Acadian Asset Management LLC Cuts Stake in New York Times Co (NYT)

Acadian Asset Management LLC lowered its holdings in New York Times Co (NYSE:NYT) by 91.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 128,076 shares of the company’s stock after selling 1,397,087 shares during the quarter. Acadian Asset Management LLC owned 0.08% of New York Times worth $2,964,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in NYT. CSat Investment Advisory L.P. acquired a new stake in New York Times during the second quarter valued at $120,000. Adviser Investments LLC acquired a new stake in New York Times during the second quarter valued at $190,000. D.A. Davidson & CO. acquired a new stake in New York Times during the second quarter valued at $201,000. Cubist Systematic Strategies LLC acquired a new stake in New York Times during the first quarter valued at $202,000. Finally, Perigon Wealth Management LLC grew its position in New York Times by 54.8% during the second quarter. Perigon Wealth Management LLC now owns 11,640 shares of the company’s stock valued at $301,000 after buying an additional 4,120 shares during the period. Hedge funds and other institutional investors own 90.51% of the company’s stock.

In other news, COO Levien Meredith A. Kopit sold 8,354 shares of New York Times stock in a transaction dated Monday, August 13th. The shares were sold at an average price of $22.76, for a total value of $190,137.04. Following the sale, the chief operating officer now owns 45,389 shares in the company, valued at $1,033,053.64. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Arthur Sulzberger, Jr. sold 34,000 shares of New York Times stock in a transaction dated Tuesday, August 28th. The shares were sold at an average price of $23.73, for a total transaction of $806,820.00. Following the completion of the sale, the director now owns 279,307 shares in the company, valued at approximately $6,627,955.11. The disclosure for this sale can be found here. In the last quarter, insiders sold 195,646 shares of company stock worth $4,535,346. Company insiders own 5.20% of the company’s stock.

NYT has been the topic of several analyst reports. JPMorgan Chase & Co. raised their price target on shares of New York Times to $32.00 and gave the company an “overweight” rating in a research report on Thursday, October 11th. Zacks Investment Research lowered shares of New York Times from a “hold” rating to a “sell” rating in a research report on Tuesday, October 9th. ValuEngine lowered shares of New York Times from a “buy” rating to a “hold” rating in a research report on Wednesday, August 8th. Finally, Barclays lowered shares of New York Times from an “equal weight” rating to an “underweight” rating and dropped their price target for the company from $20.00 to $18.00 in a research report on Tuesday. They noted that the move was a valuation call. Two equities research analysts have rated the stock with a sell rating and three have issued a buy rating to the company. New York Times presently has an average rating of “Hold” and a consensus price target of $25.33.

NYT stock opened at $27.49 on Friday. The firm has a market cap of $4.44 billion, a P/E ratio of 34.36, a PEG ratio of 3.97 and a beta of 1.12. The company has a current ratio of 1.94, a quick ratio of 2.02 and a debt-to-equity ratio of 0.24. New York Times Co has a one year low of $17.10 and a one year high of $28.72.

New York Times (NYSE:NYT) last announced its earnings results on Thursday, November 1st. The company reported $0.15 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.12 by $0.03. New York Times had a net margin of 0.79% and a return on equity of 15.14%. The business had revenue of $417.30 million for the quarter, compared to analyst estimates of $409.80 million. During the same quarter last year, the business earned $0.13 earnings per share. The company’s revenue for the quarter was up 7.9% compared to the same quarter last year. Research analysts predict that New York Times Co will post 0.79 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Thursday, October 18th. Stockholders of record on Wednesday, October 3rd were given a $0.04 dividend. The ex-dividend date was Tuesday, October 2nd. This represents a $0.16 annualized dividend and a dividend yield of 0.58%. New York Times’s dividend payout ratio (DPR) is 20.00%.

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New York Times Company Profile

The New York Times Company, together with its subsidiaries, provides news and information for readers and viewers across various platforms worldwide. The company provides 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.

Further Reading: What is an Initial Public Offering (IPO)?

Institutional Ownership by Quarter for New York Times (NYSE:NYT)

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