The New York Times Company (NYSE:NYT) Stake Trimmed by M&T Bank Corp

M&T Bank Corp trimmed its position in shares of The New York Times Company (NYSE:NYT) by 45.6% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 10,638 shares of the company’s stock after selling 8,911 shares during the period. M&T Bank Corp’s holdings in New York Times were worth $592,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in NYT. Wealth Enhancement Advisory Services LLC grew its holdings in shares of New York Times by 5.1% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 12,173 shares of the company’s stock valued at $623,000 after buying an additional 587 shares in the last quarter. Envestnet Portfolio Solutions Inc. boosted its stake in shares of New York Times by 37.7% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 7,018 shares of the company’s stock valued at $359,000 after buying an additional 1,920 shares during the period. Assenagon Asset Management S.A. acquired a new stake in shares of New York Times during the 2nd quarter valued at $2,712,000. Blue Trust Inc. grew its holdings in shares of New York Times by 401.8% during the 2nd quarter. Blue Trust Inc. now owns 2,248 shares of the company’s stock valued at $115,000 after acquiring an additional 1,800 shares in the last quarter. Finally, Fifth Third Wealth Advisors LLC acquired a new position in shares of New York Times in the second quarter worth $288,000. 95.37% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have commented on the company. Deutsche Bank Aktiengesellschaft boosted their target price on New York Times from $65.00 to $66.00 and gave the company a “buy” rating in a research note on Tuesday, November 5th. JPMorgan Chase & Co. boosted their price target on New York Times from $58.00 to $62.00 and gave the company an “overweight” rating in a research note on Tuesday, November 5th. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, New York Times has a consensus rating of “Moderate Buy” and a consensus target price of $54.83.

New York Times Price Performance

Shares of NYSE:NYT opened at $54.60 on Wednesday. The stock has a market capitalization of $8.95 billion, a P/E ratio of 32.31, a P/E/G ratio of 1.75 and a beta of 1.00. The business has a 50-day moving average of $54.82 and a two-hundred day moving average of $53.73. The New York Times Company has a fifty-two week low of $41.55 and a fifty-two week high of $58.16.

New York Times (NYSE:NYT) last announced its earnings results on Monday, November 4th. The company reported $0.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.04. New York Times had a return on equity of 17.75% and a net margin of 11.04%. The firm had revenue of $640.20 million during the quarter, compared to analysts’ expectations of $641.00 million. During the same quarter in the prior year, the business earned $0.37 earnings per share. The company’s revenue was up 7.0% on a year-over-year basis. As a group, research analysts expect that The New York Times Company will post 1.84 EPS for the current fiscal year.

New York Times Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, October 24th. Investors of record on Wednesday, October 9th were issued a $0.13 dividend. The ex-dividend date was Wednesday, October 9th. This represents a $0.52 annualized dividend and a yield of 0.95%. New York Times’s dividend payout ratio (DPR) is presently 30.77%.

New York Times Company Profile

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.