Liberty Mutual Group Asset Management Inc. increased its stake in shares of Time Inc. (NYSE:TIME) by 4.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 44,706 shares of the company’s stock after buying an additional 2,020 shares during the period. Liberty Mutual Group Asset Management Inc.’s holdings in Time were worth $865,000 at the end of the most recent reporting period.
A number of other institutional investors also recently bought and sold shares of TIME. Geode Capital Management LLC raised its position in Time by 7.0% in the first quarter. Geode Capital Management LLC now owns 785,684 shares of the company’s stock valued at $15,202,000 after buying an additional 51,338 shares during the period. Marshall Wace LLP acquired a new position in Time during the first quarter worth approximately $2,958,000. Meeder Asset Management Inc. raised its position in Time by 22.2% in the first quarter. Meeder Asset Management Inc. now owns 43,511 shares of the company’s stock worth $842,000 after buying an additional 7,892 shares during the last quarter. Thrivent Financial For Lutherans raised its position in Time by 0.6% in the first quarter. Thrivent Financial For Lutherans now owns 2,696,769 shares of the company’s stock worth $52,182,000 after buying an additional 14,830 shares during the last quarter. Finally, Legal & General Group Plc raised its position in Time by 4.6% in the first quarter. Legal & General Group Plc now owns 180,944 shares of the company’s stock worth $3,502,000 after buying an additional 7,891 shares during the last quarter. Institutional investors own 90.87% of the company’s stock.
Time Inc. (NYSE:TIME) traded down 1.06% during midday trading on Friday, reaching $14.00. The company’s stock had a trading volume of 830,799 shares. The firm’s market cap is $1.39 billion. The firm has a 50 day moving average price of $13.08 and a 200-day moving average price of $17.02. Time Inc. has a 52 week low of $11.65 and a 52 week high of $20.40.
Time (NYSE:TIME) last announced its earnings results on Wednesday, May 10th. The company reported ($0.18) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.15) by $0.03. Time had a positive return on equity of 7.30% and a negative net margin of 2.18%. The business had revenue of $636 million for the quarter, compared to the consensus estimate of $641.85 million. During the same period in the prior year, the business posted ($0.11) earnings per share. The firm’s revenue for the quarter was down 7.8% compared to the same quarter last year. On average, analysts forecast that Time Inc. will post $1.18 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, June 15th. Investors of record on Wednesday, May 31st were given a dividend of $0.04 per share. The ex-dividend date was Friday, May 26th. This represents a $0.16 annualized dividend and a dividend yield of 1.14%. Time’s dividend payout ratio is -23.53%.
TIME has been the topic of a number of recent analyst reports. Stephens upgraded Time from an “underweight” rating to an “equal weight” rating in a research note on Monday, March 20th. Zacks Investment Research upgraded Time from a “sell” rating to a “hold” rating in a research note on Wednesday, April 26th. Wells Fargo & Company downgraded Time from an “outperform” rating to a “market perform” rating in a research report on Friday, April 28th. ValuEngine downgraded Time from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Finally, BidaskClub raised Time from a “strong sell” rating to a “sell” rating in a research report on Friday, June 9th. Seven analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $15.33.
In other news, Director Ronald S. Rolfe purchased 2,000 shares of Time stock in a transaction that occurred on Monday, May 15th. The shares were acquired at an average price of $12.85 per share, for a total transaction of $25,700.00. Following the transaction, the director now owns 32,147 shares of the company’s stock, valued at approximately $413,088.95. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Dennis J. Fitzsimons purchased 3,000 shares of Time stock in a transaction that occurred on Thursday, May 18th. The shares were purchased at an average price of $11.99 per share, for a total transaction of $35,970.00. Following the transaction, the director now directly owns 30,674 shares in the company, valued at approximately $367,781.26. The disclosure for this purchase can be found here. Insiders have purchased a total of 6,000 shares of company stock worth $74,600 in the last quarter. 1.92% of the stock is currently owned by company insiders.
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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