State of Michigan Retirement System Cuts Holdings in The New York Times Company (NYSE:NYT)

State of Michigan Retirement System lessened its position in shares of The New York Times Company (NYSE:NYT) by 2.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 39,416 shares of the company’s stock after selling 800 shares during the period. State of Michigan Retirement System’s holdings in New York Times were worth $2,018,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of New York Times during the 4th quarter worth about $89,754,000. Farallon Capital Management LLC grew its stake in New York Times by 18.1% during the first quarter. Farallon Capital Management LLC now owns 11,188,059 shares of the company’s stock worth $483,548,000 after buying an additional 1,711,268 shares during the period. Jupiter Asset Management Ltd. acquired a new stake in shares of New York Times in the first quarter worth $42,434,000. Franklin Resources Inc. raised its stake in shares of New York Times by 15.7% in the 4th quarter. Franklin Resources Inc. now owns 2,997,420 shares of the company’s stock valued at $146,844,000 after acquiring an additional 406,958 shares during the period. Finally, Junto Capital Management LP acquired a new position in shares of New York Times during the 4th quarter valued at $18,255,000. 95.37% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have commented on the company. Barclays raised their price objective on New York Times from $40.00 to $45.00 and gave the company an “equal weight” rating in a research report on Thursday, August 8th. Evercore ISI raised their target price on New York Times from $50.00 to $53.00 and gave the company an “outperform” rating in a report on Thursday, May 9th. Finally, JPMorgan Chase & Co. boosted their price target on New York Times from $56.00 to $58.00 and gave the stock an “overweight” rating in a research report on Thursday, August 8th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $50.67.

Insiders Place Their Bets

In other news, CEO Levien Meredith A. Kopit sold 18,300 shares of the stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $53.92, for a total transaction of $986,736.00. Following the transaction, the chief executive officer now owns 101,772 shares of the company’s stock, valued at $5,487,546.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Levien Meredith A. Kopit sold 18,300 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $53.92, for a total transaction of $986,736.00. Following the sale, the chief executive officer now directly owns 101,772 shares of the company’s stock, valued at approximately $5,487,546.24. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO William Bardeen sold 2,000 shares of the firm’s stock in a transaction on Friday, August 9th. The stock was sold at an average price of $54.56, for a total value of $109,120.00. Following the transaction, the chief financial officer now owns 10,315 shares in the company, valued at $562,786.40. The disclosure for this sale can be found here. 2.00% of the stock is owned by company insiders.

New York Times Price Performance

Shares of New York Times stock opened at $55.15 on Thursday. The New York Times Company has a 1-year low of $39.73 and a 1-year high of $56.49. The business has a 50-day moving average of $53.13 and a 200-day moving average of $48.19. The company has a market capitalization of $9.06 billion, a PE ratio of 36.77 and a beta of 1.06.

New York Times (NYSE:NYT) last posted its quarterly earnings data on Wednesday, August 7th. The company reported $0.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.04. The company had revenue of $625.00 million for the quarter, compared to the consensus estimate of $624.82 million. New York Times had a return on equity of 17.33% and a net margin of 10.19%. New York Times’s revenue for the quarter was up 5.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.38 EPS. On average, equities analysts expect that The New York Times Company will post 1.77 earnings per share for the current fiscal year.

New York Times Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 25th. Shareholders of record on Tuesday, July 9th were paid a dividend of $0.13 per share. The ex-dividend date of this dividend was Tuesday, July 9th. This represents a $0.52 dividend on an annualized basis and a yield of 0.94%. New York Times’s dividend payout ratio (DPR) is 34.67%.

About New York Times

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.