Truist Financial Corp Cuts Stock Holdings in The New York Times Company (NYSE:NYT)

Truist Financial Corp reduced its position in shares of The New York Times Company (NYSE:NYT) by 14.1% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 10,018 shares of the company’s stock after selling 1,642 shares during the period. Truist Financial Corp’s holdings in New York Times were worth $513,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in NYT. Farallon Capital Management LLC raised its holdings in New York Times by 18.1% during the first quarter. Farallon Capital Management LLC now owns 11,188,059 shares of the company’s stock worth $483,548,000 after purchasing an additional 1,711,268 shares in the last quarter. Darsana Capital Partners LP grew its position in New York Times by 25.0% during the second quarter. Darsana Capital Partners LP now owns 6,250,000 shares of the company’s stock worth $320,062,000 after buying an additional 1,250,000 shares during the period. Jupiter Asset Management Ltd. acquired a new position in New York Times during the first quarter worth about $42,434,000. Renaissance Technologies LLC grew its position in New York Times by 19.8% during the second quarter. Renaissance Technologies LLC now owns 2,912,142 shares of the company’s stock worth $149,131,000 after buying an additional 482,200 shares during the period. Finally, Dimensional Fund Advisors LP grew its position in New York Times by 22.1% during the second quarter. Dimensional Fund Advisors LP now owns 2,424,700 shares of the company’s stock worth $124,164,000 after buying an additional 438,680 shares during the period. 95.37% of the stock is owned by hedge funds and other institutional investors.

New York Times Price Performance

NYT stock opened at $55.57 on Thursday. The company’s 50 day simple moving average is $54.61 and its 200-day simple moving average is $50.88. The firm has a market capitalization of $9.13 billion, a PE ratio of 37.05 and a beta of 1.03. The New York Times Company has a 12 month low of $39.73 and a 12 month high of $56.49.

New York Times (NYSE:NYT) last released its quarterly earnings results on Wednesday, August 7th. The company reported $0.45 EPS for the quarter, beating the consensus estimate of $0.41 by $0.04. The business had revenue of $625.00 million for the quarter, compared to analyst estimates of $624.82 million. New York Times had a net margin of 10.81% and a return on equity of 17.45%. The company’s quarterly revenue was up 5.8% on a year-over-year basis. During the same period in the prior year, the business earned $0.38 earnings per share. As a group, sell-side analysts anticipate that The New York Times Company will post 1.9 earnings per share for the current year.

New York Times Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 24th. Investors of record on Wednesday, October 9th will be given a dividend of $0.13 per share. The ex-dividend date is Wednesday, October 9th. This represents a $0.52 dividend on an annualized basis and a yield of 0.94%. New York Times’s dividend payout ratio (DPR) is currently 34.67%.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on NYT. Barclays upped their target price on shares of New York Times from $40.00 to $45.00 and gave the stock an “equal weight” rating in a research report on Thursday, August 8th. JPMorgan Chase & Co. upped their target price on shares of New York Times from $56.00 to $58.00 and gave the stock an “overweight” rating in a research report on Thursday, August 8th. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of New York Times in a research report on Wednesday, October 9th. They set a “buy” rating and a $65.00 target price on the stock. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $52.71.

Insider Buying and Selling

In related news, CEO Levien Meredith A. Kopit sold 18,300 shares of the firm’s stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $53.92, for a total transaction of $986,736.00. Following the sale, the chief executive officer now owns 101,772 shares in the company, valued at approximately $5,487,546.24. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CFO William Bardeen sold 2,000 shares of the firm’s stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $54.56, for a total transaction of $109,120.00. Following the sale, the chief financial officer now owns 10,315 shares in the company, valued at approximately $562,786.40. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Levien Meredith A. Kopit sold 18,300 shares of the firm’s stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $53.92, for a total transaction of $986,736.00. Following the sale, the chief executive officer now owns 101,772 shares in the company, valued at approximately $5,487,546.24. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 2.00% of the stock is owned by company insiders.

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.