The New York Times Co. (NYSE:NYT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Monday.
According to Zacks, “Shares of The New York Times Company have outperformed the Zacks Categorized industry year-to-date. The company is diversifying its business, adding new revenue streams, strengthening its balance sheet and restructuring its portfolio. It had offloaded assets in order to re-focus on its core newspapers and pay more attention to its online activities. These helped the company to post positive earnings surprise in third-quarter 2016, following an earnings miss in the preceding quarter. However, bottom line continued to decline on a year-over-year basis. Top-line also slid and fell short of the estimate. The quarter marked an increase in digital subscribers and rise in circulation as well as digital advertising revenues but a fall in print advertising revenue. Total advertising revenue fell 7.7% during the quarter. Management expects total advertising revenue in the final quarter to decline at a rate equivalent to that of the third quarter.”
Several other analysts have also issued reports on the stock. TheStreet lowered shares of The New York Times from a “buy” rating to a “hold” rating in a research report on Friday, October 21st. Jefferies Group restated a “hold” rating and set a $13.00 price target on shares of The New York Times in a research report on Wednesday, September 28th. Five research analysts have rated the stock with a hold rating, The company currently has a consensus rating of “Hold” and a consensus price target of $13.13.
Shares of The New York Times (NYSE:NYT) traded up 1.56% during mid-day trading on Monday, hitting $13.05. The stock had a trading volume of 196,551 shares. The stock’s 50-day moving average is $11.68 and its 200 day moving average is $12.22. The firm has a market capitalization of $2.10 billion, a price-to-earnings ratio of 48.51 and a beta of 1.39. The New York Times has a 1-year low of $10.60 and a 1-year high of $14.27.
The New York Times (NYSE:NYT) last posted its quarterly earnings results on Wednesday, November 2nd. The company reported $0.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.04 by $0.02. The New York Times had a net margin of 2.80% and a return on equity of 13.28%. The business earned $363.50 million during the quarter, compared to analyst estimates of $365 million. During the same period in the prior year, the business posted $0.09 earnings per share. The company’s revenue was down 1.1% on a year-over-year basis. Equities research analysts predict that The New York Times will post $0.50 EPS for the current fiscal year.
Several institutional investors have recently modified their holdings of NYT. Contrarius Investment Management Ltd increased its position in shares of The New York Times by 4.6% in the third quarter. Contrarius Investment Management Ltd now owns 8,312,235 shares of the company’s stock valued at $99,331,000 after buying an additional 363,151 shares during the period. BlackRock Fund Advisors increased its position in The New York Times by 5.7% in the third quarter. BlackRock Fund Advisors now owns 6,442,407 shares of the company’s stock worth $76,987,000 after buying an additional 344,620 shares during the last quarter. Dimensional Fund Advisors LP increased its position in The New York Times by 11.0% in the second quarter. Dimensional Fund Advisors LP now owns 4,642,155 shares of the company’s stock worth $56,169,000 after buying an additional 458,376 shares during the last quarter. Lord Abbett & CO. LLC increased its position in The New York Times by 2.6% in the second quarter. Lord Abbett & CO. LLC now owns 4,017,005 shares of the company’s stock worth $48,606,000 after buying an additional 102,905 shares during the last quarter. Finally, Northern Trust Corp increased its position in The New York Times by 0.9% in the third quarter. Northern Trust Corp now owns 2,251,805 shares of the company’s stock worth $26,909,000 after buying an additional 20,631 shares during the last quarter. 63.33% of the stock is owned by hedge funds and other institutional investors.
About The New York Times
The New York Times Company is a media organization focused on creating, collecting and distributing news and information. The Company includes newspapers, digital businesses and investments. Its businesses include newspapers, such as The New York Times; the International New York Times (INYT), the international edition of The Times; Websites, including NYTimes.com and international.nytimes.com; mobile applications, including The Times’s news applications, as well as interest-specific applications, such as NYT Cooking, Crossword and others, and related businesses, such as The Times news services division, digital archive distribution, NYT Live, and other products and services under The Times brand.