New York Times (NYSE:NYT) Price Target Raised to $72.00

New York Times (NYSE:NYT) had its target price hoisted by Citigroup from $64.00 to $72.00 in a report released on Thursday,Benzinga reports. The firm currently has a buy rating on the stock.

Several other analysts also recently issued reports on NYT. JPMorgan Chase & Co. upped their price target on New York Times from $70.00 to $71.00 and gave the stock an “overweight” rating in a research note on Thursday, November 6th. Barclays upped their target price on New York Times from $52.00 to $55.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 6th. Zacks Research downgraded New York Times from a “strong-buy” rating to a “hold” rating in a report on Monday, September 8th. UBS Group set a $62.00 price objective on shares of New York Times in a research note on Thursday, November 6th. Finally, Morgan Stanley raised their target price on shares of New York Times from $59.00 to $62.00 and gave the company an “equal weight” rating in a research note on Thursday, November 6th. Four analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $63.57.

New York Times Stock Down 0.8%

NYT stock opened at $63.94 on Thursday. The company has a market capitalization of $10.41 billion, a price-to-earnings ratio of 32.96, a P/E/G ratio of 1.41 and a beta of 1.14. New York Times has a 12 month low of $44.83 and a 12 month high of $64.75. The firm has a 50 day moving average of $57.76 and a two-hundred day moving average of $56.51.

New York Times (NYSE:NYT) last released its quarterly earnings data on Wednesday, November 5th. The company reported $0.59 earnings per share (EPS) for the quarter, beating the consensus estimate 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 net margin of 11.92% and a return on equity of 19.55%. New York Times’s quarterly revenue was up 9.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.45 EPS. On average, research analysts expect that New York Times will post 2.08 EPS for the current fiscal year.

New York Times Announces Dividend

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

Insider Buying and Selling

In other New York Times news, EVP Jacqueline M. Welch sold 5,500 shares of the stock in a transaction on Thursday, August 28th. The shares were sold at an average price of $60.04, for a total value of $330,220.00. Following the completion of the sale, the executive vice president directly owned 14,470 shares of the company’s stock, valued at $868,778.80. This represents a 27.54% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.90% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Employees Retirement System of Texas acquired a new position in shares of 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% in the 2nd quarter. Hantz Financial Services Inc. now owns 563 shares of the company’s stock valued at $32,000 after buying an additional 551 shares during the period. True Wealth Design LLC increased its holdings in New York Times by 519.6% in the 2nd quarter. True Wealth Design LLC now owns 570 shares of the company’s stock valued at $32,000 after buying an additional 478 shares during the period. Nomura Asset Management Co. Ltd. raised its stake in shares of New York Times by 86.8% in the 2nd quarter. Nomura Asset Management Co. Ltd. now owns 710 shares of the company’s stock valued at $40,000 after buying an additional 330 shares in the last quarter. Finally, Whittier Trust Co. bought a new position in shares of New York Times during the 3rd quarter worth about $42,000. 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.