Summit Global Investments Takes Position in The New York Times Company $NYT

Summit Global Investments purchased a new position in shares of The New York Times Company (NYSE:NYT) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 3,673 shares of the company’s stock, valued at approximately $206,000.

A number of other large investors have also recently added to or reduced their stakes in the business. Hantz Financial Services Inc. raised its position in New York Times by 4,591.7% during the second quarter. Hantz Financial Services Inc. now owns 563 shares of the company’s stock worth $32,000 after acquiring an additional 551 shares during the last quarter. True Wealth Design LLC raised its position in shares of New York Times by 519.6% during the 2nd quarter. True Wealth Design LLC now owns 570 shares of the company’s stock worth $32,000 after purchasing an additional 478 shares during the last quarter. Nomura Asset Management Co. Ltd. lifted its stake in 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. Geneos Wealth Management Inc. grew its holdings in New York Times by 690.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 846 shares of the company’s stock valued at $42,000 after buying an additional 739 shares during the last quarter. Finally, Allworth Financial LP increased its position in New York Times by 405.4% during the second quarter. Allworth Financial LP now owns 1,021 shares of the company’s stock worth $57,000 after buying an additional 819 shares in the last quarter. 95.37% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

NYT has been the topic of several recent research reports. Guggenheim upped their price objective on New York Times from $55.00 to $56.00 and gave the company a “neutral” rating in a research report on Thursday, August 7th. Morgan Stanley raised their price target on shares of New York Times from $59.00 to $62.00 and gave the stock an “equal weight” rating in a research note on Thursday, November 6th. Weiss Ratings reissued a “buy (b)” rating on shares of New York Times in a research report on Wednesday, October 8th. UBS Group set a $62.00 price objective on shares of New York Times in a research note on Thursday, November 6th. Finally, Citigroup lifted their target price on shares of New York Times from $64.00 to $72.00 and gave the stock a “buy” rating in a research note on Thursday, November 13th. Four analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, New York Times presently has a consensus rating of “Moderate Buy” and a consensus target price of $63.57.

New York Times Stock Performance

Shares of NYSE:NYT opened at $65.07 on Thursday. The stock has a 50-day simple moving average of $58.64 and a 200-day simple moving average of $57.16. The stock has a market capitalization of $10.56 billion, a P/E ratio of 33.54, a PEG ratio of 1.41 and a beta of 1.14. The New York Times Company has a 1 year low of $44.83 and a 1 year high of $65.32.

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

New York Times Dividend Announcement

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

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.