New York Times (NYSE:NYT) Announces Earnings Results

New York Times (NYSE:NYT) announced its quarterly earnings results on Wednesday. The company reported $0.31 EPS for the quarter, beating the consensus estimate of $0.20 by $0.11, Briefing.com reports. The firm had revenue of $594.00 million for the quarter, compared to analyst estimates of $591.97 million. New York Times had a return on equity of 16.48% and a net margin of 9.58%. The business’s revenue for the quarter was up 5.9% on a year-over-year basis. During the same quarter last year, the firm posted $0.19 earnings per share.

New York Times Price Performance

NYT stock traded down $0.59 during trading on Wednesday, hitting $45.66. 554,951 shares of the company traded hands, compared to its average volume of 1,255,748. The stock’s 50-day simple moving average is $43.42 and its 200 day simple moving average is $44.87. The company has a market cap of $7.49 billion, a PE ratio of 33.27 and a beta of 1.00. New York Times has a 1 year low of $35.06 and a 1 year high of $49.87.

Analysts Set New Price Targets

NYT has been the topic of several research reports. Citigroup initiated coverage on New York Times in a research note on Tuesday, March 12th. They set a “buy” rating and a $52.00 price target on the stock. StockNews.com raised New York Times from a “hold” rating to a “buy” rating in a research report on Wednesday, March 20th. Finally, Argus raised New York Times from a “hold” rating to a “buy” rating and set a $51.00 price target for the company in a report on Monday, March 4th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $45.67.

Insider Activity at New York Times

In related news, Director David S. Perpich sold 3,014 shares of New York Times stock in a transaction that occurred on Wednesday, February 14th. The stock was sold at an average price of $44.03, for a total transaction of $132,706.42. Following the completion of the transaction, the director now directly owns 20,813 shares in the company, valued at $916,396.39. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other New York Times news, CEO Levien Meredith A. Kopit sold 13,543 shares of the business’s stock in a transaction on Friday, February 16th. The stock was sold at an average price of $44.11, for a total transaction of $597,381.73. Following the transaction, the chief executive officer now owns 90,759 shares of the company’s stock, valued at $4,003,379.49. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director David S. Perpich sold 3,014 shares of the business’s stock in a transaction on Wednesday, February 14th. The stock was sold at an average price of $44.03, for a total value of $132,706.42. Following the transaction, the director now directly owns 20,813 shares in the company, valued at approximately $916,396.39. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 23,557 shares of company stock worth $1,029,968. 2.00% of the stock is owned by corporate 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.