New York Times Company (The) (NYSE:NYT) Cut to Hold at Zacks Investment Research

Zacks Investment Research downgraded shares of New York Times Company (The) (NYSE:NYT) from a buy rating to a hold rating in a research note issued to investors on Monday, November 6th.

According to Zacks, “The New York Times Company’s strategic initiatives have helped propelled the stock that has outpaced the industry in a year. The company is diversifying its business, adding new revenue streams, strengthening its balance sheet and restructuring its portfolio. It had offloaded assets in order to re-focus on its core newspapers and pay more attention to its online activities. These endeavors have helped the company to post fifth straight quarter of positive earnings surprise, when it reported third-quarter 2017 results. However, total revenue fell short of the consensus estimate. Nevertheless, both the top and bottom lines grew year over year. The quarter marked an increase in digital subscribers, rise in digital advertising and subscription revenues but a fall in print advertising revenue. Total advertising revenue slid 9% during the quarter. Management expects the same to decline in the high single-digits in the final quarter.”

NYT has been the subject of a number of other reports. Jefferies Group LLC restated a hold rating and issued a $18.00 target price on shares of New York Times in a report on Monday, October 16th. Barclays PLC lifted their price target on shares of New York Times from $15.00 to $16.00 and gave the company an equal weight rating in a research report on Wednesday, July 19th. One equities research analyst has rated the stock with a sell rating and four have given a hold rating to the company. The company currently has a consensus rating of Hold and a consensus price target of $15.45.

Shares of New York Times (NYSE:NYT) opened at $18.25 on Monday. New York Times has a 52 week low of $12.55 and a 52 week high of $20.15. The company has a market cap of $2,951.26, a price-to-earnings ratio of 25.28 and a beta of 1.67. The company has a quick ratio of 1.83, a current ratio of 1.83 and a debt-to-equity ratio of 0.27.

New York Times (NYSE:NYT) last released its earnings results on Wednesday, November 1st. The company reported $0.13 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.08 by $0.05. New York Times had a net margin of 6.02% and a return on equity of 13.46%. The company had revenue of $385.60 million during the quarter, compared to analysts’ expectations of $390.13 million. During the same quarter last year, the business earned $0.06 EPS. The business’s revenue was up 6.1% on a year-over-year basis. equities research analysts expect that New York Times will post 0.72 earnings per share for the current fiscal year.

Several institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. lifted its holdings in New York Times by 0.5% in the second quarter. BlackRock Inc. now owns 12,743,461 shares of the company’s stock worth $225,560,000 after purchasing an additional 62,237 shares during the period. Vanguard Group Inc. lifted its holdings in New York Times by 6.4% in the second quarter. Vanguard Group Inc. now owns 11,034,212 shares of the company’s stock worth $195,306,000 after purchasing an additional 664,069 shares during the period. Dimensional Fund Advisors LP lifted its holdings in New York Times by 0.7% in the second quarter. Dimensional Fund Advisors LP now owns 5,248,409 shares of the company’s stock worth $92,898,000 after purchasing an additional 34,980 shares during the period. State Street Corp lifted its holdings in New York Times by 2.3% in the second quarter. State Street Corp now owns 4,112,961 shares of the company’s stock worth $72,796,000 after purchasing an additional 90,840 shares during the period. Finally, Bank of New York Mellon Corp lifted its holdings in New York Times by 0.5% in the third quarter. Bank of New York Mellon Corp now owns 3,670,097 shares of the company’s stock worth $71,933,000 after purchasing an additional 19,102 shares during the period. Institutional investors and hedge funds own 65.85% of the company’s stock.

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About New York Times

The New York Times Company is a media company focused on creating, collecting and distributing news and information. The Company’s principal business consists of distributing content generated by its newsroom through its print, Web and mobile platforms. In addition, it distributes selected content on third-party platforms.

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