Parallel Advisors LLC Sells 524 Shares of The New York Times Company (NYSE:NYT)

Parallel Advisors LLC cut its holdings in The New York Times Company (NYSE:NYT) by 7.6% in the 4th quarter, HoldingsChannel.com reports. The firm owned 6,396 shares of the company’s stock after selling 524 shares during the period. Parallel Advisors LLC’s holdings in New York Times were worth $333,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Baillie Gifford & Co. lifted its stake in shares of New York Times by 228.3% in the 4th quarter. Baillie Gifford & Co. now owns 2,536,795 shares of the company’s stock valued at $132,040,000 after acquiring an additional 1,764,078 shares during the last quarter. Allianz Asset Management GmbH lifted its position in New York Times by 117.5% in the fourth quarter. Allianz Asset Management GmbH now owns 518,083 shares of the company’s stock valued at $26,966,000 after purchasing an additional 279,899 shares during the last quarter. Clark & Stuart Inc purchased a new stake in shares of New York Times during the fourth quarter valued at approximately $8,490,000. Bank of New York Mellon Corp grew its holdings in shares of New York Times by 10.4% in the fourth quarter. Bank of New York Mellon Corp now owns 1,681,384 shares of the company’s stock worth $87,516,000 after purchasing an additional 159,073 shares during the last quarter. Finally, FMR LLC increased its stake in shares of New York Times by 41.9% in the third quarter. FMR LLC now owns 524,032 shares of the company’s stock worth $29,173,000 after buying an additional 154,822 shares during the period. 95.37% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have weighed in on NYT shares. Morgan Stanley dropped their price target on shares of New York Times from $56.00 to $54.00 and set an “equal weight” rating for the company in a research report on Thursday, February 6th. StockNews.com raised New York Times from a “hold” rating to a “buy” rating in a research note on Thursday, February 13th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, New York Times currently has an average rating of “Moderate Buy” and a consensus target price of $56.00.

New York Times Trading Up 0.3 %

Shares of NYT opened at $48.72 on Friday. The New York Times Company has a 1-year low of $41.55 and a 1-year high of $58.16. The firm’s 50-day moving average price is $50.21 and its 200-day moving average price is $52.86. The firm has a market capitalization of $7.96 billion, a price-to-earnings ratio of 27.37, a PEG ratio of 1.75 and a beta of 1.18.

New York Times (NYSE:NYT) last posted its quarterly earnings data on Wednesday, February 5th. The company reported $0.80 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.06. New York Times had a return on equity of 18.51% and a net margin of 11.36%. On average, research analysts forecast that The New York Times Company will post 2.08 EPS for the current fiscal year.

New York Times Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, April 17th. Investors of record on Tuesday, April 1st will be paid a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 1.48%. This is a boost from New York Times’s previous quarterly dividend of $0.13. The ex-dividend date of this dividend is Tuesday, April 1st. New York Times’s dividend payout ratio is presently 40.45%.

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.