868,778.80. This trade represents a 27.54% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP William Bardeen sold 5,000 shares of the firm’s stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $58.04, for a total value of $290,200.00. Following the completion of the transaction, the executive vice president owned 11,243 shares in the company, valued at $652,543.72. The trade was a 30.78% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.90% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NYT. Geneos Wealth Management Inc. lifted its holdings in New York Times by 690.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 846 shares of the company’s stock valued at $42,000 after purchasing an additional 739 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main purchased a new position in New York Times in the 2nd quarter valued at $116,000. Headlands Technologies LLC purchased a new position in New York Times in the 2nd quarter valued at $149,000. Meiji Yasuda Asset Management Co Ltd. purchased a new position in New York Times in the 2nd quarter valued at $217,000. Finally, LMR Partners LLP purchased a new position in New York Times in the 2nd quarter valued at $229,000. Hedge funds and other institutional investors own 95.37% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on NYT shares. Guggenheim increased their price objective on shares of New York Times from $55.00 to $56.00 and gave the stock a “neutral” rating in a research note on Thursday, August 7th. Barclays set a $52.00 price objective on shares of New York Times and gave the stock an “equal weight” rating in a research note on Thursday, August 7th. Evercore ISI raised their price objective on shares of New York Times from $60.00 to $67.00 and gave the stock an “outperform” rating in a research note on Friday, August 8th. Zacks Research cut shares of New York Times from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 8th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of New York Times in a research note on Wednesday, October 8th. Three research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $58.50.

View Our Latest Stock Report on New York Times

About New York Times

(Get Free Report)

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.

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