Confluence Wealth Services Inc. Increases Stock Position in The New York Times Company $NYT

Confluence Wealth Services Inc. raised its stake in shares of The New York Times Company (NYSE:NYT) by 1.2% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 25,892 shares of the company’s stock after acquiring an additional 296 shares during the period. Confluence Wealth Services Inc.’s holdings in New York Times were worth $1,449,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the stock. Geneos Wealth Management Inc. increased 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 during the last quarter. WPG Advisers LLC purchased a new position in shares of New York Times during the first quarter worth $60,000. UMB Bank n.a. grew its stake in shares of New York Times by 79.3% in the second quarter. UMB Bank n.a. now owns 1,675 shares of the company’s stock valued at $94,000 after buying an additional 741 shares in the last quarter. Bartlett & CO. Wealth Management LLC purchased a new stake in shares of New York Times in the 1st quarter valued at $99,000. Finally, Meeder Asset Management Inc. acquired a new position in New York Times during the 1st quarter worth about $115,000. 95.37% of the stock is currently owned by institutional investors and hedge funds.

New York Times Stock Up 0.1%

Shares of New York Times stock opened at $55.63 on Monday. The New York Times Company has a 52-week low of $44.83 and a 52-week high of $62.24. The company has a market capitalization of $9.06 billion, a P/E ratio of 28.68, a P/E/G ratio of 1.40 and a beta of 1.16. The company has a 50 day moving average of $57.80 and a 200 day moving average of $54.66.

New York Times (NYSE:NYT) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $0.58 earnings per share for the quarter, beating analysts’ consensus estimates of $0.50 by $0.08. The business had revenue of $685.90 million for the quarter, compared to analyst estimates of $670.22 million. New York Times had a net margin of 11.92% and a return on equity of 19.55%. The company’s revenue was up 9.7% on a year-over-year basis. During the same period last year, the business earned $0.45 EPS. As a group, research analysts anticipate that The New York Times Company will post 2.08 earnings per share for the current fiscal year.

New York Times Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 23rd. Shareholders of record on Wednesday, October 8th will be issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date of this dividend is Wednesday, October 8th. New York Times’s payout ratio is 37.11%.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Barclays set a $52.00 target price on New York Times and gave the company an “equal weight” rating in a research report on Thursday, August 7th. Weiss Ratings restated a “buy (b)” rating on shares of New York Times in a report on Saturday, September 27th. Evercore ISI upped their target price 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. Morgan Stanley raised their price target on shares of New York Times from $54.00 to $59.00 and gave the company an “equal weight” rating in a research report on Thursday, August 7th. Finally, Guggenheim upped their price objective on New York Times from $55.00 to $56.00 and gave the stock a “neutral” rating in a research report on Thursday, August 7th. Five equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $60.33.

Insider Activity

In other news, EVP Jacqueline M. Welch sold 5,500 shares of the stock in a transaction dated Thursday, August 28th. The stock was sold at an average price of $60.04, for a total value of $330,220.00. Following the transaction, the executive vice president owned 14,470 shares in the company, valued at approximately $868,778.80. This represents a 27.54% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP William Bardeen sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $58.04, for a total value of $290,200.00. Following the sale, the executive vice president directly owned 11,243 shares in the company, valued at $652,543.72. This trade represents a 30.78% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.90% of the company’s stock.

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.