New York Times Co Class A (NYSE:NYT) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors on Friday.
According to Zacks, “Shares of The New York Times Company have not only declined but also underperformed the industry in the past six months. Needless to say, soft advertising revenue, primarily the print, remain one of the factors behind the bearish run. Adding to the woes was the recent slower growth in paid digital subscriber and fall in digital advertising in second-quarter 2018. Investors even ignored the fact that this was the third straight quarter of positive earnings and revenue surprises. Undoubtedly, management had earlier cautioned about subdued quarter for digital advertising, however, it projects the same to improve in the third quarter. Surely, the company has emerged from being a sole provider of news content and advertising on print publications, but the recent fall in the number of users signing up for digital subscriptions did raise concern. Nevertheless, the company is focusing on new revenue streams to counter waning print advertising revenues.”
A number of other analysts have also weighed in on the company. ValuEngine lowered New York Times Co Class A from a “buy” rating to a “hold” rating in a research report on Wednesday. JP Morgan Cazenove reaffirmed an “overweight” rating on shares of New York Times Co Class A in a research report on Monday, April 30th. Finally, JPMorgan Chase & Co. raised New York Times Co Class A from a “neutral” rating to an “overweight” rating and set a $27.00 price objective on the stock in a research report on Monday, April 30th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $22.75.
New York Times Co Class A traded down $0.20, reaching $22.65, on Friday, according to Marketbeat Ratings. The stock had a trading volume of 2,127,234 shares, compared to its average volume of 1,686,380. The firm has a market cap of $3.77 billion, a price-to-earnings ratio of 26.57, a PEG ratio of 1.25 and a beta of 1.65. The company has a quick ratio of 2.00, a current ratio of 2.02 and a debt-to-equity ratio of 0.26. New York Times Co Class A has a 12-month low of $16.95 and a 12-month high of $26.85.
New York Times Co Class A (NYSE:NYT) last posted its quarterly earnings data on Wednesday, August 8th. The company reported $0.17 earnings per share for the quarter, topping analysts’ consensus estimates of $0.13 by $0.04. New York Times Co Class A had a return on equity of 15.00% and a net margin of 1.24%. The business had revenue of $414.60 million for the quarter, compared to analyst estimates of $411.25 million. During the same quarter in the prior year, the company earned $0.18 earnings per share. The company’s revenue was up 1.8% on a year-over-year basis. analysts anticipate that New York Times Co Class A will post 0.88 EPS for the current fiscal year.
In other news, insider Carso S.A. De C.V. Inversora sold 975,000 shares of the company’s stock in a transaction on Friday, May 25th. The stock was sold at an average price of $23.10, for a total transaction of $22,522,500.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Insiders have sold 6,097,653 shares of company stock worth $144,738,464 in the last ninety days. Corporate insiders own 5.20% of the company’s stock.
Large investors have recently bought and sold shares of the stock. Adviser Investments LLC purchased a new position in New York Times Co Class A in the second quarter valued at $190,000. Perigon Wealth Management LLC purchased a new position in New York Times Co Class A in the first quarter valued at $181,000. D.A. Davidson & CO. purchased a new position in New York Times Co Class A in the second quarter valued at $201,000. Cubist Systematic Strategies LLC purchased a new position in New York Times Co Class A in the first quarter valued at $202,000. Finally, Investors Research Corp purchased a new position in New York Times Co Class A in the first quarter valued at $225,000. 83.52% of the stock is currently owned by hedge funds and other institutional investors.
About New York Times Co Class A
The New York Times Company, together with its subsidiaries, provides news and information for readers and viewers across various platforms worldwide. The company provides 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.
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