Victory Capital Management Inc. Reduces Holdings in The New York Times Company (NYSE:NYT)

Victory Capital Management Inc. cut its stake in shares of The New York Times Company (NYSE:NYT) by 77.9% in the 3rd quarter, HoldingsChannel reports. The fund owned 49,071 shares of the company’s stock after selling 173,420 shares during the quarter. Victory Capital Management Inc.’s holdings in New York Times were worth $2,732,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Farallon Capital Management LLC raised its position in New York Times by 18.1% during the 1st quarter. Farallon Capital Management LLC now owns 11,188,059 shares of the company’s stock valued at $483,548,000 after purchasing an additional 1,711,268 shares during the last quarter. Darsana Capital Partners LP raised its position in shares of New York Times by 25.0% in the 2nd quarter. Darsana Capital Partners LP now owns 6,250,000 shares of the company’s stock worth $320,062,000 after acquiring an additional 1,250,000 shares in the last quarter. Renaissance Technologies LLC raised its position in shares of New York Times by 19.8% in the 2nd quarter. Renaissance Technologies LLC now owns 2,912,142 shares of the company’s stock worth $149,131,000 after acquiring an additional 482,200 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of New York Times by 22.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,424,700 shares of the company’s stock worth $124,164,000 after acquiring an additional 438,680 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of New York Times by 1.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,660,015 shares of the company’s stock worth $85,009,000 after acquiring an additional 19,196 shares in the last quarter. Institutional investors own 95.37% of the company’s stock.

New York Times Stock Performance

Shares of NYSE NYT opened at $54.16 on Friday. The firm has a market capitalization of $8.88 billion, a price-to-earnings ratio of 32.05, a PEG ratio of 1.69 and a beta of 1.02. The stock has a 50 day moving average price of $54.84 and a 200 day moving average price of $52.96. The New York Times Company has a 52-week low of $41.55 and a 52-week high of $57.08.

New York Times (NYSE:NYT) last issued its quarterly earnings results on Monday, November 4th. The company reported $0.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.04. The business had revenue of $640.20 million for the quarter, compared to the consensus estimate of $641.00 million. New York Times had a return on equity of 17.75% and a net margin of 11.04%. The business’s quarterly revenue was up 7.0% on a year-over-year basis. During the same period in the prior year, the firm posted $0.37 earnings per share. Analysts forecast that The New York Times Company will post 1.84 earnings per share for the current year.

New York Times Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, October 24th. Stockholders of record on Wednesday, October 9th were paid a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 0.96%. The ex-dividend date was Wednesday, October 9th. New York Times’s payout ratio is currently 30.77%.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on NYT. Deutsche Bank Aktiengesellschaft raised their price objective on New York Times from $65.00 to $66.00 and gave the company a “buy” rating in a research report on Tuesday, November 5th. 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. Finally, JPMorgan Chase & Co. raised their price objective on New York Times from $58.00 to $62.00 and gave the company an “overweight” rating in a research report on Tuesday, November 5th. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $54.83.

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.