Independent Franchise Partners LLP Trims Stock Position in The New York Times Company (NYSE:NYT)

Independent Franchise Partners LLP decreased its holdings in The New York Times Company (NYSE:NYT - Free Report) by 2.4% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 697,339 shares of the company's stock after selling 17,246 shares during the quarter. New York Times comprises about 0.3% of Independent Franchise Partners LLP's portfolio, making the stock its 24th biggest position. Independent Franchise Partners LLP owned approximately 0.42% of New York Times worth $35,711,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Mount Yale Investment Advisors LLC purchased a new position in New York Times in the 2nd quarter worth $206,000. Thrivent Financial for Lutherans raised its stake in New York Times by 65.9% in the 2nd quarter. Thrivent Financial for Lutherans now owns 68,513 shares of the company's stock worth $3,509,000 after acquiring an additional 27,222 shares during the last quarter. Pacer Advisors Inc. raised its stake in New York Times by 5.4% in the 2nd quarter. Pacer Advisors Inc. now owns 32,094 shares of the company's stock worth $1,644,000 after acquiring an additional 1,657 shares during the last quarter. Intech Investment Management LLC raised its stake in New York Times by 604.6% in the 2nd quarter. Intech Investment Management LLC now owns 69,835 shares of the company's stock worth $3,576,000 after acquiring an additional 59,924 shares during the last quarter. Finally, Burgundy Asset Management Ltd. raised its stake in New York Times by 17.2% in the 2nd quarter. Burgundy Asset Management Ltd. now owns 1,184,357 shares of the company's stock worth $60,651,000 after acquiring an additional 174,228 shares during the last quarter. Institutional investors and hedge funds own 95.37% of the company's stock.

Analyst Ratings Changes

A number of research firms have weighed in on NYT. JPMorgan Chase & Co. lifted their price objective on New York Times from $56.00 to $58.00 and gave the company an "overweight" rating in a research note on Thursday, August 8th. Barclays lifted their price target on New York Times from $40.00 to $45.00 and gave the company an "equal weight" rating in a research note on Thursday, August 8th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $50.67.

Insider Buying and Selling

In related news, CEO Levien Meredith A. Kopit sold 18,300 shares of New York Times 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 in the company, valued at approximately $5,487,546.24. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, CEO Levien Meredith A. Kopit sold 18,300 shares of the business's stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $53.92, for a total transaction of $986,736.00. Following the transaction, the chief executive officer now directly owns 101,772 shares in the company, valued at approximately $5,487,546.24. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO William Bardeen sold 2,000 shares of the business's stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $54.56, for a total value of $109,120.00. Following the transaction, the chief financial officer now owns 10,315 shares in the company, valued at $562,786.40. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by insiders.

New York Times Stock Performance

Shares of New York Times stock traded down $0.07 on Friday, hitting $54.49. The company's stock had a trading volume of 2,026,301 shares, compared to its average volume of 1,140,207. The New York Times Company has a 1 year low of $39.73 and a 1 year high of $56.49. The company has a market capitalization of $8.95 billion, a price-to-earnings ratio of 36.33 and a beta of 1.03. The firm has a fifty day moving average price of $53.95 and a 200-day moving average price of $49.46.

New York Times (NYSE:NYT - Get Free Report) last posted its quarterly earnings data on Wednesday, August 7th. The company reported $0.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.04. New York Times had a return on equity of 17.45% and a net margin of 10.81%. The company had revenue of $625.00 million for the quarter, compared to analysts' expectations of $624.82 million. During the same period in the previous year, the firm posted $0.38 EPS. New York Times's revenue was up 5.8% compared to the same quarter last year. As a group, analysts forecast that The New York Times Company will post 1.9 EPS for the current year.

New York Times Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 25th. Investors of record on Tuesday, July 9th were issued a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 0.95%. The ex-dividend date of this dividend was Tuesday, July 9th. New York Times's payout ratio is 34.67%.

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.