New York Times Company (The) (NYT) Rating Increased to Buy at Zacks Investment Research
New York Times Company (The) (NYSE:NYT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Friday. The firm currently has a $20.00 price objective on the stock. Zacks Investment Research‘s target price would indicate a potential upside of 12.04% from the company’s previous close.
According to Zacks, “The New York Times Company’s strategic initiatives have helped propelled the stock that has outpaced the industry in a year. The company is diversifying its business, adding new revenue streams, strengthening its balance sheet and restructuring its portfolio. It had offloaded assets in order to re-focus on its core newspapers and pay more attention to its online activities. These endeavors have helped the company to post fifth straight quarter of positive earnings surprise, when it reported third-quarter 2017 results. However, total revenue fell short of the consensus estimate. Nevertheless, both the top and bottom lines grew year over year. The quarter marked an increase in digital subscribers, rise in digital advertising and subscription revenues but a fall in print advertising revenue. Total advertising revenue slid 9% during the quarter. Management expects the same to decline in the high single-digits in the final quarter.”
Several other equities analysts have also recently issued reports on the company. Barclays PLC lifted their price objective on New York Times Company (The) from $15.00 to $16.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 19th. Jefferies Group LLC reissued a “hold” rating and set a $18.00 target price on shares of New York Times Company (The) in a research report on Monday, October 16th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $15.45.
New York Times Company (The) (NYSE:NYT) last posted its quarterly earnings data on Wednesday, November 1st. The company reported $0.13 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.08 by $0.05. New York Times Company (The) had a return on equity of 13.68% and a net margin of 6.02%. The firm had revenue of $385.60 million during the quarter, compared to the consensus estimate of $390.13 million. During the same period in the prior year, the company earned $0.06 EPS. The firm’s revenue was up 6.1% compared to the same quarter last year.
In other New York Times Company (The) news, CFO James M. Follo sold 138,161 shares of the stock in a transaction that occurred on Tuesday, August 8th. The stock was sold at an average price of $18.97, for a total transaction of $2,620,914.17. Following the transaction, the chief financial officer now owns 136,523 shares of the company’s stock, valued at approximately $2,589,841.31. The transaction was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 5.70% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Public Employees Retirement System of Ohio raised its position in New York Times Company (The) by 6.7% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 8,226 shares of the company’s stock worth $100,000 after purchasing an additional 517 shares during the last quarter. Fuller & Thaler Asset Management Inc. bought a new position in New York Times Company (The) in the 2nd quarter worth approximately $109,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of New York Times Company (The) by 12.0% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,289 shares of the company’s stock valued at $111,000 after acquiring an additional 673 shares during the last quarter. Envestnet Asset Management Inc. raised its position in shares of New York Times Company (The) by 384.2% during the 1st quarter. Envestnet Asset Management Inc. now owns 7,800 shares of the company’s stock valued at $112,000 after acquiring an additional 6,189 shares during the last quarter. Finally, PNC Financial Services Group Inc. raised its position in shares of New York Times Company (The) by 6.9% during the 2nd quarter. PNC Financial Services Group Inc. now owns 6,635 shares of the company’s stock valued at $118,000 after acquiring an additional 429 shares during the last quarter. 64.37% of the stock is currently owned by institutional investors.
About New York Times Company (The)
The New York Times Company is a media company focused on creating, collecting and distributing news and information. The Company’s principal business consists of distributing content generated by its newsroom through its print, Web and mobile platforms. In addition, it distributes selected content on third-party platforms.
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