ValueAct Holdings L.P. Trims Stock Holdings in The New York Times Company (NYSE:NYT)

ValueAct Holdings L.P. lowered its position in shares of The New York Times Company (NYSE:NYT) by 35.8% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,344,392 shares of the company’s stock after selling 750,000 shares during the period. New York Times comprises about 1.9% of ValueAct Holdings L.P.’s portfolio, making the stock its 9th biggest position. ValueAct Holdings L.P. owned about 0.82% of New York Times worth $68,846,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. GAMMA Investing LLC boosted its position in shares of New York Times by 129.4% during the 2nd quarter. GAMMA Investing LLC now owns 1,404 shares of the company’s stock valued at $72,000 after purchasing an additional 792 shares in the last quarter. Signaturefd LLC raised its stake in shares of New York Times by 34.2% in the second quarter. Signaturefd LLC now owns 1,694 shares of the company’s stock worth $87,000 after purchasing an additional 432 shares during the last quarter. Blue Trust Inc. raised its stake in shares of New York Times by 401.8% in the second quarter. Blue Trust Inc. now owns 2,248 shares of the company’s stock worth $115,000 after purchasing an additional 1,800 shares during the last quarter. TFO Wealth Partners LLC raised its stake in shares of New York Times by 84,033.3% in the fourth quarter. TFO Wealth Partners LLC now owns 2,524 shares of the company’s stock worth $124,000 after purchasing an additional 2,521 shares during the last quarter. Finally, Bailard Inc. purchased a new stake in shares of New York Times in the second quarter worth approximately $205,000. Institutional investors own 95.37% of the company’s stock.

New York Times Stock Up 1.1 %

NYSE NYT opened at $55.09 on Tuesday. The company has a market capitalization of $9.05 billion, a price-to-earnings ratio of 36.73 and a beta of 1.03. The stock’s 50-day simple moving average is $53.98 and its two-hundred day simple moving average is $49.54. The New York Times Company has a twelve month low of $39.73 and a twelve month high of $56.49.

New York Times (NYSE:NYT) last released its quarterly earnings data on Wednesday, August 7th. The company reported $0.45 EPS for the quarter, topping the consensus estimate of $0.41 by $0.04. The firm had revenue of $625.00 million for the quarter, compared to the consensus estimate of $624.82 million. New York Times had a return on equity of 17.45% and a net margin of 10.81%. The company’s quarterly revenue was up 5.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.38 earnings per share. On average, equities analysts expect that The New York Times Company will post 1.9 earnings per share for the current fiscal year.

New York Times Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 25th. Stockholders of record on Tuesday, July 9th were issued a $0.13 dividend. The ex-dividend date of this dividend was Tuesday, July 9th. This represents a $0.52 annualized dividend and a dividend yield of 0.94%. New York Times’s dividend payout ratio is currently 34.67%.

Analysts Set New Price Targets

Several research firms have recently issued reports on NYT. Barclays upped their target price on New York Times from $40.00 to $45.00 and gave the company an “equal weight” rating in a report on Thursday, August 8th. JPMorgan Chase & Co. increased their price objective on New York Times from $56.00 to $58.00 and gave the stock an “overweight” rating in a research report on Thursday, August 8th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $50.67.

Insider Transactions at New York Times

In related news, CFO William Bardeen sold 2,000 shares of the firm’s stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $54.56, for a total value of $109,120.00. Following the sale, the chief financial officer now directly owns 10,315 shares of the company’s stock, valued at $562,786.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Levien Meredith A. Kopit sold 18,300 shares of the firm’s stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $53.92, for a total value of $986,736.00. Following the sale, the chief executive officer now directly owns 101,772 shares of the company’s stock, valued at $5,487,546.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO William Bardeen sold 2,000 shares of the firm’s stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $54.56, for a total value of $109,120.00. Following the completion of the sale, the chief financial officer now directly owns 10,315 shares in the company, valued at $562,786.40. The disclosure for this sale can be found here. Company insiders own 2.00% of the company’s stock.

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.