The New York Times Co. (NYSE:NYT) – Equities researchers at Jefferies Group dropped their Q3 2016 earnings estimates for shares of The New York Times in a note issued to investors on Wednesday. Jefferies Group analyst J. Janedis now anticipates that the brokerage will post earnings of $0.03 per share for the quarter, down from their prior estimate of $0.04. Jefferies Group currently has a “Hold” rating and a $13.00 price target on the stock. Jefferies Group also issued estimates for The New York Times’ FY2016 earnings at $0.54 EPS, Q3 2017 earnings at $0.05 EPS, Q1 2018 earnings at $0.12 EPS and Q2 2018 earnings at $0.14 EPS.
The New York Times (NYSE:NYT) last issued its earnings results on Thursday, July 28th. The company reported $0.11 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.11. The business earned $372.60 million during the quarter, compared to the consensus estimate of $377.15 million. The New York Times had a return on equity of 13.70% and a net margin of 3.36%. The company’s revenue for the quarter was down 2.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.13 EPS.
A number of other equities analysts also recently commented on NYT. Zacks Investment Research upgraded The New York Times from a “hold” rating to a “buy” rating and set a $14.00 price target for the company in a research note on Tuesday, July 12th. TheStreet upgraded The New York Times from a “hold” rating to a “buy” rating in a research note on Thursday, August 4th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company. The company has an average rating of “Hold” and an average target price of $13.60.
Shares of The New York Times (NYSE:NYT) traded down 0.08% during trading on Friday, hitting $11.89. The stock had a trading volume of 237,769 shares. The firm’s 50-day moving average is $12.70 and its 200-day moving average is $12.49. The New York Times has a one year low of $11.45 and a one year high of $14.27. The firm has a market cap of $1.91 billion, a P/E ratio of 36.70 and a beta of 1.82.
A number of large investors have recently made changes to their positions in NYT. Public Employees Retirement System of Ohio boosted its stake in shares of The New York Times by 6.7% in the second quarter. Public Employees Retirement System of Ohio now owns 8,226 shares of the company’s stock valued at $100,000 after buying an additional 517 shares during the last quarter. Fuller & Thaler Asset Management Inc. purchased a new stake in shares of The New York Times during the second quarter valued at approximately $109,000. Barclays PLC boosted its stake in shares of The New York Times by 235.4% in the second quarter. Barclays PLC now owns 9,919 shares of the company’s stock valued at $120,000 after buying an additional 6,962 shares during the last quarter. LMR Partners LLP purchased a new stake in shares of The New York Times during the second quarter valued at approximately $125,000. Finally, Pacad Investment Ltd. purchased a new stake in shares of The New York Times during the second quarter valued at approximately $125,000. 62.86% of the stock is currently owned by hedge funds and other institutional investors.
In related news, EVP Levien Meredith A. Kopit sold 26,728 shares of the business’s stock in a transaction that occurred on Thursday, August 25th. The stock was sold at an average price of $13.06, for a total transaction of $349,067.68. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Kenneth A. Richieri sold 24,942 shares of the business’s stock in a transaction that occurred on Thursday, August 18th. The stock was sold at an average price of $12.95, for a total value of $322,998.90. Following the sale, the executive vice president now directly owns 50,203 shares in the company, valued at approximately $650,128.85. The disclosure for this sale can be found here. 6.20% of the stock is owned by company insiders.
The business also recently announced a quarterly dividend, which will be paid on Thursday, October 20th. Shareholders of record on Wednesday, October 5th will be paid a $0.04 dividend. The ex-dividend date is Monday, October 3rd. This represents a $0.16 dividend on an annualized basis and a yield of 1.34%. The New York Times’s payout ratio is currently 50.00%.
The New York Times Company Profile
The New York Times Company is a media organization focused on creating, collecting and distributing news and information. The Company includes newspapers, digital businesses and investments. Its businesses include newspapers, such as The New York Times; the International New York Times (INYT), the international edition of The Times; Websites, including NYTimes.com and international.nytimes.com; mobile applications, including The Times’s news applications, as well as interest-specific applications, such as NYT Cooking, Crossword and others, and related businesses, such as The Times news services division, digital archive distribution, NYT Live, and other products and services under The Times brand.
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