Aviva PLC Lowers Stock Position in The New York Times Company (NYSE:NYT)

Aviva PLC cut its position in shares of The New York Times Company (NYSE:NYT – Get Rating) by 44.3% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 29,489 shares of the company’s stock after selling 23,486 shares during the quarter. Aviva PLC’s holdings in New York Times were worth $957,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Pacer Advisors Inc. lifted its holdings in New York Times by 393.8% during the fourth quarter. Pacer Advisors Inc. now owns 31,546 shares of the company’s stock valued at $1,024,000 after purchasing an additional 25,158 shares in the last quarter. Duality Advisers LP purchased a new position in New York Times during the fourth quarter valued at $1,322,000. Russell Investments Group Ltd. lifted its holdings in New York Times by 105.6% during the third quarter. Russell Investments Group Ltd. now owns 100,675 shares of the company’s stock valued at $2,893,000 after purchasing an additional 51,699 shares in the last quarter. DekaBank Deutsche Girozentrale purchased a new position in New York Times during the fourth quarter valued at $116,000. Finally, Allianz Asset Management GmbH raised its position in shares of New York Times by 775.6% in the third quarter. Allianz Asset Management GmbH now owns 290,380 shares of the company’s stock valued at $8,348,000 after buying an additional 257,215 shares during the last quarter. 99.15% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on NYT shares. JPMorgan Chase & Co. increased their target price on shares of New York Times from $38.00 to $41.00 and gave the company an “overweight” rating in a research report on Wednesday, March 15th. Morgan Stanley increased their target price on shares of New York Times from $37.00 to $40.00 and gave the company an “equal weight” rating in a research report on Thursday, February 9th. StockNews.com cut shares of New York Times from a “buy” rating to a “hold” rating in a research report on Thursday, May 11th. Finally, Barclays reduced their target price on shares of New York Times from $36.00 to $33.00 in a research report on Friday, May 12th. Five analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $36.58.

New York Times Trading Down 1.2 %

New York Times stock opened at $36.03 on Friday. The New York Times Company has a 12-month low of $27.58 and a 12-month high of $42.40. The stock has a market cap of $5.93 billion, a P/E ratio of 31.33 and a beta of 0.99. The company has a 50-day moving average price of $38.35 and a 200 day moving average price of $36.46.

New York Times (NYSE:NYT – Get Rating) last released its quarterly earnings data on Wednesday, May 10th. The company reported $0.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.16 by $0.03. New York Times had a net margin of 8.21% and a return on equity of 13.49%. The firm had revenue of $560.74 million during the quarter, compared to analysts’ expectations of $564.37 million. During the same period last year, the business earned $0.19 earnings per share. As a group, analysts forecast that The New York Times Company will post 1.29 EPS for the current year.

New York Times announced that its Board of Directors has authorized a share repurchase plan on Wednesday, February 8th that authorizes the company to buyback $250.00 million in shares. This buyback authorization authorizes the company to repurchase up to 3.8% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board of directors believes its shares are undervalued.

New York Times Profile

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The New York Times Co is a media organization, which engages in creating, collecting, and distributing news and information. It offers news products and other interest-specific products, and related content and services. It offers newspapers, print, and digital products and investments. The firm also manages The New York Times, NYTimes.com, and mobile applications.