Zacks Investment Research downgraded shares of New York Times Company (The) (NYSE:NYT) from a buy rating to a hold rating in a report published on Monday, November 6th.
According to Zacks, “The New York Times Company’s strategic initiatives have helped propelled the stock that has outpaced the industry in a year. 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 endeavors have helped the company to post fifth straight quarter of positive earnings surprise, when it reported third-quarter 2017 results. However, total revenue fell short of the consensus estimate. Nevertheless, both the top and bottom lines grew year over year. The quarter marked an increase in digital subscribers, rise in digital advertising and subscription revenues but a fall in print advertising revenue. Total advertising revenue slid 9% during the quarter. Management expects the same to decline in the high single-digits in the final quarter.”
Several other research firms have also commented on NYT. Jefferies Group LLC reaffirmed a hold rating and set a $18.00 target price on shares of New York Times Company (The) in a report on Monday, October 16th. Barclays PLC upped their target price on New York Times Company (The) from $15.00 to $16.00 and gave the company an equal weight rating in a report on Wednesday, July 19th. One research analyst has rated the stock with a sell rating and four have issued a hold rating to the stock. The company presently has a consensus rating of Hold and a consensus price target of $15.45.
Shares of New York Times Company (NYSE NYT) opened at $18.25 on Monday. New York Times Company has a one year low of $12.55 and a one year high of $20.15. The stock has a market capitalization of $2,951.26, a P/E ratio of 25.28 and a beta of 1.67. The company has a current ratio of 1.83, a quick ratio of 1.83 and a debt-to-equity ratio of 0.27.
New York Times Company (The) (NYSE:NYT) last announced its quarterly earnings data on Wednesday, November 1st. The company reported $0.13 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.08 by $0.05. The firm had revenue of $385.60 million for the quarter, compared to analysts’ expectations of $390.13 million. New York Times Company (The) had a return on equity of 13.46% and a net margin of 6.02%. New York Times Company (The)’s revenue for the quarter was up 6.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.06 earnings per share. equities research analysts expect that New York Times Company will post 0.72 EPS for the current fiscal year.
Hedge funds have recently modified their holdings of the stock. Great West Life Assurance Co. Can grew its holdings in New York Times Company (The) by 15.3% in the 2nd quarter. Great West Life Assurance Co. Can now owns 79,483 shares of the company’s stock worth $1,402,000 after buying an additional 10,560 shares in the last quarter. Schwab Charles Investment Management Inc. grew its holdings in New York Times Company (The) by 9.1% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 755,695 shares of the company’s stock worth $10,883,000 after buying an additional 63,254 shares in the last quarter. Metropolitan Life Insurance Co. NY grew its holdings in New York Times Company (The) by 0.5% in the 1st quarter. Metropolitan Life Insurance Co. NY now owns 194,946 shares of the company’s stock worth $2,807,000 after buying an additional 915 shares in the last quarter. Vanguard Group Inc. grew its holdings in New York Times Company (The) by 3.2% in the 1st quarter. Vanguard Group Inc. now owns 10,370,143 shares of the company’s stock worth $149,329,000 after buying an additional 322,187 shares in the last quarter. Finally, Chicago Equity Partners LLC bought a new position in New York Times Company (The) in the 2nd quarter worth approximately $1,214,000. 65.85% of the stock is owned by institutional investors and hedge funds.
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New York Times Company (The) Company Profile
The New York Times Company is a media company focused on creating, collecting and distributing news and information. The Company’s principal business consists of distributing content generated by its newsroom through its print, Web and mobile platforms. In addition, it distributes selected content on third-party platforms.
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