Morgan Stanley Raises New York Times (NYSE:NYT) Price Target to $62.00

New York Times (NYSE:NYT) had its price target raised by stock analysts at Morgan Stanley from $59.00 to $62.00 in a report issued on Thursday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Morgan Stanley’s price objective points to a potential upside of 3.50% from the stock’s previous close.

Several other research analysts have also recently issued reports on NYT. Weiss Ratings reiterated a “buy (b)” rating on shares of New York Times in a research report on Wednesday, October 8th. Zacks Research downgraded shares of New York Times from a “strong-buy” rating to a “hold” rating in a report on Monday, September 8th. Guggenheim boosted their price objective on shares of New York Times from $55.00 to $56.00 and gave the stock a “neutral” rating in a report on Thursday, August 7th. Evercore ISI increased their target price on shares of New York Times from $60.00 to $67.00 and gave the company an “outperform” rating in a report on Friday, August 8th. Finally, Barclays set a $52.00 price target on New York Times and gave the stock an “equal weight” rating in a research note on Thursday, August 7th. Three investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $60.00.

New York Times Stock Performance

Shares of NYSE:NYT traded up $2.30 on Thursday, hitting $59.91. 387,616 shares of the company’s stock were exchanged, compared to its average volume of 1,720,163. New York Times has a 1-year low of $44.83 and a 1-year high of $62.24. The firm’s 50-day moving average is $57.30 and its 200 day moving average is $55.92. The company has a market capitalization of $9.75 billion, a PE ratio of 30.93, a P/E/G ratio of 1.41 and a beta of 1.14.

New York Times (NYSE:NYT) last announced its quarterly earnings results on Wednesday, November 5th. The company reported $0.59 EPS for the quarter, topping the consensus estimate of $0.54 by $0.05. The firm had revenue of $700.82 million for the quarter, compared to analyst estimates of $692.01 million. New York Times had a net margin of 11.92% and a return on equity of 19.55%. New York Times’s revenue for the quarter was up 9.5% compared to the same quarter last year. During the same period last year, the business earned $0.45 EPS. On average, analysts anticipate that New York Times will post 2.08 EPS for the current fiscal year.

Insider Buying and Selling at New York Times

In other news, EVP William Bardeen sold 5,000 shares of the firm’s 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 owned 11,243 shares of the company’s stock, valued at approximately $652,543.72. This trade represents a 30.78% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Jacqueline M. Welch sold 5,500 shares of the business’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 transaction, the executive vice president directly owned 14,470 shares in the company, valued at $868,778.80. This trade represents a 27.54% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.90% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of NYT. Principal Financial Group Inc. increased its position in shares of New York Times by 0.4% in the 1st quarter. Principal Financial Group Inc. now owns 375,258 shares of the company’s stock worth $18,613,000 after purchasing an additional 1,315 shares during the last quarter. Alps Advisors Inc. lifted its holdings in New York Times by 7.9% during the 1st quarter. Alps Advisors Inc. now owns 260,817 shares of the company’s stock worth $12,937,000 after buying an additional 19,078 shares during the last quarter. Cerity Partners LLC grew its position in shares of New York Times by 88.2% in the 1st quarter. Cerity Partners LLC now owns 32,570 shares of the company’s stock worth $1,615,000 after acquiring an additional 15,265 shares in the last quarter. State of Michigan Retirement System raised its position in shares of New York Times by 1.0% during the 1st quarter. State of Michigan Retirement System now owns 39,016 shares of the company’s stock valued at $1,935,000 after acquiring an additional 400 shares in the last quarter. Finally, Kesler Norman & Wride LLC raised its holdings in shares of New York Times by 29.5% during the first quarter. Kesler Norman & Wride LLC now owns 25,876 shares of the company’s stock worth $1,284,000 after purchasing an additional 5,889 shares during the period. Institutional investors and hedge funds 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.