Texas Permanent School Fund reduced its stake in The New York Times Company (NYSE:NYT – Get Rating) by 7.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 110,684 shares of the company’s stock after selling 8,319 shares during the period. Texas Permanent School Fund owned 0.07% of New York Times worth $3,593,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently modified their holdings of NYT. Signaturefd LLC increased its holdings in shares of New York Times by 52.5% in the third quarter. Signaturefd LLC now owns 1,144 shares of the company’s stock valued at $33,000 after purchasing an additional 394 shares during the last quarter. Harvest Fund Management Co. Ltd increased its holdings in shares of New York Times by 68.8% in the fourth quarter. Harvest Fund Management Co. Ltd now owns 1,055 shares of the company’s stock valued at $34,000 after purchasing an additional 430 shares during the last quarter. Wipfli Financial Advisors LLC acquired a new position in shares of New York Times in the third quarter valued at $40,000. FourThought Financial LLC acquired a new position in shares of New York Times in the third quarter valued at $46,000. Finally, CWM LLC increased its holdings in shares of New York Times by 37.7% in the third quarter. CWM LLC now owns 1,709 shares of the company’s stock valued at $49,000 after purchasing an additional 468 shares during the last quarter. 99.15% of the stock is currently owned by institutional investors and hedge funds.
New York Times Stock Up 2.5 %
NYT opened at $39.96 on Monday. The New York Times Company has a twelve month low of $27.58 and a twelve month high of $42.40. The company has a 50-day simple moving average of $38.59 and a 200 day simple moving average of $36.00. The stock has a market capitalization of $6.57 billion, a price-to-earnings ratio of 38.06 and a beta of 0.99.
New York Times declared that its board has initiated a stock repurchase program on Wednesday, February 8th that permits the company to buyback $250.00 million in shares. This buyback authorization permits the company to reacquire up to 3.8% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board believes its shares are undervalued.
New York Times Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Thursday, April 20th. Stockholders of record on Wednesday, April 5th were issued a $0.11 dividend. The ex-dividend date of this dividend was Tuesday, April 4th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 1.10%. This is a boost from New York Times’s previous quarterly dividend of $0.09. New York Times’s dividend payout ratio is 41.91%.
Insider Transactions at New York Times
In other news, CEO Levien Meredith A. Kopit sold 29,758 shares of the stock in a transaction dated Friday, February 17th. The shares were sold at an average price of $40.05, for a total value of $1,191,807.90. Following the completion of the transaction, 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 document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO Levien Meredith A. Kopit sold 29,758 shares of the company’s stock in a transaction that occurred on Friday, February 17th. The stock was sold at an average price of $40.05, for a total value of $1,191,807.90. Following the completion of the transaction, 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 legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Roland A. Caputo sold 12,500 shares of the company’s stock in a transaction that occurred on Friday, February 10th. The shares were sold at an average price of $39.44, for a total value of $493,000.00. Following the completion of the transaction, 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. Company insiders own 2.00% of the company’s stock.
Wall Street Analysts Forecast Growth
NYT has been the topic of several research reports. Barclays upgraded shares of New York Times from an “underweight” rating to an “equal weight” rating and upped their price target for the company from $25.00 to $36.00 in a research note on Thursday, February 9th. StockNews.com upgraded shares of New York Times from a “hold” rating to a “buy” rating in a research note on Thursday, April 20th. JPMorgan Chase & Co. upped their price target on shares of New York Times from $38.00 to $41.00 and gave the company an “overweight” rating in a research note on Wednesday, March 15th. Finally, Morgan Stanley upped their price target on shares of New York Times from $37.00 to $40.00 and gave the company an “equal weight” rating in a research note on Thursday, February 9th. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $37.08.
New York Times Profile
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.
Read More
- Get a free copy of the StockNews.com research report on New York Times (NYT)
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