Oppenheimer Asset Management Inc. Lowers Stake in The New York Times Company (NYSE:NYT)

Posted by Defense World Staff on Aug 28th, 2023

Oppenheimer Asset Management Inc. lowered its stake in shares of The New York Times Company (NYSE:NYT – Free Report) by 6.0% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 15,138 shares of the company’s stock after selling 972 shares during the period. Oppenheimer Asset Management Inc.’s holdings in New York Times were worth $589,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in NYT. Compass Wealth Management LLC purchased a new position in shares of New York Times during the 4th quarter worth approximately $30,000. Belpointe Asset Management LLC purchased a new position in shares of New York Times during the 4th quarter worth approximately $37,000. Machina Capital S.A.S. purchased a new position in shares of New York Times during the 1st quarter worth approximately $43,000. CI Investments Inc. boosted its position in New York Times by 56.1% in the 4th quarter. CI Investments Inc. now owns 1,698 shares of the company’s stock valued at $55,000 after buying an additional 610 shares during the period. Finally, Parallel Advisors LLC boosted its position in New York Times by 21.4% in the 4th quarter. Parallel Advisors LLC now owns 4,375 shares of the company’s stock valued at $142,000 after buying an additional 772 shares during the period. Hedge funds and other institutional investors own 95.37% of the company’s stock.

Insider Activity

In other news, CEO Levien Meredith A. Kopit sold 22,788 shares of New York Times stock in a transaction dated Thursday, August 10th. The shares were sold at an average price of $43.92, for a total value of $1,000,848.96. Following the sale, the chief executive officer now owns 104,302 shares of the company’s stock, valued at $4,580,943.84. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, CEO Levien Meredith A. Kopit sold 22,788 shares of the business’s stock in a transaction dated Thursday, August 10th. The shares were sold at an average price of $43.92, for a total transaction of $1,000,848.96. Following the sale, the chief executive officer now owns 104,302 shares of the company’s stock, valued at $4,580,943.84. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO R Anthony Benten sold 8,401 shares of the business’s stock in a transaction dated Thursday, August 10th. The stock was sold at an average price of $44.30, for a total transaction of $372,164.30. Following the sale, the chief accounting officer now directly owns 41,575 shares in the company, valued at approximately $1,841,772.50. The disclosure for this sale can be found here. Insiders have sold a total of 50,689 shares of company stock valued at $2,233,298 over the last quarter. Corporate insiders own 2.00% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently weighed in on NYT. Morgan Stanley raised their price objective on shares of New York Times from $40.00 to $42.00 and gave the company an “equal weight” rating in a report on Wednesday, August 9th. Guggenheim raised their price objective on shares of New York Times from $37.00 to $43.00 and gave the company a “neutral” rating in a report on Thursday, August 10th. JPMorgan Chase & Co. raised their price objective on shares of New York Times from $41.00 to $46.00 and gave the company an “overweight” rating in a report on Wednesday, August 9th. Barclays raised their price objective on shares of New York Times from $36.00 to $37.00 and gave the company an “equal weight” rating in a report on Wednesday, August 9th. Finally, StockNews.com lowered shares of New York Times from a “buy” rating to a “hold” rating in a research note on Thursday. Four research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, New York Times presently has a consensus rating of “Hold” and an average price target of $42.00.

Get Our Latest Stock Report on New York Times

New York Times Stock Performance

NYSE NYT opened at $42.60 on Monday. The firm has a market cap of $7.00 billion, a PE ratio of 40.19 and a beta of 1.02. The New York Times Company has a one year low of $27.58 and a one year high of $45.30. The firm’s fifty day moving average is $40.95 and its two-hundred day moving average is $39.14.

New York Times (NYSE:NYT – Get Free Report) last issued its earnings results on Tuesday, August 8th. The company reported $0.38 earnings per share for the quarter, beating the consensus estimate of $0.21 by $0.17. The business had revenue of $590.85 million for the quarter, compared to the consensus estimate of $580.56 million. New York Times had a net margin of 7.45% and a return on equity of 14.81%. The business’s quarterly revenue was up 6.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.24 earnings per share. Research analysts predict that The New York Times Company will post 1.48 earnings per share for the current year.

New York Times Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, July 27th. Stockholders of record on Tuesday, July 11th were issued a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 1.03%. The ex-dividend date of this dividend was Monday, July 10th. New York Times’s payout ratio is 41.51%.

New York Times Company Profile

(Free Report)

The New York Times Company, together with its subsidiaries, provides news and information for readers and viewers across various platforms worldwide. It offers The New York Times (The Times), a daily and Sunday newspaper in the United States, as well as international edition of The Times; and operates the NYTimes.com website.