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

Shares of The New York Times Company (NYSE:NYT) gapped down before the market opened 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 traded.

Wall Street Analysts Forecast Growth

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

New York Times Price Performance

The company has a market capitalization of $8.64 billion, a P/E ratio of 32.44 and a beta of 1.02. The company’s 50-day moving average price is $54.84 and its two-hundred day moving average price is $51.99.

New York Times (NYSE:NYT) last released its quarterly earnings results on Wednesday, August 7th. The company reported $0.45 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.04. New York Times had a net margin of 10.81% and a return on equity of 17.45%. The business had revenue of $625.00 million for the quarter, compared to analyst estimates of $624.82 million. During the same period last year, the firm earned $0.38 earnings per share. New York Times’s revenue for the quarter was up 5.8% compared to the same quarter last year. On average, analysts anticipate that The New York Times Company will post 1.83 earnings per share for the current fiscal year.

New York Times Announces Dividend

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

Insider Buying and Selling at New York Times

In other New York Times news, CFO William Bardeen sold 2,000 shares of the firm’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 $562,786.40. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Levien Meredith A. Kopit sold 18,300 shares of the firm’s stock in a transaction that occurred on Monday, August 12th. The shares were 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. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO William Bardeen sold 2,000 shares of the firm’s stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $54.56, for a total transaction of $109,120.00. Following the completion of the sale, the chief financial officer now owns 10,315 shares in the company, valued at approximately $562,786.40. The trade was 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

Hedge funds have recently added to or reduced their stakes in the business. UMB Bank n.a. lifted its position in shares of New York Times by 356.4% in the 3rd quarter. UMB Bank n.a. now owns 461 shares of the company’s stock worth $26,000 after purchasing an additional 360 shares during the period. GAMMA Investing LLC lifted its position in shares of New York Times by 129.4% in the 2nd quarter. GAMMA Investing LLC now owns 1,404 shares of the company’s stock worth $72,000 after purchasing an additional 792 shares during the period. Signaturefd LLC lifted its position in shares of New York Times by 34.2% in the 2nd quarter. Signaturefd LLC now owns 1,694 shares of the company’s stock worth $87,000 after purchasing an additional 432 shares during the period. Blue Trust Inc. lifted its position in shares of New York Times by 401.8% in the 2nd quarter. Blue Trust Inc. now owns 2,248 shares of the company’s stock worth $115,000 after purchasing an additional 1,800 shares during the period. Finally, Paladin Wealth LLC acquired a new position in shares of New York Times in the 3rd quarter worth approximately $172,000. 95.37% of the stock is currently owned by institutional investors and hedge funds.

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.