Morgan Stanley cut shares of New York Times (NYSE:NYT – Get Rating) from an overweight rating to an equal weight rating in a research report report published on Friday, The Fly reports. The firm currently has $37.00 target price on the stock.
Several other equities research analysts have also recently issued reports on the company. StockNews.com started coverage on New York Times in a report on Wednesday, October 12th. They set a hold rating on the stock. TheStreet upgraded New York Times from a c+ rating to a b- rating in a report on Monday, December 5th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of Hold and a consensus price target of $34.75.
New York Times Stock Performance
Shares of NYSE:NYT opened at $32.43 on Friday. The business’s fifty day moving average price is $32.94 and its two-hundred day moving average price is $31.39. The stock has a market cap of $5.36 billion, a PE ratio of 31.49 and a beta of 1.02. New York Times has a one year low of $27.58 and a one year high of $48.61.
New York Times (NYSE:NYT – Get Rating) last announced its earnings results on Wednesday, November 2nd. The company reported $0.21 EPS for the quarter, beating analysts’ consensus estimates of $0.15 by $0.06. The firm had revenue of $547.68 million for the quarter, compared to analysts’ expectations of $547.11 million. New York Times had a return on equity of 11.76% and a net margin of 7.74%. As a group, equities research analysts predict that New York Times will post 1.08 earnings per share for the current fiscal year.
New York Times Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, January 19th. Investors of record on Wednesday, January 4th will be issued a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a yield of 1.11%. The ex-dividend date of this dividend is Tuesday, January 3rd. New York Times’s payout ratio is currently 34.95%.
Insider Activity at New York Times
In related news, Director David S. Perpich sold 6,478 shares of New York Times stock in a transaction on Friday, November 18th. The stock was sold at an average price of $35.71, for a total value of $231,329.38. Following the transaction, the director now owns 19,699 shares in the company, valued at $703,451.29. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.90% of the stock is owned by insiders.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Farallon Capital Management LLC lifted its stake in shares of New York Times by 13.8% during the third quarter. Farallon Capital Management LLC now owns 7,828,073 shares of the company’s stock worth $225,057,000 after purchasing an additional 947,269 shares in the last quarter. Stockbridge Partners LLC lifted its stake in shares of New York Times by 61.5% during the first quarter. Stockbridge Partners LLC now owns 6,490,990 shares of the company’s stock worth $297,547,000 after purchasing an additional 2,470,866 shares in the last quarter. Wellington Management Group LLP lifted its stake in shares of New York Times by 31.9% during the first quarter. Wellington Management Group LLP now owns 5,741,738 shares of the company’s stock worth $263,201,000 after purchasing an additional 1,389,189 shares in the last quarter. UBS Group AG lifted its stake in shares of New York Times by 34,889.2% during the second quarter. UBS Group AG now owns 4,518,509 shares of the company’s stock worth $126,066,000 after purchasing an additional 4,505,595 shares in the last quarter. Finally, State Street Corp lifted its stake in shares of New York Times by 3.3% during the third quarter. State Street Corp now owns 4,506,167 shares of the company’s stock worth $129,552,000 after purchasing an additional 143,001 shares in the last quarter. Institutional investors and hedge funds own 97.42% of the company’s stock.
New York Times Company Profile
The New York Times Company, together with its subsidiaries, provides news and information for readers and viewers across various platforms worldwide. It offers The New York Times (The Times), a daily and Sunday newspaper in the United States, as well as international edition of The Times; and operates the NYTimes.com Website.
See Also
Receive News & Ratings for New York Times Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for New York Times and related companies with MarketBeat.com’s FREE daily email newsletter.