Commerce Bank Raises Stake in The New York Times Company (NYSE:NYT)

Commerce Bank increased its stake in The New York Times Company (NYSE:NYT) by 74.0% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,988 shares of the company’s stock after purchasing an additional 5,523 shares during the quarter. Commerce Bank’s holdings in New York Times were worth $723,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Farallon Capital Management LLC lifted its position in shares of 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 acquiring an additional 1,711,268 shares during the period. Darsana Capital Partners LP increased its stake in 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 valued at $320,062,000 after purchasing an additional 1,250,000 shares in the last quarter. Renaissance Technologies LLC raised its holdings in New York Times by 19.8% during the second quarter. Renaissance Technologies LLC now owns 2,912,142 shares of the company’s stock worth $149,131,000 after purchasing an additional 482,200 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in New York Times by 22.1% during the second quarter. Dimensional Fund Advisors LP now owns 2,424,700 shares of the company’s stock worth $124,164,000 after purchasing an additional 438,680 shares in the last quarter. Finally, Assenagon Asset Management S.A. grew its holdings in New York Times by 582.1% in the third quarter. Assenagon Asset Management S.A. now owns 361,235 shares of the company’s stock valued at $20,110,000 after purchasing an additional 308,277 shares during the last quarter. Institutional investors and hedge funds own 95.37% of the company’s stock.

New York Times Price Performance

NYSE:NYT opened at $55.07 on Tuesday. The firm has a market cap of $9.03 billion, a PE ratio of 32.59, a P/E/G ratio of 1.72 and a beta of 1.02. The firm has a 50 day simple moving average of $54.86 and a 200-day simple moving average of $53.09. The New York Times Company has a 1-year low of $41.55 and a 1-year 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 for the quarter, beating the consensus estimate of $0.41 by $0.04. New York Times had a return on equity of 17.75% and a net margin of 11.04%. The company had revenue of $640.20 million during the quarter, compared to the consensus estimate of $641.00 million. During the same period in the previous year, the firm posted $0.37 EPS. New York Times’s revenue was up 7.0% on a year-over-year basis. As a group, sell-side analysts expect that The New York Times Company will post 1.84 earnings per share for the current fiscal year.

New York Times Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 24th. Investors of record on Wednesday, October 9th were given a dividend of $0.13 per share. The ex-dividend date of this dividend was Wednesday, October 9th. This represents a $0.52 annualized dividend and a yield of 0.94%. New York Times’s dividend payout ratio (DPR) is presently 30.77%.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. JPMorgan Chase & Co. lifted their price target on New York Times from $58.00 to $62.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 5th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of New York Times from $65.00 to $66.00 and gave the stock a “buy” rating in a research report on Tuesday, November 5th. Finally, Barclays raised their price objective on shares of New York Times from $40.00 to $45.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 8th. One analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $54.83.

New York Times Company 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.