New York Times (NYSE:NYT) Cut to “Sell” at ValuEngine

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ValuEngine cut shares of New York Times (NYSE:NYT) from a hold rating to a sell rating in a research note issued to investors on Monday, ValuEngine reports.

NYT has been the topic of several other reports. Evercore ISI set a $38.00 price target on New York Times and gave the company a buy rating in a research report on Wednesday, August 7th. Guggenheim began coverage on New York Times in a research report on Wednesday, October 9th. They set a neutral rating and a $27.50 price target on the stock. Finally, Zacks Investment Research raised New York Times from a sell rating to a hold rating and set a $32.00 price target on the stock in a research report on Wednesday, October 23rd. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company. The stock presently has an average rating of Hold and an average price target of $34.63.

Shares of NYT traded up $0.76 during trading on Monday, reaching $30.97. The company’s stock had a trading volume of 868,242 shares, compared to its average volume of 1,945,867. The company has a market cap of $5.02 billion, a price-to-earnings ratio of 38.23 and a beta of 1.15. New York Times has a twelve month low of $21.34 and a twelve month high of $36.25. The company has a fifty day moving average of $29.68 and a two-hundred day moving average of $31.81.

New York Times (NYSE:NYT) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $0.12 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.11 by $0.01. The business had revenue of $428.50 million for the quarter, compared to analyst estimates of $428.35 million. New York Times had a return on equity of 13.40% and a net margin of 7.55%. The business’s revenue was up 2.7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.15 EPS. On average, analysts anticipate that New York Times will post 0.81 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Thursday, October 17th. Investors of record on Wednesday, October 2nd were given a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 0.65%. The ex-dividend date of this dividend was Tuesday, October 1st. New York Times’s dividend payout ratio is currently 24.69%.

Several hedge funds have recently bought and sold shares of NYT. Steward Partners Investment Advisory LLC acquired a new stake in New York Times in the second quarter worth $32,000. Trustcore Financial Services LLC acquired a new stake in New York Times in the second quarter worth $41,000. Ropes Wealth Advisors LLC acquired a new stake in New York Times in the third quarter worth $57,000. Smithfield Trust Co. acquired a new stake in New York Times in the third quarter worth $77,000. Finally, FNY Investment Advisers LLC acquired a new stake in New York Times in the second quarter worth $80,000. 91.25% 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, provides news and information for readers and viewers across various platforms worldwide. The company offers The New York Times (The Times), a daily and Sunday newspaper in the United States, as well as international edition of The Times; and operates the NYTimes.com Website.

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To view ValuEngine’s full report, visit ValuEngine’s official website.

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