ValueAct (VA Partners I) Raises New York Times Stake to Almost Eight Percent

Investing

Published: November 8, 2022 4:04 am

Last Updated: November 8, 2022 11:41 am

VA Partners I, LLC has filed a 13D/A form with the SEC disclosing ownership of 12,808,340 shares of New York Times Co (NYT). This represents 7.8% of the company.

In their previous filing dated August 11, 2022, they reported 11,014,741 shares and 6.70% of the company, an increase in shares of 16.28% and an increase in total ownership of 1.10% (calculated as current – previous percent ownership).

In their previous filing, the fund said it’s had and expects “further discussions with the company on a range of issues, including those relating to the business of the Issuer, management, board composition (which include whether it makes sense for a ValueAct Capital employee to be on the Issuer’s board of directors), investor communications, operations, capital allocation, dividend policy, financial condition, mergers and acquisitions strategy, overall business strategy, executive compensation, and corporate governance.”

ValueAct has filed two 13D/G filings since August 11, 2022.

What are other large shareholders doing?

Vanguard Group Inc holds 16,006,134 shares representing 9.68% ownership of the company. In its prior filing, the firm reported owning 15,840,783 shares, representing an increase of 1.03%. The firm decreased its portfolio allocation in NYT by 26.91% over the last quarter.

BlackRock Inc. holds 13,891,429 shares representing 8.40% ownership of the company. In its prior filing, the firm reported owning 13,839,627 shares, representing an increase of 0.37%. The firm decreased its portfolio allocation in NYT by 27.25% over the last quarter.

Jackson Square Partners, LLC holds 9,087,478 shares representing 5.49% ownership of the company. In its prior filing, the firm reported owning 11,167,140 shares, representing a decrease of 22.88%. The firm increased its portfolio allocation in NYT by 16.53% over the last quarter.

Darsana Capital Partners LP holds 8,500,000 shares representing 5.14% ownership of the company. No change in the last quarter.

Stockbridge Partners LLC holds 7,165,254 shares representing 4.33% ownership of the company. In its prior filing, the firm reported owning 6,490,990 shares, representing an increase of 9.41%. The firm decreased its portfolio allocation in NYT by 18.51% over the last quarter.

What is the overall institutional sentiment?

There are 708 funds or institutions reporting positions in New York Times Co. This is a decrease of 5 owner(s) or 0.70%.

Average portfolio weight of all funds dedicated to New York Times Co is 0.2224%, a decrease of 30.2647%. Total shares owned by institutions increased in the last three months by 0.66% to 165,494,058 shares.

Based on this information, institutional sentiment is bearish.

This article originally appeared on Fintel

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