JPMorgan Chase & Co. Forecasts Strong Price Appreciation for New York Times (NYSE:NYT) Stock

New York Times (NYSE:NYT) had its price objective lifted by analysts at JPMorgan Chase & Co. from $70.00 to $71.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 18.44% from the stock’s current price.

A number of other equities analysts have also commented on NYT. Guggenheim raised 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 report on Thursday, August 7th. Zacks Research lowered shares of New York Times from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 8th. Morgan Stanley raised their target price on shares of New York Times from $59.00 to $62.00 and gave the stock an “equal weight” rating in a research report on Thursday. Weiss Ratings reiterated a “buy (b)” rating on shares of New York Times in a research note on Wednesday, October 8th. Finally, Barclays increased their price objective on shares of New York Times from $52.00 to $55.00 and gave the company an “equal weight” rating in a research note on Thursday. Four research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, New York Times currently has an average rating of “Moderate Buy” and an average target price of $62.17.

New York Times Stock Up 4.1%

New York Times stock traded up $2.34 during midday trading on Thursday, reaching $59.95. The stock had a trading volume of 2,569,618 shares, compared to its average volume of 1,731,061. New York Times has a 52-week low of $44.83 and a 52-week high of $62.24. The firm has a market cap of $9.76 billion, a price-to-earnings ratio of 30.90, a price-to-earnings-growth ratio of 1.41 and a beta of 1.14. The company has a fifty day moving average of $57.30 and a 200 day moving average of $55.92.

New York Times (NYSE:NYT) last issued its earnings results on Wednesday, November 5th. The company reported $0.59 EPS for the quarter, topping analysts’ consensus estimates of $0.54 by $0.05. The business had revenue of $700.82 million for the quarter, compared to analyst estimates of $692.01 million. New York Times had a net margin of 11.92% and a return on equity of 19.55%. The company’s quarterly revenue was up 9.5% compared to the same quarter last year. During the same period last year, the company posted $0.45 earnings per share. Equities research analysts predict that New York Times will post 2.08 EPS for the current year.

Insider Buying and Selling at New York Times

In other New York Times news, EVP William Bardeen sold 5,000 shares of New York Times stock in a transaction on 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 of the company’s stock, valued at approximately $652,543.72. The trade was a 30.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Jacqueline M. Welch sold 5,500 shares of New York Times stock in a transaction on Thursday, August 28th. The stock was sold at an average price of $60.04, for a total transaction of $330,220.00. Following the sale, the executive vice president owned 14,470 shares of the company’s stock, valued at $868,778.80. The trade was a 27.54% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.90% of the stock is currently owned by insiders.

Institutional Investors Weigh In On New York Times

Several institutional investors and hedge funds have recently made changes to their positions in NYT. AQR Capital Management LLC lifted its stake in shares of New York Times by 78.1% during the second quarter. AQR Capital Management LLC now owns 4,187,888 shares of the company’s stock worth $233,265,000 after buying an additional 1,836,788 shares during the period. Abrams Bison Investments LLC acquired a new position in New York Times during the second quarter valued at $78,932,000. Acadian Asset Management LLC lifted its position in New York Times by 383.0% during the first quarter. Acadian Asset Management LLC now owns 1,765,338 shares of the company’s stock valued at $87,538,000 after purchasing an additional 1,399,865 shares during the period. Allianz Asset Management GmbH lifted its position in New York Times by 210.7% during the first quarter. Allianz Asset Management GmbH now owns 1,609,513 shares of the company’s stock valued at $79,832,000 after purchasing an additional 1,091,430 shares during the period. Finally, Boston Trust Walden Corp acquired a new position in New York Times during the third quarter valued at $58,209,000. 95.37% of the stock is currently owned by institutional investors and hedge funds.

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.