Stockbridge Partners LLC Sells 768,065 Shares of The New York Times Company (NYSE:NYT)

Stockbridge Partners LLC lessened its stake in shares of The New York Times Company (NYSE:NYT) by 10.8% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 6,322,261 shares of the company’s stock after selling 768,065 shares during the quarter. New York Times comprises about 7.1% of Stockbridge Partners LLC’s portfolio, making the stock its 8th largest holding. Stockbridge Partners LLC owned approximately 3.85% of New York Times worth $351,960,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of NYT. Price T Rowe Associates Inc. MD lifted its position in New York Times by 7.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 93,988 shares of the company’s stock worth $4,063,000 after acquiring an additional 6,776 shares during the last quarter. Janus Henderson Group PLC lifted its holdings in New York Times by 72.9% during the 1st quarter. Janus Henderson Group PLC now owns 122,820 shares of the company’s stock worth $5,308,000 after purchasing an additional 51,801 shares during the last quarter. Jacobs Levy Equity Management Inc. bought a new stake in New York Times in the 1st quarter valued at $2,623,000. B. Riley Wealth Advisors Inc. grew its holdings in New York Times by 9.4% in the 1st quarter. B. Riley Wealth Advisors Inc. now owns 6,743 shares of the company’s stock valued at $278,000 after buying an additional 581 shares in the last quarter. Finally, Tidal Investments LLC grew its holdings in New York Times by 391.9% in the 1st quarter. Tidal Investments LLC now owns 25,009 shares of the company’s stock valued at $1,081,000 after buying an additional 19,925 shares in the last quarter. Institutional investors own 95.37% of the company’s stock.

New York Times Stock Down 0.5 %

NYT stock opened at $54.38 on Friday. The New York Times Company has a 52 week low of $41.55 and a 52 week high of $57.08. The business has a 50-day simple moving average of $54.83 and a 200 day simple moving average of $53.16. The company has a market cap of $8.92 billion, a PE ratio of 32.18, a price-to-earnings-growth ratio of 1.73 and a beta of 1.02.

New York Times (NYSE:NYT) last issued its earnings results on Monday, November 4th. The company reported $0.45 EPS for the quarter, beating the consensus estimate of $0.41 by $0.04. The company had revenue of $640.20 million during the quarter, compared to analysts’ expectations of $641.00 million. New York Times had a net margin of 11.04% and a return on equity of 17.75%. The business’s revenue for the quarter was up 7.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.37 EPS. On average, analysts anticipate that The New York Times Company will post 1.84 EPS for the current fiscal year.

New York Times Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 24th. Shareholders of record on Wednesday, October 9th were paid a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 0.96%. The ex-dividend date was Wednesday, October 9th. New York Times’s payout ratio is presently 30.77%.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on NYT. JPMorgan Chase & Co. lifted their target price on New York Times from $58.00 to $62.00 and gave the stock an “overweight” rating in a report on Tuesday, November 5th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of New York Times from $65.00 to $66.00 and gave the stock a “buy” rating in a research note on Tuesday, November 5th. Finally, Barclays increased 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. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, New York Times currently has a consensus rating of “Moderate Buy” and an average target price of $54.83.

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.