Arizona State Retirement System Has $1.52 Million Stock Holdings in The New York Times Company (NYSE:NYT)

Posted by on May 12th, 2023

Arizona State Retirement System raised its stake in shares of The New York Times Company (NYSE:NYT – Get Rating) by 3.1% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 46,691 shares of the company’s stock after purchasing an additional 1,391 shares during the period. Arizona State Retirement System’s holdings in New York Times were worth $1,516,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the business. 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 worth $34,000 after purchasing an additional 430 shares during the period. Signaturefd LLC lifted its holdings in shares of New York Times by 52.5% during 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. Wipfli Financial Advisors LLC bought a new stake in shares of New York Times during the third quarter valued at approximately $40,000. FourThought Financial LLC bought a new stake in New York Times in the 3rd quarter worth approximately $46,000. Finally, CWM LLC grew its position in New York Times by 37.7% in the 3rd quarter. CWM LLC now owns 1,709 shares of the company’s stock worth $49,000 after purchasing an additional 468 shares during the period. 99.15% of the stock is owned by institutional investors.

New York Times Trading Up 0.1 %

NYSE:NYT opened at $36.18 on Friday. The firm has a 50-day moving average price of $38.57 and a two-hundred day moving average price of $36.14. 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 market capitalization of $5.95 billion, a P/E ratio of 34.46 and a beta of 0.99.

New York Times (NYSE:NYT – Get Rating) last announced its quarterly earnings results on Wednesday, May 10th. The company reported $0.19 earnings per share for the quarter, beating analysts’ consensus estimates of $0.16 by $0.03. The firm had revenue of $560.74 million for the quarter, compared to analysts’ expectations of $564.37 million. New York Times had a net margin of 7.53% and a return on equity of 13.74%. During the same period in the previous year, the company posted $0.19 earnings per share. On average, equities research analysts predict that The New York Times Company will post 1.27 earnings per share for the current year.

New York Times declared that its Board of Directors has initiated a share buyback program on Wednesday, February 8th that authorizes the company to buyback $250.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 3.8% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

In related news, CEO Levien Meredith A. Kopit sold 29,758 shares of the business’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 sale, the chief executive officer now owns 74,610 shares of the company’s stock, valued at approximately $2,988,130.50. The sale was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 2.00% of the company’s stock.

Analyst Ratings Changes

Several analysts have commented on NYT shares. JPMorgan Chase & Co. boosted their price target on shares of New York Times from $38.00 to $41.00 and gave the stock an “overweight” rating in a research note on Wednesday, March 15th. StockNews.com downgraded shares of New York Times from a “buy” rating to a “hold” rating in a report on Thursday. Morgan Stanley upped their target price on shares of New York Times from $37.00 to $40.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 9th. Finally, Barclays upgraded shares of New York Times from an “underweight” rating to an “equal weight” rating and upped their target price for the stock from $25.00 to $36.00 in a research note on Thursday, February 9th. Five investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $37.08.

New York Times 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.

See Also

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

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