Wedge Capital Management L L P NC Has $1.46 Million Stake in The New York Times Company (NYSE:NYT)

Wedge Capital Management L L P NC boosted its position in The New York Times Company (NYSE:NYT) by 8.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 29,701 shares of the company’s stock after buying an additional 2,281 shares during the period. Wedge Capital Management L L P NC’s holdings in New York Times were worth $1,455,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of NYT. Exchange Traded Concepts LLC acquired a new position in New York Times in the third quarter valued at $613,000. Oak Thistle LLC bought a new stake in New York Times in the third quarter valued at $816,000. Robeco Institutional Asset Management B.V. increased its stake in New York Times by 127.7% in the third quarter. Robeco Institutional Asset Management B.V. now owns 41,450 shares of the company’s stock valued at $1,708,000 after purchasing an additional 23,250 shares in the last quarter. Xponance Inc. increased its stake in New York Times by 13.0% in the third quarter. Xponance Inc. now owns 22,468 shares of the company’s stock valued at $926,000 after purchasing an additional 2,586 shares in the last quarter. Finally, Joel Isaacson & Co. LLC bought a new stake in New York Times in the third quarter valued at $245,000. Institutional investors and hedge funds own 95.37% of the company’s stock.

New York Times Price Performance

NYSE:NYT opened at $43.25 on Friday. The firm has a 50-day moving average of $43.28 and a 200-day moving average of $44.73. The company has a market cap of $7.10 billion, a PE ratio of 31.12 and a beta of 1.01. The New York Times Company has a one year low of $35.06 and a one year high of $49.87.

New York Times (NYSE:NYT) last released its quarterly earnings results on Wednesday, February 7th. The company reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.60 by $0.10. New York Times had a net margin of 9.58% and a return on equity of 16.48%. The business had revenue of $676.20 million for the quarter, compared to analysts’ expectations of $680.02 million. During the same period in the previous year, the company earned $0.65 earnings per share. The firm’s revenue for the quarter was up 1.3% compared to the same quarter last year. On average, equities research analysts expect that The New York Times Company will post 1.64 earnings per share for the current fiscal year.

New York Times Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, April 18th. Investors of record on Tuesday, April 2nd were issued a dividend of $0.13 per share. The ex-dividend date of this dividend was Monday, April 1st. This is a boost from New York Times’s previous quarterly dividend of $0.11. This represents a $0.52 annualized dividend and a yield of 1.20%. New York Times’s payout ratio is 37.41%.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. Argus raised shares of New York Times from a “hold” rating to a “buy” rating and set a $51.00 price target for the company in a research note on Monday, March 4th. Citigroup assumed coverage on shares of New York Times in a research note on Tuesday, March 12th. They issued a “buy” rating and a $52.00 price target for the company. Finally, StockNews.com raised shares of New York Times from a “hold” rating to a “buy” rating in a research note on Wednesday, March 20th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, New York Times presently has an average rating of “Moderate Buy” and a consensus price target of $45.67.

Insider Buying and Selling

In related news, EVP Diane Brayton sold 7,000 shares of the business’s stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $42.84, for a total transaction of $299,880.00. Following the transaction, the executive vice president now directly owns 39,312 shares in the company, valued at $1,684,126.08. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other New York Times news, CEO Levien Meredith A. Kopit sold 13,543 shares of the business’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $44.11, for a total value of $597,381.73. Following the transaction, the chief executive officer now directly owns 90,759 shares in the company, valued at $4,003,379.49. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Diane Brayton sold 7,000 shares of the business’s stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $42.84, for a total transaction of $299,880.00. Following the completion of the transaction, the executive vice president now owns 39,312 shares in the company, valued at $1,684,126.08. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 23,557 shares of company stock worth $1,029,968. 2.00% of the stock is owned by insiders.

New York Times Profile

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.