Zacks Investment Research Downgrades New York Times (NYT) to Hold

New York Times (NYSE:NYT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Monday.

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 sixth straight quarter of positive earnings surprise, when it reported fourth-quarter 2017 results. Total revenue also came ahead of the consensus estimate. Notably, 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 1.3% during the quarter. Management expects the same to decline in the mid to high-single digits in the first quarter of 2018.”

NYT has been the topic of several other reports. ValuEngine cut shares of New York Times from a “buy” rating to a “hold” rating in a research note on Friday, December 1st. Barclays set a $20.00 price target on shares of New York Times and gave the company a “hold” rating in a research note on Sunday. Finally, Jefferies Group reissued a “hold” rating and set a $18.00 price target on shares of New York Times in a research note on Monday, October 16th. Four research analysts have rated the stock with a hold rating, The company presently has a consensus rating of “Hold” and an average price target of $21.33.

Shares of New York Times (NYT) traded down $0.13 during trading on Monday, reaching $23.97. 2,166,278 shares of the company’s stock traded hands, compared to its average volume of 2,795,875. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.83 and a quick ratio of 1.83. The company has a market capitalization of $3,920.00, a PE ratio of 801.67 and a beta of 1.85. New York Times has a 1 year low of $14.08 and a 1 year high of $25.70.

New York Times (NYSE:NYT) last issued its quarterly earnings data on Thursday, February 8th. The company reported $0.39 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.30 by $0.09. The firm had revenue of $484.00 million for the quarter, compared to analysts’ expectations of $467.30 million. New York Times had a net margin of 0.26% and a return on equity of 14.89%. The company’s quarterly revenue was up 10.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.30 earnings per share. equities analysts expect that New York Times will post 0.75 EPS for the current fiscal year.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Sei Investments Co. grew its stake in shares of New York Times by 146.1% during the third quarter. Sei Investments Co. now owns 25,445 shares of the company’s stock valued at $499,000 after purchasing an additional 15,104 shares during the last quarter. Brown Advisory Inc. grew its stake in shares of New York Times by 18.3% during the third quarter. Brown Advisory Inc. now owns 56,540 shares of the company’s stock valued at $1,108,000 after purchasing an additional 8,727 shares during the last quarter. Legal & General Group Plc grew its stake in shares of New York Times by 10.9% during the third quarter. Legal & General Group Plc now owns 108,391 shares of the company’s stock valued at $2,125,000 after purchasing an additional 10,610 shares during the last quarter. OxFORD Asset Management LLP grew its stake in shares of New York Times by 64.1% during the third quarter. OxFORD Asset Management LLP now owns 349,359 shares of the company’s stock valued at $6,865,000 after purchasing an additional 136,523 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its stake in shares of New York Times by 247.9% during the third quarter. JPMorgan Chase & Co. now owns 539,700 shares of the company’s stock valued at $10,606,000 after purchasing an additional 384,565 shares during the last quarter. 67.60% of the stock is currently owned by institutional investors and hedge funds.

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About New York Times

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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