Seven Eight Capital LP Sells 7,761 Shares of The New York Times Company (NYSE:NYT)

Seven Eight Capital LP trimmed its stake in The New York Times Company (NYSE:NYT) by 18.8% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 33,439 shares of the company’s stock after selling 7,761 shares during the period. Seven Eight Capital LP’s holdings in New York Times were worth $1,441,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in shares of New York Times by 0.5% in the 4th quarter. Vanguard Group Inc. now owns 15,809,453 shares of the company’s stock worth $774,505,000 after acquiring an additional 80,075 shares in the last quarter. Franklin Resources Inc. grew its stake in New York Times by 15.7% during the 4th quarter. Franklin Resources Inc. now owns 2,997,420 shares of the company’s stock worth $146,844,000 after buying an additional 406,958 shares during the last quarter. Norges Bank purchased a new position in New York Times during the 4th quarter worth $89,754,000. Charles Schwab Investment Management Inc. grew its stake in New York Times by 1.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,800,927 shares of the company’s stock worth $88,227,000 after buying an additional 31,213 shares during the last quarter. Finally, Jupiter Asset Management Ltd. purchased a new position in New York Times during the 1st quarter worth $42,434,000. 95.37% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, Evercore ISI boosted their target price 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. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $46.71.

New York Times Price Performance

New York Times stock traded down $0.76 during trading hours on Wednesday, hitting $54.53. 1,165,086 shares of the stock traded hands, compared to its average volume of 1,208,698. The firm’s 50 day moving average price is $51.00 and its 200-day moving average price is $47.08. The stock has a market capitalization of $8.96 billion, a price-to-earnings ratio of 36.35 and a beta of 1.06. The New York Times Company has a 1 year low of $39.73 and a 1 year high of $55.63.

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

New York Times Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 25th. Shareholders of record on Tuesday, July 9th will be paid a dividend of $0.13 per share. The ex-dividend date is Tuesday, July 9th. This represents a $0.52 annualized dividend and a yield of 0.95%. New York Times’s payout ratio is presently 34.67%.

Insider Buying and Selling at New York Times

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

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.