New York Times (NYSE:NYT) Shares Gap Down – Should You Sell?

The New York Times Company (NYSE:NYT)’s stock price gapped down prior to trading on Monday . The stock had previously closed at $56.83, but opened at $55.12. New York Times shares last traded at $52.56, with a volume of 238,448 shares trading hands.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. JPMorgan Chase & Co. lifted their price objective on shares of New York Times from $56.00 to $58.00 and gave the company an “overweight” rating in a research note on Thursday, August 8th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of New York Times in a research note on Wednesday, October 9th. They issued a “buy” rating and a $65.00 price objective for the company. Finally, Barclays lifted their price objective on shares of 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 research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $52.71.

New York Times Stock Performance

The firm has a market cap of $8.64 billion, a P/E ratio of 32.44 and a beta of 1.02. The stock’s 50 day simple moving average is $54.84 and its 200 day simple moving average is $51.99.

New York Times (NYSE:NYT) last announced its quarterly earnings results on Wednesday, August 7th. The company reported $0.45 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.04. The business had revenue of $625.00 million during the quarter, compared to analyst estimates of $624.82 million. New York Times had a net margin of 10.81% and a return on equity of 17.45%. New York Times’s quarterly revenue was up 5.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.38 EPS. As a group, analysts forecast that The New York Times Company will post 1.83 EPS for the current fiscal year.

New York Times Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 24th. Shareholders of record on Wednesday, October 9th were issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 0.99%. The ex-dividend date was Wednesday, October 9th. New York Times’s dividend payout ratio is 32.10%.

Insiders Place Their Bets

In related news, CFO William Bardeen sold 2,000 shares of the business’s stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $54.56, for a total value of $109,120.00. Following the transaction, the chief financial officer now directly owns 10,315 shares of the company’s stock, valued at approximately $562,786.40. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CFO William Bardeen sold 2,000 shares of the business’s stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $54.56, for a total value of $109,120.00. Following the transaction, the chief financial officer now directly owns 10,315 shares of the company’s stock, valued at approximately $562,786.40. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Levien Meredith A. Kopit sold 18,300 shares of the business’s stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $53.92, for a total transaction 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 $5,487,546.24. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.00% of the company’s stock.

Institutional Investors Weigh In On New York Times

Institutional investors have recently added to or reduced their stakes in the business. Janus Henderson Group PLC increased its position in shares of New York Times by 72.9% during the first quarter. Janus Henderson Group PLC now owns 122,820 shares of the company’s stock valued at $5,308,000 after buying an additional 51,801 shares during the period. Entropy Technologies LP bought a new stake in shares of New York Times during the first quarter valued at about $473,000. Comerica Bank increased its position in shares of New York Times by 15.6% during the first quarter. Comerica Bank now owns 83,282 shares of the company’s stock valued at $3,599,000 after buying an additional 11,234 shares during the period. Russell Investments Group Ltd. increased its position in shares of New York Times by 9.0% during the first quarter. Russell Investments Group Ltd. now owns 116,934 shares of the company’s stock valued at $5,054,000 after buying an additional 9,609 shares during the period. Finally, Quantbot Technologies LP bought a new stake in shares of New York Times during the first quarter valued at about $2,293,000. 95.37% of the stock is owned by hedge funds and other institutional investors.

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.