The New York Times Company Stock Price Down 5.8% Following Weak Earnings (NYT)
The New York Times Company (NYSE:NYT) shares traded down 5.8% during mid-day trading on Tuesday following a dissappointing earnings announcement, Analyst Ratings Net reports. The stock traded as low as $12.89 and last traded at $13.21, with a volume of 1,405,032 shares. The stock had previously closed at $14.02.
The company reported $0.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by $0.02. The company had revenue of $388.70 million for the quarter, compared to the consensus estimate of $390.50 million. During the same quarter in the previous year, the company posted $0.14 earnings per share. The company’s revenue for the quarter was down .6% on a year-over-year basis.
The company also recently announced a quarterly dividend, which is scheduled for Thursday, July 31st. Stockholders of record on Thursday, July 17th will be paid a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a dividend yield of 1.18%. The ex-dividend date is Tuesday, July 15th.
NYT has been the subject of a number of recent research reports. Analysts at FBR Capital Markets cut their price target on shares of The New York Times Company from $14.00 to $13.00 in a research note on Tuesday. They now have a “market perform” rating on the stock. Separately, analysts at Zacks reiterated a “neutral” rating on shares of The New York Times Company in a research note on Tuesday, July 1st. They now have a $16.00 price target on the stock. Finally, analysts at Jefferies Group initiated coverage on shares of The New York Times Company in a research note on Wednesday, June 25th. They set a “hold” rating on the stock. Seven equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $14.30.
The stock’s 50-day moving average is $14.93 and its 200-day moving average is $15.40. The company has a market cap of $1.937 billion and a P/E ratio of 35.14.
The New York Times Company is a global media organization engaged in creating, collecting and distributing news and information.
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