Abrams Bison Investments LLC Takes $78.93 Million Position in The New York Times Company $NYT

Abrams Bison Investments LLC purchased a new position in shares of The New York Times Company (NYSE:NYT) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 1,410,000 shares of the company’s stock, valued at approximately $78,932,000. New York Times accounts for 7.4% of Abrams Bison Investments LLC’s investment portfolio, making the stock its 7th biggest holding.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. T. Rowe Price Investment Management Inc. lifted its position in New York Times by 7.2% in the first quarter. T. Rowe Price Investment Management Inc. now owns 10,392,977 shares of the company’s stock valued at $515,492,000 after buying an additional 698,433 shares during the last quarter. AQR Capital Management LLC raised its stake in shares of New York Times by 78.1% in the 2nd quarter. AQR Capital Management LLC now owns 4,187,888 shares of the company’s stock valued at $233,265,000 after acquiring an additional 1,836,788 shares during the period. Geode Capital Management LLC lifted its holdings in shares of New York Times by 1.2% in the 2nd quarter. Geode Capital Management LLC now owns 3,826,905 shares of the company’s stock worth $214,257,000 after acquiring an additional 46,249 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of New York Times by 8.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,707,676 shares of the company’s stock worth $134,292,000 after acquiring an additional 211,062 shares during the last quarter. Finally, Alliancebernstein L.P. boosted 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 worth $130,091,000 after purchasing an additional 714,317 shares during the period. 95.37% of the stock is currently owned by hedge funds and other institutional investors.

New York Times Trading Up 0.3%

Shares of NYT opened at $67.92 on Friday. The firm has a market capitalization of $11.03 billion, a price-to-earnings ratio of 33.13, a PEG ratio of 1.69 and a beta of 1.16. The firm’s fifty day simple moving average is $60.59 and its 200-day simple moving average is $58.00. The New York Times Company has a twelve month low of $44.83 and a twelve month high of $68.48.

New York Times (NYSE:NYT) last posted its quarterly earnings results on Wednesday, November 5th. The company reported $0.59 earnings per share for the quarter, beating analysts’ consensus estimates of $0.54 by $0.05. The company had revenue of $700.82 million for the quarter, compared to analysts’ expectations of $692.01 million. New York Times had a return on equity of 20.30% and a net margin of 12.29%.New York Times’s quarterly revenue was up 9.5% on a year-over-year basis. During the same period last year, the firm earned $0.45 earnings per share. On average, analysts predict that The New York Times Company will post 2.08 earnings per share for the current fiscal year.

New York Times Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of research firms have commented on NYT. JPMorgan Chase & Co. upped their price target on New York Times from $70.00 to $71.00 and gave the stock an “overweight” rating in a research note on Thursday, November 6th. Evercore ISI reiterated an “outperform” rating on shares of New York Times in a report on Thursday, November 6th. Weiss Ratings reissued a “buy (b)” rating on shares of New York Times in a research note on Wednesday, October 8th. Morgan Stanley raised their target price on New York Times from $59.00 to $62.00 and gave the company an “equal weight” rating in a report on Thursday, November 6th. Finally, Citigroup boosted their price target on shares of New York Times from $64.00 to $72.00 and gave the stock a “buy” rating in a research note on Thursday, November 13th. Four investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the company currently has a consensus 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.