State of Michigan Retirement System Acquires 1,000 Shares of The New York Times Company (NYSE:NYT)

State of Michigan Retirement System lifted its holdings in shares of The New York Times Company (NYSE:NYT) by 2.5% in the first quarter, Holdings Channel.com reports. The fund owned 40,216 shares of the company’s stock after purchasing an additional 1,000 shares during the period. State of Michigan Retirement System’s holdings in New York Times were worth $1,738,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Quadrant Capital Group LLC raised its holdings in shares of New York Times by 15.9% during the fourth quarter. Quadrant Capital Group LLC now owns 3,289 shares of the company’s stock valued at $161,000 after acquiring an additional 451 shares in the last quarter. Contravisory Investment Management Inc. bought a new position in shares of New York Times during the fourth quarter valued at approximately $27,000. B. Riley Wealth Advisors Inc. grew its stake in New York Times by 9.2% in the third quarter. B. Riley Wealth Advisors Inc. now owns 6,743 shares of the company’s stock worth $278,000 after purchasing an additional 570 shares during the period. QRG Capital Management Inc. grew its stake in New York Times by 6.1% in the fourth quarter. QRG Capital Management Inc. now owns 10,499 shares of the company’s stock worth $514,000 after purchasing an additional 600 shares during the period. Finally, GAMMA Investing LLC purchased a new stake in New York Times in the fourth quarter worth $31,000. Institutional investors own 95.37% of the company’s stock.

Insider Activity at New York Times

In related news, CEO Levien Meredith A. Kopit sold 12,548 shares of the stock in a transaction on Friday, May 10th. The stock was sold at an average price of $47.72, for a total transaction of $598,790.56. Following the sale, the chief executive officer now directly owns 120,072 shares of the company’s stock, valued at $5,729,835.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, CAO R Anthony Benten sold 5,171 shares of the stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $48.98, for a total transaction of $253,275.58. Following the sale, the chief accounting officer now directly owns 38,576 shares of the company’s stock, valued at $1,889,452.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Levien Meredith A. Kopit sold 12,548 shares of the stock in a transaction on Friday, May 10th. The shares were sold at an average price of $47.72, for a total value of $598,790.56. Following the sale, the chief executive officer now directly owns 120,072 shares in the company, valued at $5,729,835.84. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by insiders.

New York Times Trading Up 0.6 %

NYSE NYT opened at $52.30 on Friday. The New York Times Company has a 12 month low of $39.38 and a 12 month high of $52.46. The stock has a market cap of $8.59 billion, a P/E ratio of 34.87 and a beta of 1.06. The stock’s fifty day moving average price is $49.10 and its 200-day moving average price is $46.52.

New York Times (NYSE:NYT) last released its earnings results on Wednesday, May 8th. The company reported $0.31 EPS for the quarter, topping analysts’ consensus estimates of $0.20 by $0.11. New York Times had a return on equity of 17.33% and a net margin of 10.19%. The firm had revenue of $594.00 million for the quarter, compared to analysts’ expectations of $591.97 million. During the same period in the prior year, the firm posted $0.19 earnings per share. The company’s quarterly revenue was up 5.9% on a year-over-year basis. As a group, analysts forecast that The New York Times Company will post 1.77 earnings per share for the current fiscal year.

New York Times Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 25th. Stockholders of record on Tuesday, July 9th will be paid a $0.13 dividend. The ex-dividend date of this dividend is Tuesday, July 9th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.99%. New York Times’s dividend payout ratio is currently 34.67%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. Citigroup assumed coverage on New York Times in a research note on Tuesday, March 12th. They issued a “buy” rating and a $52.00 price target on the stock. Evercore ISI upped their price target on New York Times from $50.00 to $53.00 and gave the stock an “outperform” rating in a research note on Thursday, May 9th. Finally, StockNews.com raised New York Times from a “hold” rating to a “buy” rating in a research note on Wednesday, March 20th. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $46.71.

New York Times Profile

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.