Zacks Investment Research upgraded shares of New York Times (NYSE:NYT) from a sell rating to a hold rating in a research note released on Wednesday, Zacks.com reports. They currently have $32.00 price target on the stock.
According to Zacks, “Shares of The New York Times Company have slid and underperformed the industry in the past three months. The stock came under pressure following second-quarter 2019 results, wherein both the top and bottom lines missed the consensus mark. While total revenues continued to rise, earnings remained flat year over year. The company registered higher digital-only subscriptions during the quarter. Digital advertising also improved significantly. However, management informed that the second half of 2019 is likely to be challenging for digital advertising as a result of comparisons against sturdy performance in the prior-year period. Nonetheless, the company has been diversifying business, adding new revenue streams, and restructuring portfolio. Total subscription revenue is expected to increase in the low to mid-single digits during the third quarter.”
Several other equities research analysts have also recently weighed in on the stock. Evercore ISI set a $38.00 price target on shares of New York Times and gave the stock a buy rating in a research report on Wednesday, August 7th. ValuEngine cut shares of New York Times from a strong-buy rating to a buy rating in a research report on Thursday, August 1st. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the stock. New York Times presently has an average rating of Buy and a consensus target price of $32.20.
New York Times (NYSE:NYT) last announced its quarterly earnings results on Wednesday, August 7th. The company reported $0.17 earnings per share for the quarter, topping the consensus estimate of $0.15 by $0.02. New York Times had a net margin of 7.55% and a return on equity of 13.40%. The company had revenue of $436.30 million for the quarter, compared to analysts’ expectations of $439.20 million. During the same quarter in the previous year, the business posted $0.17 earnings per share. New York Times’s quarterly revenue was up 5.2% on a year-over-year basis. As a group, equities analysts predict that New York Times will post 0.81 earnings per share for the current year.
Institutional investors and hedge funds have recently made changes to their positions in the stock. Treasurer of the State of North Carolina bought a new position in New York Times during the second quarter valued at $2,509,000. Natixis bought a new position in New York Times during the second quarter valued at $202,000. Colony Group LLC bought a new position in New York Times during the second quarter valued at $206,000. Soma Equity Partners LP increased its position in New York Times by 1.3% during the second quarter. Soma Equity Partners LP now owns 3,800,000 shares of the company’s stock valued at $123,956,000 after acquiring an additional 50,000 shares during the last quarter. Finally, Amundi Pioneer Asset Management Inc. increased its position in New York Times by 11.8% during the second quarter. Amundi Pioneer Asset Management Inc. now owns 48,687 shares of the company’s stock valued at $1,588,000 after acquiring an additional 5,141 shares during the last quarter. Institutional investors own 91.16% of the company’s stock.
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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