Burgundy Asset Management Ltd. Acquires 43,595 Shares of The New York Times Company $NYT

Burgundy Asset Management Ltd. raised its stake in The New York Times Company (NYSE:NYT) by 1.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,368,819 shares of the company’s stock after buying an additional 43,595 shares during the period. Burgundy Asset Management Ltd. owned about 1.45% of New York Times worth $132,606,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in NYT. Acadian Asset Management LLC grew its position in New York Times by 383.0% in the first quarter. Acadian Asset Management LLC now owns 1,765,338 shares of the company’s stock worth $87,538,000 after acquiring an additional 1,399,865 shares in the last quarter. AQR Capital Management LLC lifted its stake in New York Times by 101.6% during the first quarter. AQR Capital Management LLC now owns 2,351,100 shares of the company’s stock worth $115,627,000 after purchasing an additional 1,184,729 shares during the last quarter. Nuveen LLC purchased a new position in shares of New York Times in the 1st quarter worth about $37,500,000. Marshall Wace LLP boosted its holdings in shares of New York Times by 62.5% in the 2nd quarter. Marshall Wace LLP now owns 1,858,061 shares of the company’s stock worth $104,014,000 after purchasing an additional 714,366 shares in the last quarter. Finally, Alliancebernstein L.P. increased its position in shares of New York Times by 37.4% during the 1st quarter. Alliancebernstein L.P. now owns 2,622,794 shares of the company’s stock valued at $130,091,000 after purchasing an additional 714,317 shares during the last quarter. Hedge funds and other institutional investors own 95.37% of the company’s stock.

New York Times Trading Up 1.2%

Shares of NYSE:NYT opened at $64.80 on Friday. The company has a 50-day moving average price of $59.55 and a 200-day moving average price of $57.62. The company has a market cap of $10.52 billion, a price-to-earnings ratio of 31.61, a price-to-earnings-growth ratio of 1.61 and a beta of 1.16. The New York Times Company has a 12 month low of $44.83 and a 12 month high of $65.36.

New York Times (NYSE:NYT) last announced its quarterly earnings results on Wednesday, November 5th. The company reported $0.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.54 by $0.05. New York Times had a return on equity of 20.30% and a net margin of 12.29%.The company had revenue of $700.82 million for the quarter, compared to the consensus estimate of $692.01 million. During the same quarter in the previous year, the business earned $0.45 EPS. New York Times’s revenue was up 9.5% compared to the same quarter last year. As a group, research analysts forecast that The New York Times Company will post 2.08 EPS for the current fiscal year.

New York Times Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 23rd. Investors of record on Wednesday, October 8th were paid a $0.18 dividend. The ex-dividend date of this dividend was Wednesday, October 8th. This represents a $0.72 dividend on an annualized basis and a yield of 1.1%. New York Times’s dividend payout ratio (DPR) is presently 35.12%.

Wall Street Analysts Forecast Growth

NYT has been the subject of a number of recent research reports. Zacks Research downgraded New York Times from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 8th. Barclays lifted their price target on shares of New York Times from $52.00 to $55.00 and gave the stock an “equal weight” rating in a research note on Thursday, November 6th. Morgan Stanley upped their price objective on shares of New York Times from $59.00 to $62.00 and gave the company an “equal weight” rating in a research note on Thursday, November 6th. Citigroup increased their target price on shares of New York Times from $64.00 to $72.00 and gave the company a “buy” rating in a report on Thursday, November 13th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of New York Times in a research report on Wednesday, October 8th. Four research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $63.57.

New York Times Company Profile

The New York Times Company, together with its subsidiaries, creates, collects, and distributes news and information worldwide. The company operates through two segments, The New York Times Group and The Athletic. It offers The New York Times (The Times) through company’s mobile application, website, printed newspaper, and associated content, such as podcast.