New York Times Co (NYSE:NYT) executive R. Anthony Benten, who serves as the company's Senior Vice President, Treasurer, and Chief Accounting Officer, has sold 5,171 shares of Class A Common Stock, according to a recent filing. The total value of the stock sold amounts to approximately $253,283, with the shares being sold at a weighted average price of $48.9815.
The transactions took place on May 21, 2024, and were executed in multiple parts with prices ranging from $48.790 to $49.125. Following the sale, Benten still holds 38,576 shares of New York Times Co. The company, which is well-known for its eponymous newspaper, is headquartered in New York City and trades under the ticker symbol NYT on the New York Stock Exchange.
Investors often keep a close eye on insider transactions as they may provide valuable insights into the company's financial health and future prospects. The details of the sale, including the range of prices at which the stock was sold, have been made available and can be provided upon request to interested parties, including The New York Times Company shareholders or the SEC staff.
The filing was signed by Michael A. Brown, Attorney-in-fact for R. Anthony Benten, indicating that the transaction has been duly authorized and executed. As of now, there has been no official statement from the company or Benten regarding the rationale behind the stock sale.
InvestingPro Insights
The recent insider transaction involving R. Anthony Benten's sale of New York Times Co shares might prompt investors to delve deeper into the company's financial metrics and market performance. Here are some key insights from InvestingPro that could shed light on NYT's current standing:
With a market cap of approximately $8.09 billion and a trailing twelve-month price-to-earnings (P/E) ratio of 29.83, the New York Times Co is trading at a premium compared to some of its industry peers. This valuation is supported by a consistent revenue growth of 5.68% over the last twelve months as of Q1 2024, reflecting the company's ability to expand its income streams despite the evolving media landscape.
Investors may also be encouraged by the company's dividend track record. An InvestingPro Tip highlights that NYT has raised its dividend for 5 consecutive years and has maintained payments for 12 consecutive years, which could signal a commitment to returning value to shareholders. Additionally, the company's stock has seen a strong return over the last month, with a 1 Month Price Total Return of 14.53%.
For investors seeking more detailed analyses and additional InvestingPro Tips, there are 12 more tips available on the company's profile at InvestingPro, including insights into earnings revisions and liquidity. Utilize the coupon code PRONEWS24 to receive an extra 10% off a yearly or biyearly Pro and Pro+ subscription and gain access to these valuable tips that could help inform your investment decisions.
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