New York Times (NYSE:NYT) Hits New 1-Year High – Here’s Why

Shares of The New York Times Company (NYSE:NYT) reached a new 52-week high on Friday . The stock traded as high as $65.33 and last traded at $65.24, with a volume of 471823 shares traded. The stock had previously closed at $64.04.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on NYT shares. Citigroup lifted their target price on shares of New York Times from $64.00 to $72.00 and gave the company a “buy” rating in a research report on Thursday, November 13th. JPMorgan Chase & Co. increased their target price on New York Times from $70.00 to $71.00 and gave the company an “overweight” rating in a research note on Thursday, November 6th. Guggenheim lifted their price target on New York Times from $55.00 to $56.00 and gave the stock a “neutral” rating in a research note on Thursday, August 7th. Morgan Stanley increased their price objective on New York Times from $59.00 to $62.00 and gave the company an “equal weight” rating in a research report on Thursday, November 6th. Finally, Zacks Research downgraded New York Times from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 8th. Four investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $63.57.

New York Times Stock Performance

The firm has a 50-day moving average of $59.42 and a 200-day moving average of $57.53. The firm has a market capitalization of $10.58 billion, a P/E ratio of 31.77, a price-to-earnings-growth ratio of 1.60 and a beta of 1.16.

New York Times (NYSE:NYT) last issued its earnings results on Wednesday, November 5th. The company reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.54 by $0.05. New York Times had a net margin of 12.29% and a return on equity of 20.30%. The firm had revenue of $700.82 million for the quarter, compared to analysts’ expectations of $692.01 million. During the same quarter last year, the business earned $0.45 earnings per share. The business’s revenue was up 9.5% on a year-over-year basis. Equities analysts anticipate that The New York Times Company will post 2.08 EPS for the current fiscal year.

New York Times Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 23rd. Stockholders of record on Wednesday, October 8th were paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 1.1%. The ex-dividend date of this dividend was Wednesday, October 8th. New York Times’s dividend payout ratio is 35.12%.

Institutional Investors Weigh In On New York Times

Institutional investors and hedge funds have recently bought and sold shares of the business. Employees Retirement System of Texas acquired a new stake in New York Times in the second quarter valued at $28,000. Hantz Financial Services Inc. increased its holdings in New York Times by 4,591.7% during the 2nd quarter. Hantz Financial Services Inc. now owns 563 shares of the company’s stock valued at $32,000 after acquiring an additional 551 shares in the last quarter. True Wealth Design LLC raised its position in New York Times by 519.6% during the second quarter. True Wealth Design LLC now owns 570 shares of the company’s stock worth $32,000 after acquiring an additional 478 shares during the last quarter. Larson Financial Group LLC lifted its holdings in shares of New York Times by 59.6% in the third quarter. Larson Financial Group LLC now owns 656 shares of the company’s stock valued at $38,000 after purchasing an additional 245 shares in the last quarter. Finally, Nomura Asset Management Co. Ltd. grew its position in shares of New York Times by 86.8% in the second quarter. Nomura Asset Management Co. Ltd. now owns 710 shares of the company’s stock valued at $40,000 after purchasing an additional 330 shares during the last quarter. Hedge funds and other 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.