As NYTCo Falls, Investors Accumulate More
This story was written by Joseph Weisenthal.
Like every other newspaper, NYTCo (NYSE: NYT) stock has had a terrible year, as it currently trades 43 percent below its highs. At $13.45, it's a bit off of its 52-week lows, and in a range not seen since the late 90s. In a filing this evening, activist investor groups Harbinger said it had picked up another 200,000 shares at $13, bringing its total stake to 28.48 million. Of course the firm already won representation on the company's board, but it continues to nibble. Back in March, the company said it owned 27.7 million shares or about 19.4 percent of the company. While the up was up early on, with the shares up rising after their initial efforts, they're now clearly well down. Perhaps this recent buy is an attempt to average down.
By Joseph Weisenthal