New York Times (NYT) Reaches New 1-Year High at $34.86

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Shares of New York Times Co (NYSE:NYT) reached a new 52-week high during trading on Monday . The stock traded as high as $34.86 and last traded at $34.66, with a volume of 12464 shares traded. The stock had previously closed at $34.43.

Several research firms recently commented on NYT. Cannonball Research upgraded shares of New York Times to a “buy” rating and set a $41.00 price target for the company in a report on Monday, March 18th. ValuEngine upgraded shares of New York Times from a “buy” rating to a “strong-buy” rating in a report on Thursday, February 28th. Finally, Zacks Investment Research upgraded shares of New York Times from a “strong sell” rating to a “hold” rating in a report on Wednesday, April 10th. One investment analyst has rated the stock with a sell rating, three have issued a buy rating and two have issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $32.50.

The firm has a market cap of $5.71 billion, a PE ratio of 42.75 and a beta of 1.23.

New York Times (NYSE:NYT) last issued its earnings results on Wednesday, May 8th. The company reported $0.20 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.12 by $0.08. New York Times had a net margin of 7.55% and a return on equity of 13.76%. The company had revenue of $439.10 million for the quarter, compared to the consensus estimate of $433.92 million. During the same quarter in the previous year, the company earned $0.17 EPS. The firm’s revenue for the quarter was up 6.1% compared to the same quarter last year. Equities research analysts forecast that New York Times Co will post 0.86 EPS for the current year.

In related news, COO Levien Meredith A. Kopit sold 24,362 shares of the company’s stock in a transaction dated Tuesday, February 26th. The shares were sold at an average price of $32.41, for a total transaction of $789,572.42. Following the transaction, the chief operating officer now owns 50,389 shares in the company, valued at approximately $1,633,107.49. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Mark Thompson sold 70,000 shares of the company’s stock in a transaction dated Tuesday, February 26th. The stock was sold at an average price of $32.36, for a total transaction of $2,265,200.00. Following the transaction, the chief executive officer now owns 429,247 shares in the company, valued at approximately $13,890,432.92. The disclosure for this sale can be found here. Insiders sold a total of 95,362 shares of company stock worth $3,087,872 in the last 90 days. 2.70% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. State Treasurer State of Michigan lifted its position in New York Times by 0.6% during the 1st quarter. State Treasurer State of Michigan now owns 50,600 shares of the company’s stock worth $1,662,000 after buying an additional 300 shares in the last quarter. Waverton Investment Management Ltd lifted its position in New York Times by 1.7% during the 1st quarter. Waverton Investment Management Ltd now owns 24,151 shares of the company’s stock worth $793,000 after buying an additional 396 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in New York Times by 5.3% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,076 shares of the company’s stock worth $298,000 after buying an additional 454 shares in the last quarter. PNC Financial Services Group Inc. lifted its position in New York Times by 6.2% during the 1st quarter. PNC Financial Services Group Inc. now owns 7,852 shares of the company’s stock worth $257,000 after buying an additional 457 shares in the last quarter. Finally, MetLife Investment Advisors LLC lifted its position in New York Times by 0.3% during the 1st quarter. MetLife Investment Advisors LLC now owns 144,582 shares of the company’s stock worth $4,750,000 after buying an additional 479 shares in the last quarter. Institutional investors and hedge funds own 93.05% of the company’s stock.

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About New York Times (NYSE:NYT)

The New York Times Company, together with its subsidiaries, provides news and information for readers and viewers across various platforms worldwide. The company offers The New York Times (The Times), a daily and Sunday newspaper in the United States, as well as international edition of The Times; and operates the NYTimes.com Website.

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