Zacks Research Comments on The New York Times Company’s Q2 2023 Earnings (NYSE:NYT)

The New York Times Company (NYSE:NYT – Get Rating) – Equities researchers at Zacks Research cut their Q2 2023 earnings estimates for shares of New York Times in a research report issued on Wednesday, May 24th. Zacks Research analyst S. Singh now expects that the company will earn $0.21 per share for the quarter, down from their prior estimate of $0.24. The consensus estimate for New York Times’ current full-year earnings is $1.29 per share. Zacks Research also issued estimates for New York Times’ Q3 2023 earnings at $0.27 EPS, FY2023 earnings at $1.27 EPS, Q3 2024 earnings at $0.32 EPS, Q4 2024 earnings at $0.63 EPS, Q1 2025 earnings at $0.27 EPS and FY2025 earnings at $1.71 EPS.

New York Times (NYSE:NYT – Get Rating) last announced its quarterly earnings data on Wednesday, May 10th. The company reported $0.19 earnings per share for the quarter, topping the consensus estimate of $0.16 by $0.03. The company had revenue of $560.74 million during the quarter, compared to analyst estimates of $564.37 million. New York Times had a net margin of 8.21% and a return on equity of 13.49%. During the same period last year, the business earned $0.19 EPS.

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

New York Times Stock Performance

New York Times stock opened at $35.92 on Friday. The firm has a market capitalization of $5.92 billion, a P/E ratio of 31.24 and a beta of 0.99. The company has a 50-day simple moving average of $38.31 and a 200-day simple moving average of $36.60. New York Times has a one year low of $27.58 and a one year high of $42.40.

New York Times announced that its board has approved a stock buyback plan on Wednesday, February 8th that allows the company to buyback $250.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 3.8% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its shares are undervalued.

Institutional Trading of New York Times

A number of institutional investors and hedge funds have recently modified their holdings of NYT. Mariner LLC lifted its stake in shares of New York Times by 1.0% in the fourth quarter. Mariner LLC now owns 28,504 shares of the company’s stock worth $925,000 after acquiring an additional 288 shares during the period. Commonwealth Equity Services LLC boosted its stake in New York Times by 1.6% during the 4th quarter. Commonwealth Equity Services LLC now owns 19,056 shares of the company’s stock valued at $618,000 after purchasing an additional 302 shares during the last quarter. Pictet Asset Management SA increased its position in shares of New York Times by 1.1% during the first quarter. Pictet Asset Management SA now owns 29,633 shares of the company’s stock valued at $1,152,000 after acquiring an additional 321 shares during the last quarter. PNC Financial Services Group Inc. raised its stake in shares of New York Times by 1.7% during the 1st quarter. PNC Financial Services Group Inc. now owns 21,607 shares of the company’s stock worth $991,000 after purchasing an additional 354 shares during the period. Finally, Parallel Advisors LLC boosted its stake in New York Times by 8.3% in the first quarter. Parallel Advisors LLC now owns 4,740 shares of the company’s stock valued at $184,000 after acquiring an additional 365 shares during the last quarter. 99.15% of the stock is owned by institutional investors.

About New York Times

(Get Rating)

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.