The New York Times Company (NYSE:NYT) Shares Sold by Aviva PLC

Posted by Defense World Staff on Feb 26th, 2023

Aviva PLC reduced its stake in shares of The New York Times Company (NYSE:NYT – Get Rating) by 14.0% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 52,975 shares of the company’s stock after selling 8,647 shares during the period. Aviva PLC’s holdings in New York Times were worth $1,523,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Stockbridge Partners LLC lifted its stake in shares of New York Times by 61.5% during the first quarter. Stockbridge Partners LLC now owns 6,490,990 shares of the company’s stock worth $297,547,000 after buying an additional 2,470,866 shares during the period. Wellington Management Group LLP lifted its position in New York Times by 31.9% during the first quarter. Wellington Management Group LLP now owns 5,741,738 shares of the company’s stock valued at $263,201,000 after purchasing an additional 1,389,189 shares during the period. UBS Group AG lifted its position in New York Times by 34,889.2% during the second quarter. UBS Group AG now owns 4,518,509 shares of the company’s stock valued at $126,066,000 after purchasing an additional 4,505,595 shares during the period. State Street Corp lifted its position in New York Times by 0.4% during the second quarter. State Street Corp now owns 4,363,166 shares of the company’s stock valued at $121,732,000 after purchasing an additional 17,241 shares during the period. Finally, Renaissance Technologies LLC lifted its position in New York Times by 11.9% during the second quarter. Renaissance Technologies LLC now owns 3,495,242 shares of the company’s stock valued at $97,517,000 after purchasing an additional 370,600 shares during the period. 99.15% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at New York Times

In other news, CEO Levien Meredith A. Kopit sold 29,758 shares of the business’s stock in a transaction dated Friday, February 17th. The shares were sold at an average price of $40.05, for a total transaction of $1,191,807.90. Following the completion of the sale, the chief executive officer now owns 74,610 shares of the company’s stock, valued at $2,988,130.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Levien Meredith A. Kopit sold 29,758 shares of the business’s stock in a transaction dated Friday, February 17th. The shares were sold at an average price of $40.05, for a total transaction of $1,191,807.90. Following the completion of the sale, the chief executive officer now owns 74,610 shares of the company’s stock, valued at $2,988,130.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Roland A. Caputo sold 12,500 shares of the business’s stock in a transaction dated Friday, February 10th. The stock was sold at an average price of $39.44, for a total transaction of $493,000.00. Following the sale, the chief financial officer now directly owns 62,853 shares of the company’s stock, valued at approximately $2,478,922.32. The disclosure for this sale can be found here. Corporate insiders own 1.90% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently issued reports on NYT. TheStreet upgraded shares of New York Times from a “c+” rating to a “b-” rating in a research report on Monday, December 5th. Barclays upgraded shares of New York Times from an “underweight” rating to an “equal weight” rating and boosted their target price for the company from $25.00 to $36.00 in a research report on Thursday, February 9th. Morgan Stanley boosted their target price on shares of New York Times from $37.00 to $40.00 and gave the company an “equal weight” rating in a research report on Thursday, February 9th. Finally, StockNews.com raised shares of New York Times from a “hold” rating to a “buy” rating in a report on Thursday, February 9th. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $37.08.

New York Times Stock Performance

NYT opened at $39.05 on Friday. The New York Times Company has a fifty-two week low of $27.58 and a fifty-two week high of $47.67. The company has a fifty day moving average of $35.47 and a two-hundred day moving average of $33.14. The stock has a market capitalization of $6.46 billion, a price-to-earnings ratio of 37.19 and a beta of 0.99.

New York Times announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, February 8th that allows the company to buyback $250.00 million in shares. This buyback authorization allows the company to buy up to 3.8% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.

New York Times Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, April 20th. Stockholders of record on Wednesday, April 5th will be paid a dividend of $0.11 per share. The ex-dividend date is Tuesday, April 4th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 1.13%. This is a boost from New York Times’s previous quarterly dividend of $0.09. New York Times’s payout ratio is currently 34.29%.

New York Times Company Profile

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The New York Times Co is a media organization, which engages in creating, collecting, and distributing news and information. It offers news products and other interest-specific products, and related content and services. It offers newspapers, print, and digital products and investments. The firm also manages The New York Times, NYTimes.com, and mobile applications.