Insider Selling: The New York Times Company (NYSE:NYT) Director Sells $224,720.00 in Stock

The New York Times Company (NYSE:NYT) Director David S. Perpich sold 4,000 shares of the firm’s stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $56.18, for a total transaction of $224,720.00. Following the completion of the transaction, the director now directly owns 27,569 shares in the company, valued at approximately $1,548,826.42. This represents a 12.67% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website.

New York Times Trading Up 0.2%

NYT opened at $55.85 on Friday. The New York Times Company has a twelve month low of $44.83 and a twelve month high of $58.16. The firm has a market cap of $9.11 billion, a price-to-earnings ratio of 31.37, a PEG ratio of 1.75 and a beta of 1.13. The company has a fifty day simple moving average of $52.11 and a 200 day simple moving average of $51.73.

New York Times (NYSE:NYT) last posted its quarterly earnings data on Wednesday, May 7th. The company reported $0.41 earnings per share for the quarter, beating analysts’ consensus estimates of $0.35 by $0.06. The company had revenue of $635.91 million during the quarter, compared to analysts’ expectations of $634.99 million. New York Times had a net margin of 11.36% and a return on equity of 18.51%. The firm’s revenue for the quarter was up 7.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.31 EPS. On average, analysts forecast that The New York Times Company will post 2.08 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts recently issued reports on NYT shares. Wall Street Zen upgraded New York Times from a “hold” rating to a “buy” rating in a report on Friday, April 11th. Guggenheim raised their target price on New York Times from $53.00 to $55.00 and gave the company a “neutral” rating in a report on Monday, June 2nd. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $56.40.

Hedge Funds Weigh In On New York Times

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Strs Ohio purchased a new position in New York Times in the 1st quarter valued at about $1,532,000. Mattson Financial Services LLC boosted its position in New York Times by 3.6% in the 1st quarter. Mattson Financial Services LLC now owns 19,246 shares of the company’s stock valued at $955,000 after buying an additional 673 shares during the last quarter. Acadian Asset Management LLC boosted its position in New York Times by 383.0% in the 1st quarter. Acadian Asset Management LLC now owns 1,765,338 shares of the company’s stock valued at $87,538,000 after buying an additional 1,399,865 shares during the last quarter. Geneos Wealth Management Inc. boosted its position 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 buying an additional 739 shares during the last quarter. Finally, Focus Partners Wealth raised its holdings in New York Times by 52.2% in the first quarter. Focus Partners Wealth now owns 11,640 shares of the company’s stock valued at $577,000 after acquiring an additional 3,990 shares in the last quarter. 95.37% of the stock is owned by hedge funds and other institutional investors.

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.