Wellington Management Group LLP Sells 404,279 Shares of The New York Times Company (NYSE:NYT)

Wellington Management Group LLP lessened its position in shares of The New York Times Company (NYSE:NYT) by 6.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,715,849 shares of the company’s stock after selling 404,279 shares during the period. Wellington Management Group LLP owned approximately 3.48% of New York Times worth $280,019,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Nebula Research & Development LLC bought a new position in New York Times during the fourth quarter worth about $867,000. Junto Capital Management LP bought a new position in shares of New York Times during the fourth quarter worth approximately $18,255,000. Capital Fund Management S.A. raised its position in shares of New York Times by 17.6% in the fourth quarter. Capital Fund Management S.A. now owns 316,430 shares of the company’s stock valued at $15,502,000 after buying an additional 47,453 shares in the last quarter. Seven Eight Capital LP acquired a new stake in New York Times during the fourth quarter worth approximately $2,014,000. Finally, Burgundy Asset Management Ltd. increased its stake in New York Times by 9.5% during the 4th quarter. Burgundy Asset Management Ltd. now owns 828,765 shares of the company’s stock worth $40,601,000 after acquiring an additional 71,953 shares during the period. 95.37% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CAO R Anthony Benten sold 5,171 shares of the firm’s stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $48.98, for a total transaction 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 $1,889,452.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Levien Meredith A. Kopit sold 12,548 shares of the company’s stock in a transaction on Friday, May 10th. The shares were sold at an average price of $47.72, for a total value of $598,790.56. Following the sale, the chief executive officer now directly owns 120,072 shares of the company’s stock, valued at approximately $5,729,835.84. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CAO R Anthony Benten sold 5,171 shares of New York Times stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $48.98, for a total transaction of $253,275.58. Following 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. 2.00% of the stock is owned by corporate insiders.

New York Times Stock Performance

NYSE NYT opened at $49.65 on Tuesday. The New York Times Company has a fifty-two week low of $36.92 and a fifty-two week high of $51.98. The stock has a market cap of $8.16 billion, a PE ratio of 33.10 and a beta of 1.05. The firm’s fifty day moving average price is $46.99 and its two-hundred day moving average price is $46.15.

New York Times (NYSE:NYT) last issued its earnings results on Wednesday, May 8th. The company reported $0.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.20 by $0.11. The business had revenue of $594.00 million during the quarter, compared to analysts’ expectations of $591.97 million. New York Times had a return on equity of 17.33% and a net margin of 10.19%. The business’s revenue for the quarter was up 5.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.19 EPS. As a group, sell-side analysts predict that The New York Times Company will post 1.77 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. StockNews.com raised New York Times from a “hold” rating to a “buy” rating in a report on Wednesday, March 20th. Citigroup assumed coverage on shares of New York Times in a research report on Tuesday, March 12th. They set a “buy” rating and a $52.00 price target on the stock. Evercore ISI boosted their price objective on shares of New York Times from $50.00 to $53.00 and gave the company an “outperform” rating in a research report on Thursday, May 9th. Finally, Argus raised New York Times from a “hold” rating to a “buy” rating and set a $51.00 target price on the stock in a report on Monday, March 4th. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $46.71.

About New York Times

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.