PNC Financial Services Group Inc. Has $974,000 Stake in The New York Times Company (NYSE:NYT)

PNC Financial Services Group Inc. lowered its stake in The New York Times Company (NYSE:NYT) by 1.6% in the fourth quarter, Holdings Channel reports. The fund owned 19,887 shares of the company’s stock after selling 330 shares during the quarter. PNC Financial Services Group Inc.’s holdings in New York Times were worth $974,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Vanguard Group Inc. lifted its holdings in shares of New York Times by 0.5% in the fourth quarter. Vanguard Group Inc. now owns 15,809,453 shares of the company’s stock worth $774,505,000 after acquiring an additional 80,075 shares during the last quarter. Franklin Resources Inc. lifted its holdings in shares of New York Times by 15.7% in the fourth quarter. Franklin Resources Inc. now owns 2,997,420 shares of the company’s stock worth $146,844,000 after acquiring an additional 406,958 shares during the last quarter. Norges Bank bought a new position in shares of New York Times in the fourth quarter worth about $89,754,000. Charles Schwab Investment Management Inc. lifted its holdings in shares of New York Times by 1.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,800,927 shares of the company’s stock worth $88,227,000 after acquiring an additional 31,213 shares during the last quarter. Finally, Northern Trust Corp lifted its holdings in shares of New York Times by 3.2% in the third quarter. Northern Trust Corp now owns 1,478,661 shares of the company’s stock worth $60,921,000 after acquiring an additional 45,677 shares during the last quarter. Institutional investors own 95.37% of the company’s stock.

Insiders Place Their Bets

In other news, CAO R Anthony Benten sold 5,171 shares of the firm’s stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $48.98, for a total transaction of $253,275.58. Following the completion of the sale, the chief accounting officer now owns 38,576 shares of the company’s stock, valued at approximately $1,889,452.48. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CAO R Anthony Benten sold 5,171 shares of the firm’s stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $48.98, for a total transaction of $253,275.58. Following the completion of the sale, the chief accounting officer now owns 38,576 shares of the company’s stock, valued at approximately $1,889,452.48. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Levien Meredith A. Kopit sold 12,548 shares of the firm’s stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $47.72, for a total transaction of $598,790.56. Following the sale, the chief executive officer now directly owns 120,072 shares of the company’s stock, valued at approximately $5,729,835.84. The disclosure for this sale can be found here. Company insiders own 2.00% of the company’s stock.

New York Times Stock Performance

New York Times stock opened at $50.92 on Monday. The New York Times Company has a 52-week low of $37.36 and a 52-week high of $51.98. The firm has a 50 day moving average price of $47.55 and a two-hundred day moving average price of $46.23. The firm has a market cap of $8.37 billion, a price-to-earnings ratio of 33.95 and a beta of 1.05.

New York Times (NYSE:NYT) last released its quarterly earnings results on Wednesday, May 8th. The company reported $0.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.11. New York Times had a net margin of 10.19% and a return on equity of 17.33%. The firm had revenue of $594.00 million during the quarter, compared to analyst estimates of $591.97 million. During the same quarter last year, the business earned $0.19 EPS. The company’s revenue was up 5.9% compared to the same quarter last year. As a group, equities research analysts predict that The New York Times Company will post 1.77 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. Evercore ISI increased their target price on shares of New York Times from $50.00 to $53.00 and gave the stock an “outperform” rating in a report on Thursday, May 9th. StockNews.com upgraded shares of New York Times from a “hold” rating to a “buy” rating in a report on Wednesday, March 20th. Argus upgraded shares of New York Times from a “hold” rating to a “buy” rating and set a $51.00 price objective for the company in a report on Monday, March 4th. Finally, Citigroup initiated coverage on shares of New York Times in a report on Tuesday, March 12th. They issued a “buy” rating and a $52.00 price objective for the company. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $46.71.

New York Times Company Profile

The New York Times Company, together with its subsidiaries, creates, collects, and distributes news and information worldwide. The company operates through two segments, The New York Times Group and The Athletic. It offers The New York Times (The Times) through company's mobile application, website, printed newspaper, and associated content, such as podcast.