Zacks Investment Research cut shares of New York Times Company (The) (NYSE:NYT) from a buy rating to a hold rating in a research note released on Monday.

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.”

A number of other brokerages have also issued reports on NYT. Barclays PLC boosted their price target 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. Jefferies Group LLC reiterated a hold rating and issued a $18.00 price target on shares of New York Times Company (The) in a report on Monday, October 16th. One analyst has rated the stock with a sell rating and four have issued a hold rating to the company. New York Times Company (The) has a consensus rating of Hold and a consensus target price of $15.45.

Shares of New York Times Company (NYSE:NYT) traded up $0.20 during midday trading on Monday, hitting $17.40. The company had a trading volume of 676,719 shares, compared to its average volume of 1,422,596. The company has a quick ratio of 1.83, a current ratio of 1.83 and a debt-to-equity ratio of 0.27. The stock has a market capitalization of $2,769.75, a price-to-earnings ratio of 23.75 and a beta of 1.67. New York Times Company has a 12-month low of $10.98 and a 12-month high of $20.15.

New York Times Company (The) (NYSE:NYT) last announced its quarterly earnings results on Wednesday, November 1st. The company reported $0.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.08 by $0.05. The firm had revenue of $385.60 million during the quarter, compared to analyst estimates 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 quarterly revenue was up 6.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.06 earnings per share. equities research analysts anticipate that New York Times Company will post 0.72 earnings per share for the current year.

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The business also recently announced a quarterly dividend, which was paid on Thursday, October 19th. Shareholders of record on Wednesday, October 4th were issued a dividend of $0.04 per share. The ex-dividend date was Tuesday, October 3rd. This represents a $0.16 dividend on an annualized basis and a yield of 0.92%. New York Times Company (The)’s dividend payout ratio is currently 26.67%.

A number of institutional investors have recently bought and sold shares of the business. JPMorgan Chase & Co. lifted its holdings in New York Times Company (The) by 247.9% during the third quarter. JPMorgan Chase & Co. now owns 539,700 shares of the company’s stock worth $10,606,000 after buying an additional 384,565 shares during the period. Legal & General Group Plc lifted its holdings in New York Times Company (The) by 10.9% during the third quarter. Legal & General Group Plc now owns 108,391 shares of the company’s stock worth $2,125,000 after buying an additional 10,610 shares during the period. American International Group Inc. lifted its holdings in New York Times Company (The) by 5.0% during the third quarter. American International Group Inc. now owns 341,382 shares of the company’s stock worth $6,691,000 after buying an additional 16,317 shares during the period. Granite Investment Partners LLC lifted its holdings in New York Times Company (The) by 6.3% during the third quarter. Granite Investment Partners LLC now owns 1,063,911 shares of the company’s stock worth $20,853,000 after buying an additional 62,676 shares during the period. Finally, Macquarie Group Ltd. purchased a new stake in New York Times Company (The) during the third quarter worth $192,000. Institutional investors own 64.36% of the company’s stock.

About New York Times Company (The)

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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