Cullinan Associates Inc. Cuts Stock Position in The New York Times Company (NYSE:NYT)

Cullinan Associates Inc. cut its stake in shares of The New York Times Company (NYSE:NYT) by 5.6% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 161,948 shares of the company’s stock after selling 9,583 shares during the quarter. Cullinan Associates Inc.’s holdings in New York Times were worth $8,926,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of NYT. Farallon Capital Management LLC raised its stake in shares of New York Times by 18.1% during the 1st quarter. Farallon Capital Management LLC now owns 11,188,059 shares of the company’s stock worth $483,548,000 after buying an additional 1,711,268 shares in the last quarter. Darsana Capital Partners LP grew its holdings in New York Times by 25.0% during the second quarter. Darsana Capital Partners LP now owns 6,250,000 shares of the company’s stock worth $320,062,000 after acquiring an additional 1,250,000 shares during the period. Jupiter Asset Management Ltd. purchased a new position in New York Times in the first quarter worth $42,434,000. Renaissance Technologies LLC lifted its holdings in New York Times by 19.8% in the second quarter. Renaissance Technologies LLC now owns 2,912,142 shares of the company’s stock valued at $149,131,000 after acquiring an additional 482,200 shares during the period. Finally, Dimensional Fund Advisors LP boosted its position in shares of New York Times by 22.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,424,700 shares of the company’s stock worth $124,164,000 after purchasing an additional 438,680 shares in the last quarter. 95.37% of the stock is currently owned by hedge funds and other institutional investors.

New York Times Price Performance

NYT traded up $0.60 during midday trading on Friday, reaching $55.17. 13,087 shares of the company’s stock were exchanged, compared to its average volume of 1,092,362. The business’s 50-day moving average price is $54.70 and its 200 day moving average price is $51.32. The stock has a market capitalization of $9.06 billion, a PE ratio of 33.69 and a beta of 1.03. The New York Times Company has a 1-year low of $39.73 and a 1-year high of $56.49.

New York Times (NYSE:NYT) last issued 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. The firm had revenue of $625.00 million during the quarter, compared to the consensus estimate of $624.82 million. New York Times had a return on equity of 17.45% and a net margin of 10.81%. The company’s quarterly revenue was up 5.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.38 EPS. As a group, analysts expect that The New York Times Company will post 1.83 EPS for the current fiscal year.

New York Times Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 24th. Stockholders of record on Wednesday, October 9th were given a $0.13 dividend. The ex-dividend date was Wednesday, October 9th. This represents a $0.52 annualized dividend and a dividend yield of 0.94%. New York Times’s dividend payout ratio is currently 32.10%.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on NYT shares. JPMorgan Chase & Co. increased their price target on shares of New York Times from $56.00 to $58.00 and gave the company an “overweight” rating in a report on Thursday, August 8th. Barclays increased their target price on shares of New York Times from $40.00 to $45.00 and gave the company an “equal weight” rating in a report on Thursday, August 8th. Finally, Deutsche Bank Aktiengesellschaft began coverage on New York Times in a research note on Wednesday, October 9th. They set a “buy” rating and a $65.00 price target on the stock. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $52.71.

Insider Activity at New York Times

In other New York Times news, CEO Levien Meredith A. Kopit sold 18,300 shares of the company’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $53.92, for a total value 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. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other New York Times news, CEO Levien Meredith A. Kopit sold 18,300 shares of the business’s stock in a transaction on Monday, August 12th. The stock was sold at an average price of $53.92, for a total value of $986,736.00. Following the completion of the transaction, the chief executive officer now directly owns 101,772 shares in the company, valued at approximately $5,487,546.24. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO William Bardeen sold 2,000 shares of the firm’s stock in a transaction 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 sale, the chief financial officer now owns 10,315 shares in the company, valued at $562,786.40. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 2.00% of the company’s stock.

New York Times Company 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.