Harbinger Capital Partners continues to whittle down its stake in the New York Times Co. (NYSE: NYT) The activist hedge fund — which once owned nearly 20 percent of the company — has sold another 1.5 million shares, bringing its stake down to 11.68 percent. Harbinger generated about $16.8 million from the sale, benefiting from a recent uptick in NYTCo’s stock price (The stock is up more than 30 percent since November when Harbinger last sold shares). Still, at $11 a share, NYTCo stock is trading far below the between $17 and $21 it was at when Harbinger initially bought its stake in early 2008.
SEC Watch: Harbinger Sells Even More NYT Shares
Credit: Flickr / Alex Torrenegra

Credit: Flickr / Alex Torrenegra
Comments have been disabled for this post