The New York Times Company (NYSE:NYT) Announces $0.13 Quarterly Dividend

The New York Times Company (NYSE:NYT) announced a quarterly dividend on Monday, September 30th, Wall Street Journal reports. Investors of record on Wednesday, October 9th will be paid a dividend of 0.13 per share on Thursday, October 24th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 0.93%. The ex-dividend date of this dividend is Wednesday, October 9th.

New York Times has raised its dividend payment by an average of 22.2% per year over the last three years. New York Times has a payout ratio of 25.4% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect New York Times to earn $2.07 per share next year, which means the company should continue to be able to cover its $0.52 annual dividend with an expected future payout ratio of 25.1%.

New York Times Trading Up 0.6 %

Shares of New York Times stock traded up $0.35 during midday trading on Monday, reaching $55.67. The company had a trading volume of 763,430 shares, compared to its average volume of 1,128,749. The stock has a fifty day simple moving average of $54.15 and a 200 day simple moving average of $49.86. New York Times has a 1-year low of $39.73 and a 1-year high of $56.49. The company has a market capitalization of $9.15 billion, a price-to-earnings ratio of 36.88 and a beta of 1.03.

New York Times (NYSE:NYT) last released its earnings results on Wednesday, August 7th. The company reported $0.45 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.04. New York Times had a net margin of 10.81% and a return on equity of 17.45%. The firm had revenue of $625.00 million during the quarter, compared to analyst estimates of $624.82 million. During the same quarter in the previous year, the business earned $0.38 EPS. The business’s quarterly revenue was up 5.8% compared to the same quarter last year. Sell-side analysts expect that New York Times will post 1.9 earnings per share for the current year.

Insider Activity

In related news, CFO William Bardeen sold 2,000 shares of the business’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $54.56, for a total value of $109,120.00. Following the sale, the chief financial officer now directly owns 10,315 shares of the company’s stock, valued at approximately $562,786.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Levien Meredith A. Kopit sold 18,300 shares of the business’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $53.92, for a total value of $986,736.00. Following the sale, the chief executive officer now directly owns 101,772 shares of the company’s stock, valued at approximately $5,487,546.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO William Bardeen sold 2,000 shares of the business’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $54.56, for a total transaction of $109,120.00. Following the completion of the sale, the chief financial officer now directly owns 10,315 shares in the company, valued at $562,786.40. The disclosure for this sale can be found here. 2.00% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

NYT has been the subject of several research analyst reports. Barclays boosted their price target on shares of New York Times from $40.00 to $45.00 and gave the company an “equal weight” rating in a report on Thursday, August 8th. JPMorgan Chase & Co. boosted their price target on shares of New York Times from $56.00 to $58.00 and gave the company an “overweight” rating in a report on Thursday, August 8th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $50.67.

About New York Times

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.