Cullinan Associates Inc. Purchases 5,884 Shares of The New York Times Company $NYT

Cullinan Associates Inc. raised its stake in shares of The New York Times Company (NYSE:NYT) by 4.0% in the second quarter, Holdings Channel.com reports. The firm owned 152,156 shares of the company’s stock after buying an additional 5,884 shares during the period. Cullinan Associates Inc.’s holdings in New York Times were worth $8,518,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in the company. Copeland Capital Management LLC boosted its holdings in shares of New York Times by 16.1% in the 2nd quarter. Copeland Capital Management LLC now owns 491,100 shares of the company’s stock worth $27,492,000 after buying an additional 68,130 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of New York Times by 127.3% during the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 18,058 shares of the company’s stock worth $1,011,000 after acquiring an additional 10,115 shares in the last quarter. Robeco Institutional Asset Management B.V. boosted its holdings in shares of New York Times by 49.9% in the second quarter. Robeco Institutional Asset Management B.V. now owns 195,724 shares of the company’s stock worth $10,957,000 after acquiring an additional 65,175 shares during the period. Janney Montgomery Scott LLC bought a new position in shares of New York Times in the second quarter worth $380,000. Finally, Diversified Enterprises LLC purchased a new position in shares of New York Times in the second quarter valued at $211,000. 95.37% of the stock is owned by institutional investors.

New York Times Stock Up 0.1%

NYT opened at $55.63 on Monday. The business’s fifty day simple moving average is $57.80 and its 200 day simple moving average is $54.66. The New York Times Company has a 52 week low of $44.83 and a 52 week high of $62.24. The stock has a market cap of $9.06 billion, a PE ratio of 28.68, a P/E/G ratio of 1.40 and a beta of 1.16.

New York Times (NYSE:NYT) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $0.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.50 by $0.08. The firm had revenue of $685.90 million during the quarter, compared to analysts’ expectations of $670.22 million. New York Times had a return on equity of 19.55% and a net margin of 11.92%.The company’s revenue for the quarter was up 9.7% compared to the same quarter last year. During the same period in the prior year, the business earned $0.45 EPS. As a group, equities analysts anticipate that The New York Times Company will post 2.08 earnings per share for the current year.

New York Times Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 23rd. Stockholders of record on Wednesday, October 8th will be issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date is Wednesday, October 8th. New York Times’s payout ratio is presently 37.11%.

Insiders Place Their Bets

In related news, EVP Jacqueline M. Welch sold 5,500 shares of the stock in a transaction on Thursday, August 28th. The shares were sold at an average price of $60.04, for a total transaction of $330,220.00. Following the transaction, the executive vice president owned 14,470 shares of the company’s stock, valued at approximately $868,778.80. This trade represents a 27.54% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP William Bardeen sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $58.04, for a total value of $290,200.00. Following the transaction, the executive vice president directly owned 11,243 shares in the company, valued at $652,543.72. This trade represents a 30.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.90% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

NYT has been the subject of several analyst reports. Barclays set a $52.00 target price on New York Times and gave the stock an “equal weight” rating in a research note on Thursday, August 7th. Evercore ISI boosted their price objective on shares of New York Times from $60.00 to $67.00 and gave the company an “outperform” rating in a research note on Friday, August 8th. Guggenheim increased their target price on shares of New York Times from $55.00 to $56.00 and gave the stock a “neutral” rating in a research note on Thursday, August 7th. Zacks Research downgraded shares of New York Times from a “strong-buy” rating to a “hold” rating in a report on Monday, September 8th. Finally, Morgan Stanley upped their price target on shares of New York Times from $54.00 to $59.00 and gave the stock an “equal weight” rating in a report on Thursday, August 7th. Five analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $60.33.

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.