Principal Financial Group Inc. Cuts Stake in The New York Times Company (NYSE:NYT)

Principal Financial Group Inc. trimmed its position in shares of The New York Times Company (NYSE:NYT) by 3.4% during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 429,547 shares of the company’s stock after selling 15,140 shares during the quarter. Principal Financial Group Inc. owned about 0.26% of The New York Times worth $18,380,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in NYT. Amundi Pioneer Asset Management Inc. grew its position in The New York Times by 10.8% during the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 43,546 shares of the company’s stock valued at $1,430,000 after purchasing an additional 4,238 shares during the last quarter. Vident Investment Advisory LLC purchased a new stake in The New York Times during the 2nd quarter valued at about $594,000. Assenagon Asset Management S.A. purchased a new stake in The New York Times during the 2nd quarter valued at about $270,000. New York State Teachers Retirement System grew its position in The New York Times by 0.4% during the 2nd quarter. New York State Teachers Retirement System now owns 205,386 shares of the company’s stock valued at $8,632,000 after purchasing an additional 900 shares during the last quarter. Finally, First Trust Advisors LP grew its position in The New York Times by 152.4% during the 2nd quarter. First Trust Advisors LP now owns 272,603 shares of the company’s stock valued at $11,458,000 after purchasing an additional 164,596 shares during the last quarter. 92.45% of the stock is currently owned by institutional investors.

In other The New York Times news, CEO Mark Thompson sold 58,582 shares of the firm’s stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $43.56, for a total transaction of $2,551,831.92. Following the sale, the chief executive officer now owns 258,115 shares in the company, valued at approximately $11,243,489.40. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.60% of the stock is owned by corporate insiders.

Several research firms have issued reports on NYT. Evercore ISI upgraded shares of The New York Times from an “in-line” rating to an “outperform” rating and upped their target price for the company from $45.00 to $48.00 in a research note on Monday, November 9th. Wolfe Research began coverage on shares of The New York Times in a research note on Thursday, August 27th. They set an “outperform” rating and a $59.00 target price on the stock. Zacks Investment Research cut shares of The New York Times from a “strong-buy” rating to a “hold” rating and set a $49.00 target price on the stock. in a research note on Tuesday, October 6th. Finally, Morgan Stanley began coverage on shares of The New York Times in a research note on Wednesday, October 14th. They set an “overweight” rating and a $55.00 target price on the stock. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $45.57.

Shares of NYSE:NYT opened at $40.55 on Friday. The firm’s 50 day moving average price is $41.92 and its 200-day moving average price is $41.90. The New York Times Company has a twelve month low of $26.13 and a twelve month high of $47.95. The stock has a market capitalization of $6.78 billion, a PE ratio of 42.68 and a beta of 0.81.

The New York Times (NYSE:NYT) last issued its quarterly earnings data on Thursday, November 5th. The company reported $0.22 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.14 by $0.08. The New York Times had a net margin of 7.91% and a return on equity of 12.74%. The firm had revenue of $426.90 million for the quarter, compared to analysts’ expectations of $411.88 million. During the same quarter in the prior year, the business earned $0.12 EPS. The business’s quarterly revenue was down .5% on a year-over-year basis. Equities analysts forecast that The New York Times Company will post 0.85 earnings per share for the current year.

About The New York Times

The New York Times Company, together with its subsidiaries, provides news and information for readers and viewers across various platforms worldwide. It 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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Institutional Ownership by Quarter for The New York Times (NYSE:NYT)

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