Sit Investment Associates Inc. raised its stake in Time Inc. (NYSE:TIME) by 101.6% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 36,900 shares of the company’s stock after buying an additional 18,600 shares during the period. Sit Investment Associates Inc.’s holdings in Time were worth $530,000 as of its most recent filing with the SEC.
A number of other large investors have also made changes to their positions in TIME. Renaissance Technologies LLC increased its stake in Time by 53.8% in the first quarter. Renaissance Technologies LLC now owns 2,487,300 shares of the company’s stock worth $48,129,000 after buying an additional 870,200 shares during the period. First Trust Advisors LP purchased a new stake in Time during the first quarter worth $602,000. Nisa Investment Advisors LLC increased its stake in Time by 5.7% in the first quarter. Nisa Investment Advisors LLC now owns 15,583 shares of the company’s stock worth $302,000 after buying an additional 840 shares during the period. Advantus Capital Management Inc increased its stake in Time by 3.2% in the first quarter. Advantus Capital Management Inc now owns 12,700 shares of the company’s stock worth $246,000 after buying an additional 389 shares during the period. Finally, New York State Teachers Retirement System increased its stake in Time by 4.8% in the first quarter. New York State Teachers Retirement System now owns 198,106 shares of the company’s stock worth $3,833,000 after buying an additional 9,000 shares during the period. 90.91% of the stock is owned by hedge funds and other institutional investors.
Time Inc. (NYSE TIME) opened at 13.85 on Monday. The firm’s market cap is $1.38 billion. Time Inc. has a one year low of $11.65 and a one year high of $20.40. The stock’s 50 day moving average price is $13.79 and its 200-day moving average price is $16.65.
Time (NYSE:TIME) last announced its quarterly earnings results on Wednesday, May 10th. The company reported ($0.18) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.15) by $0.03. Time had a negative net margin of 2.18% and a positive return on equity of 7.30%. The firm had revenue of $636 million during the quarter, compared to the consensus estimate of $641.85 million. During the same quarter in the previous year, the company posted ($0.11) earnings per share. The firm’s revenue was down 7.8% on a year-over-year basis. Analysts forecast that Time Inc. will post $1.18 earnings per share for the current year.
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A number of equities research analysts have recently weighed in on the company. BidaskClub raised Time from a “sell” rating to a “hold” rating in a research note on Wednesday, June 28th. Wells Fargo & Company downgraded Time from an “outperform” rating to a “market perform” rating in a research note on Friday, April 28th. Zacks Investment Research raised Time from a “sell” rating to a “hold” rating in a research note on Friday, May 12th. ValuEngine downgraded Time from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Finally, Macquarie downgraded Time from an “outperform” rating to a “neutral” rating and set a $15.00 price target for the company. in a research note on Thursday, June 15th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $15.33.
In other news, Director Ronald S. Rolfe purchased 2,000 shares of the company’s stock in a transaction dated Monday, May 15th. The stock was bought at an average cost of $12.85 per share, for a total transaction of $25,700.00. Following the purchase, the director now owns 32,147 shares of the company’s stock, valued at $413,088.95. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Dennis J. Fitzsimons purchased 3,000 shares of the company’s stock in a transaction dated Thursday, May 18th. The stock was purchased at an average price of $11.99 per share, with a total value of $35,970.00. Following the completion of the purchase, 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 bought a total of 6,000 shares of company stock valued at $74,600 over the last quarter. 1.92% of the stock is owned by corporate 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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