New York Times (NYSE:NYT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Wednesday. The firm currently has a $26.00 price target on the stock. Zacks Investment Research‘s price target indicates a potential upside of 9.24% from the company’s previous close.

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.”

NYT has been the topic of several other reports. ValuEngine cut New York Times from a “buy” rating to a “hold” rating in a research note on Friday, December 1st. Jefferies Group reissued a “hold” rating and set a $18.00 target price on shares of New York Times in a research note on Monday, October 16th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company’s stock. New York Times currently has a consensus rating of “Hold” and a consensus price target of $16.95.

Shares of New York Times (NYSE NYT) opened at $23.80 on Wednesday. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.83 and a quick ratio of 1.83. New York Times has a 12-month low of $13.30 and a 12-month high of $24.20. The firm has a market capitalization of $3,770.15 and a P/E ratio of 39.67.

New York Times (NYSE:NYT) last posted its earnings results on Wednesday, November 1st. The company reported $0.13 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.08 by $0.05. New York Times had a return on equity of 13.46% and a net margin of 6.02%. The firm had revenue of $385.60 million for the quarter, compared to analysts’ expectations of $390.13 million. During the same period in the previous year, the firm earned $0.06 earnings per share. The business’s revenue was up 6.1% compared to the same quarter last year. equities research analysts forecast that New York Times will post 0.71 EPS for the current fiscal year.

Institutional investors and hedge funds have recently bought and sold shares of the company. Sei Investments Co. increased its stake in shares of New York Times by 146.1% during the third quarter. Sei Investments Co. now owns 25,445 shares of the company’s stock valued at $499,000 after buying an additional 15,104 shares during the period. Brown Advisory Inc. grew its stake in New York Times by 18.3% in the third quarter. Brown Advisory Inc. now owns 56,540 shares of the company’s stock worth $1,108,000 after purchasing an additional 8,727 shares during the period. Legal & General Group Plc grew its stake in New York Times by 10.9% in the third quarter. Legal & General Group Plc now owns 108,391 shares of the company’s stock worth $2,125,000 after purchasing an additional 10,610 shares during the period. OxFORD Asset Management LLP grew its stake in New York Times by 64.1% in the third quarter. OxFORD Asset Management LLP now owns 349,359 shares of the company’s stock worth $6,865,000 after purchasing an additional 136,523 shares during the period. Finally, JPMorgan Chase & Co. grew its stake in New York Times by 247.9% in the third quarter. JPMorgan Chase & Co. now owns 539,700 shares of the company’s stock worth $10,606,000 after purchasing an additional 384,565 shares during the period. 67.82% of the stock is currently owned by hedge funds and other institutional investors.

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New York Times Company Profile

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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