Bank of New York Mellon Corp Has $89.49 Million Stake in The New York Times Company $NYT

Bank of New York Mellon Corp reduced its stake in The New York Times Company (NYSE:NYT) by 4.5% in the 2nd quarter, Holdings Channel reports. The firm owned 1,598,593 shares of the company’s stock after selling 75,464 shares during the period. Bank of New York Mellon Corp’s holdings in New York Times were worth $89,489,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Cerity Partners LLC lifted its stake in shares of New York Times by 88.2% in the first quarter. Cerity Partners LLC now owns 32,570 shares of the company’s stock worth $1,615,000 after buying an additional 15,265 shares during the last quarter. State of Michigan Retirement System raised its holdings in New York Times by 1.0% in the 1st quarter. State of Michigan Retirement System now owns 39,016 shares of the company’s stock worth $1,935,000 after acquiring an additional 400 shares during the period. Xponance Inc. raised its holdings in New York Times by 7.3% in the 1st quarter. Xponance Inc. now owns 27,839 shares of the company’s stock worth $1,381,000 after acquiring an additional 1,889 shares during the period. Louisiana State Employees Retirement System lifted its position in New York Times by 0.9% during the 1st quarter. Louisiana State Employees Retirement System now owns 45,700 shares of the company’s stock worth $2,267,000 after acquiring an additional 400 shares during the last quarter. Finally, MQS Management LLC bought a new stake in New York Times during the first quarter valued at about $378,000. Institutional investors and hedge funds own 95.37% of the company’s stock.

New York Times Trading Up 2.2%

Shares of NYT stock opened at $61.29 on Friday. The New York Times Company has a 12 month low of $44.83 and a 12 month high of $62.24. The company has a market capitalization of $9.98 billion, a P/E ratio of 31.60, a P/E/G ratio of 1.41 and a beta of 1.14. The stock has a 50 day moving average of $57.34 and a two-hundred day moving average of $56.08.

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

New York Times Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 23rd. Stockholders of record on Wednesday, October 8th were issued 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 of this dividend was Wednesday, October 8th. New York Times’s dividend payout ratio (DPR) is presently 37.11%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on NYT shares. UBS Group set a $62.00 price objective on New York Times in a research note on Thursday. Morgan Stanley lifted their price target on New York Times from $59.00 to $62.00 and gave the stock an “equal weight” rating in a research report on Thursday. Evercore ISI reissued an “outperform” rating on shares of New York Times in a research report on Thursday. Weiss Ratings restated a “buy (b)” rating on shares of New York Times in a research note on Wednesday, October 8th. Finally, Guggenheim upped their target price on shares of New York Times from $55.00 to $56.00 and gave the company a “neutral” rating in a research note on Thursday, August 7th. Four research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $62.17.

Insider Activity

In other New York Times news, EVP Jacqueline M. Welch sold 5,500 shares of the firm’s stock in a transaction dated Thursday, August 28th. The shares were sold at an average price of $60.04, for a total transaction of $330,220.00. Following the completion of the transaction, the executive vice president 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP William Bardeen sold 5,000 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the executive vice president owned 11,243 shares in the company, valued at approximately $652,543.72. This represents a 30.78% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.90% of the stock is currently owned by insiders.

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.