Bridgewater Associates LP Takes $240,000 Position in Time Inc. (TIME)
Bridgewater Associates LP purchased a new position in shares of Time Inc. (NYSE:TIME) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 16,725 shares of the company’s stock, valued at approximately $240,000.
A number of other hedge funds have also modified their holdings of TIME. Nisa Investment Advisors LLC boosted its position in Time by 5.7% during the first quarter. Nisa Investment Advisors LLC now owns 15,583 shares of the company’s stock worth $302,000 after purchasing an additional 840 shares in the last quarter. Oregon Public Employees Retirement Fund boosted its position in Time by 1.4% during the first quarter. Oregon Public Employees Retirement Fund now owns 35,071 shares of the company’s stock worth $679,000 after purchasing an additional 500 shares in the last quarter. Canada Pension Plan Investment Board purchased a new position in Time during the first quarter worth approximately $104,000. Great West Life Assurance Co. Can boosted its position in Time by 4.0% during the first quarter. Great West Life Assurance Co. Can now owns 59,427 shares of the company’s stock worth $1,146,000 after purchasing an additional 2,259 shares in the last quarter. Finally, State Treasurer State of Michigan boosted its position in Time by 1.0% during the first quarter. State Treasurer State of Michigan now owns 40,337 shares of the company’s stock worth $781,000 after purchasing an additional 400 shares in the last quarter. Institutional investors own 90.06% of the company’s stock.
Time Inc. (NYSE:TIME) opened at 13.20 on Tuesday. The firm’s market cap is $1.31 billion. The firm’s 50 day moving average price is $13.15 and its 200-day moving average price is $15.01. Time Inc. has a one year low of $11.65 and a one year high of $20.40.
Time (NYSE:TIME) last announced its quarterly earnings results on Tuesday, August 8th. The company reported $0.13 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.16 by ($0.03). The firm had revenue of $694.00 million for the quarter, compared to analysts’ expectations of $698.66 million. Time had a positive return on equity of 7.06% and a negative net margin of 4.34%. Time’s revenue was down 9.8% compared to the same quarter last year. During the same period last year, the firm earned $0.22 EPS. Equities analysts predict that Time Inc. will post $1.10 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Thursday, August 31st were paid a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a dividend yield of 1.21%. The ex-dividend date of this dividend was Tuesday, August 29th. Time’s dividend payout ratio (DPR) is -12.31%.
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A number of equities analysts have issued reports on TIME shares. Zacks Investment Research upgraded Time from a “sell” rating to a “hold” rating in a research report on Thursday, August 10th. BidaskClub downgraded Time from a “hold” rating to a “sell” rating in a research report on Thursday, July 27th. ValuEngine upgraded Time from a “hold” rating to a “buy” rating in a research report on Tuesday, August 8th. Finally, Macquarie downgraded Time from an “outperform” rating to a “neutral” rating and set a $15.00 price target on the stock. in a research report on Thursday, June 15th. One analyst has rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $15.40.
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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