Gateway Investment Advisers LLC Trims Position in The New York Times Company (NYSE:NYT)

Gateway Investment Advisers LLC cut its holdings in shares of The New York Times Company (NYSE:NYT) by 14.2% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 18,315 shares of the company’s stock after selling 3,033 shares during the quarter. Gateway Investment Advisers LLC’s holdings in New York Times were worth $908,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in shares of New York Times by 511.7% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 471 shares of the company’s stock valued at $25,000 after buying an additional 394 shares during the period. Mountain Hill Investment Partners Corp. purchased a new position in shares of New York Times during the fourth quarter valued at approximately $36,000. American National Bank & Trust purchased a new position in shares of New York Times during the first quarter valued at approximately $45,000. Smartleaf Asset Management LLC increased its stake in shares of New York Times by 27.7% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,140 shares of the company’s stock valued at $60,000 after buying an additional 247 shares during the period. Finally, Bessemer Group Inc. boosted its position in shares of New York Times by 12.6% during the fourth quarter. Bessemer Group Inc. now owns 1,895 shares of the company’s stock valued at $99,000 after purchasing an additional 212 shares in the last quarter. 95.37% of the stock is owned by hedge funds and other institutional investors.

New York Times Stock Up 0.2%

NYSE NYT opened at $55.85 on Monday. 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 capitalization of $9.11 billion, a PE ratio of 31.37, a P/E/G ratio of 1.75 and a beta of 1.13. The stock’s 50 day moving average is $52.11 and its 200 day moving average is $51.72.

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

Insiders Place Their Bets

In other New York Times news, Director David S. Perpich sold 4,000 shares of the business’s stock in a transaction on Tuesday, June 3rd. The stock was sold at an average price of $56.18, for a total value of $224,720.00. Following the sale, the director now directly owns 27,569 shares of the company’s stock, valued at approximately $1,548,826.42. The trade was a 12.67% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO R Anthony Benten sold 1,990 shares of the business’s stock in a transaction on Friday, May 30th. The stock was sold at an average price of $56.75, for a total value of $112,932.50. Following the completion of the sale, the chief accounting officer now directly owns 39,685 shares in the company, valued at $2,252,123.75. This trade represents a 4.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 8,490 shares of company stock valued at $479,728. 1.90% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

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

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.