Profund Advisors LLC lowered its position in Time Inc. (NYSE:TIME) by 15.9% during the first quarter, according to its most recent disclosure with the SEC. The firm owned 20,825 shares of the company’s stock after selling 3,936 shares during the period. Profund Advisors LLC’s holdings in Time were worth $403,000 at the end of the most recent reporting period.
Other hedge funds have also modified their holdings of the company. Pacad Investment Ltd. raised its position in Time by 42.5% in the fourth quarter. Pacad Investment Ltd. now owns 5,700 shares of the company’s stock worth $102,000 after buying an additional 1,700 shares in the last quarter. First Manhattan Co. raised its position in Time by 1.6% in the first quarter. First Manhattan Co. now owns 7,488 shares of the company’s stock worth $108,000 after buying an additional 118 shares in the last quarter. Flinton Capital Management LLC purchased a new position in Time during the fourth quarter worth approximately $115,000. Teza Capital Management LLC purchased a new position in Time during the fourth quarter worth approximately $258,000. Finally, Moloney Securities Asset Management LLC purchased a new position in Time during the fourth quarter worth approximately $279,000. Hedge funds and other institutional investors own 92.79% of the company’s stock.
Time Inc. (NYSE TIME) traded up 0.74% on Friday, hitting $13.55. 1,877,075 shares of the stock were exchanged. The stock’s market capitalization is $1.35 billion. The company has a 50 day moving average of $13.37 and a 200 day moving average of $17.20. Time Inc. has a one year low of $11.65 and a one year high of $20.40.
Time (NYSE:TIME) last released its quarterly earnings data on Wednesday, May 10th. The company reported ($0.18) earnings per share for the quarter, missing the consensus estimate of ($0.15) by $0.03. The company had revenue of $636 million during the quarter, compared to the consensus estimate of $641.85 million. Time had a negative net margin of 2.18% and a positive return on equity of 7.30%. The business’s revenue was down 7.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.11) EPS. On average, equities research analysts forecast that Time Inc. will post $1.18 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 15th. Stockholders of record on Wednesday, May 31st were paid a $0.04 dividend. The ex-dividend date of this dividend was Friday, May 26th. This represents a $0.16 annualized dividend and a dividend yield of 1.18%. Time’s dividend payout ratio is currently -23.53%.
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A number of research firms recently commented on TIME. Zacks Investment Research raised shares of Time from a “sell” rating to a “hold” rating in a research note on Friday, May 12th. Stephens lowered shares of Time from an “equal weight” rating to a “sell” rating and set a $15.00 price objective for the company. in a research note on Friday, February 17th. Wells Fargo & Company lowered shares of Time from an “outperform” rating to a “market perform” rating in a research note on Friday, April 28th. BidaskClub raised shares of Time from a “strong sell” rating to a “sell” rating in a research note on Friday, June 9th. Finally, ValuEngine lowered shares of Time from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $15.33.
In related news, Director Ronald S. Rolfe acquired 2,000 shares of the stock in a transaction dated Monday, May 15th. The stock was bought at an average price of $12.85 per share, for a total transaction of $25,700.00. Following the purchase, the director now directly owns 32,147 shares of the company’s stock, valued at approximately $413,088.95. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Dennis J. Fitzsimons acquired 3,000 shares of the stock in a transaction dated Thursday, May 18th. The stock was bought at an average price of $11.99 per share, with a total value of $35,970.00. Following the purchase, the director now directly owns 30,674 shares in the company, valued at $367,781.26. The disclosure for this purchase can be found here. Insiders bought a total of 6,000 shares of company stock valued at $74,600 in the last quarter. 1.92% of the stock is currently owned by company insiders.
Time Company Profile
Time Inc is a media and content company. The Company offers a portfolio of news and lifestyle brands across a range of interest areas. As of December 31, 2016, the Company’s brands included People, Time, Fortune, Sports Illustrated, InStyle, Real Simple, Southern Living, Entertainment Weekly, Food & Wine, Travel + Leisure and Essence, as well as approximately 50 titles in the United Kingdom.
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