New York Times (NYSE:NYT) Price Target Raised to $62.00

New York Times (NYSE:NYT) had its target price raised by Morgan Stanley from $59.00 to $62.00 in a research report report published on Thursday,Benzinga reports. Morgan Stanley currently has an equal weight rating on the stock.

NYT has been the subject of several other research reports. Weiss Ratings restated a “buy (b)” rating on shares of New York Times in a research report on Wednesday, October 8th. Zacks Research lowered shares of New York Times from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 8th. Guggenheim upped their target price on shares of New York Times from $55.00 to $56.00 and gave the stock a “neutral” rating in a research report on Thursday, August 7th. Evercore ISI raised their price target on shares of New York Times from $60.00 to $67.00 and gave the company an “outperform” rating in a research note on Friday, August 8th. Finally, Barclays set a $52.00 price objective on New York Times and gave the stock an “equal weight” rating in a research report on Thursday, August 7th. Four analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $62.17.

New York Times Trading Up 2.2%

Shares of New York Times stock opened at $61.29 on Thursday. The stock has a market capitalization of $9.98 billion, a price-to-earnings ratio of 31.60, a PEG ratio of 1.41 and a beta of 1.14. New York Times has a twelve month low of $44.83 and a twelve month high of $62.24. The business’s 50 day simple moving average is $57.34 and its 200-day simple moving average is $56.08.

New York Times (NYSE:NYT) last issued its quarterly earnings data on Wednesday, November 5th. The company reported $0.59 EPS for the quarter, topping analysts’ consensus estimates of $0.54 by $0.05. New York Times had a return on equity of 19.55% and a net margin of 11.92%.The firm had revenue of $700.82 million during the quarter, compared to the consensus estimate of $692.01 million. During the same period in the prior year, the business earned $0.45 EPS. The firm’s revenue was up 9.5% on a year-over-year basis. Sell-side analysts predict that New York Times will post 2.08 earnings per share for the current year.

New York Times Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, October 23rd. Shareholders of record on Wednesday, October 8th were given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date was Wednesday, October 8th. New York Times’s payout ratio is 35.12%.

Insider Activity at New York Times

In other New York Times news, EVP Jacqueline M. Welch sold 5,500 shares of the company’s stock in a transaction that occurred on Thursday, August 28th. The stock was sold at an average price of $60.04, for a total value of $330,220.00. Following the completion of the sale, the executive vice president directly owned 14,470 shares in the company, valued at $868,778.80. This represents a 27.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP William Bardeen sold 5,000 shares of the 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 transaction, the executive vice president directly owned 11,243 shares of the company’s stock, valued at approximately $652,543.72. The trade was a 30.78% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 1.90% of the company’s stock.

Institutional Trading of New York Times

Hedge funds and other institutional investors have recently modified their holdings of the company. Figure 8 Investment Strategies LLC boosted its stake in New York Times by 1.7% during the third quarter. Figure 8 Investment Strategies LLC now owns 11,226 shares of the company’s stock valued at $644,000 after buying an additional 185 shares in the last quarter. Covestor Ltd raised its position in New York Times by 7.9% in the first quarter. Covestor Ltd now owns 2,849 shares of the company’s stock worth $141,000 after acquiring an additional 208 shares in the last quarter. MAI Capital Management lifted its holdings in New York Times by 7.2% in the 2nd quarter. MAI Capital Management now owns 3,516 shares of the company’s stock valued at $197,000 after acquiring an additional 236 shares during the last quarter. ProShare Advisors LLC boosted its position in shares of New York Times by 3.5% during the 2nd quarter. ProShare Advisors LLC now owns 7,195 shares of the company’s stock valued at $403,000 after purchasing an additional 243 shares in the last quarter. Finally, Blue Trust Inc. grew its stake in shares of New York Times by 14.9% in the 3rd quarter. Blue Trust Inc. now owns 2,032 shares of the company’s stock worth $117,000 after purchasing an additional 263 shares during the last quarter. Institutional investors own 95.37% 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.