First Manhattan Co. Cuts Stake in Time Inc. (NYSE:TIME)
First Manhattan Co. lowered its position in Time Inc. (NYSE:TIME) by 0.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 7,199 shares of the company’s stock after selling 1 shares during the period. First Manhattan Co.’s holdings in Time were worth $103,000 at the end of the most recent quarter.
A number of other large investors have also added to or reduced their stakes in the company. Teachers Advisors LLC raised its stake in Time by 1.5% in the fourth quarter. Teachers Advisors LLC now owns 613,817 shares of the company’s stock worth $10,957,000 after buying an additional 9,137 shares during the period. Capstone Asset Management Co. raised its stake in shares of Time by 1.7% in the first quarter. Capstone Asset Management Co. now owns 19,030 shares of the company’s stock worth $368,000 after buying an additional 320 shares during the last quarter. Louisiana State Employees Retirement System raised its stake in shares of Time by 2.0% in the first quarter. Louisiana State Employees Retirement System now owns 25,000 shares of the company’s stock worth $484,000 after buying an additional 500 shares during the last quarter. Nisa Investment Advisors LLC raised its stake in shares of 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 last quarter. Finally, Equitec Specialists LLC raised its stake in shares of Time by 47.1% in the first quarter. Equitec Specialists LLC now owns 111,365 shares of the company’s stock worth $2,155,000 after buying an additional 35,634 shares during the last quarter. Institutional investors own 91.70% of the company’s stock.
Shares of Time Inc. (NYSE:TIME) opened at 13.55 on Monday. Time Inc. has a one year low of $11.65 and a one year high of $20.40. The firm’s market capitalization is $1.35 billion. The stock has a 50 day moving average of $14.02 and a 200-day moving average of $16.14.
Time (NYSE:TIME) last posted its earnings results on Tuesday, August 8th. The company reported $0.13 EPS for the quarter, missing analysts’ consensus estimates of $0.16 by $0.03. The firm had revenue of $694 million for the quarter, compared to analyst estimates of $698.66 million. Time had a positive return on equity of 7.06% and a negative net margin of 4.34%. The company’s revenue for the quarter was down 9.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.22 earnings per share. On average, equities analysts anticipate that Time Inc. will post $1.14 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Thursday, August 31st will be issued a $0.04 dividend. The ex-dividend date of this dividend is Tuesday, August 29th. This represents a $0.16 annualized dividend and a yield of 1.18%. Time’s dividend payout ratio is presently -12.31%.
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A number of brokerages have recently weighed in on TIME. Zacks Investment Research upgraded shares of Time from a “sell” rating to a “hold” rating in a report on Thursday. ValuEngine upgraded shares of Time from a “hold” rating to a “buy” rating in a report on Tuesday, August 8th. BidaskClub upgraded shares of Time from a “sell” rating to a “hold” rating in a report on Thursday, August 3rd. Macquarie lowered shares of Time from an “outperform” rating to a “neutral” rating and set a $15.00 price objective on the stock. in a report on Thursday, June 15th. Finally, Wells Fargo & Company lowered shares of Time from an “outperform” rating to a “market perform” rating in a report on Friday, April 28th. Five analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $15.40.
In related news, Director Dennis J. Fitzsimons purchased 3,000 shares of the business’s stock in a transaction that occurred on Thursday, May 18th. The shares were purchased at an average cost of $11.99 per share, with a total value of $35,970.00. Following the completion of the acquisition, the director now directly owns 30,674 shares of the company’s stock, valued at approximately $367,781.26. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.92% of the company’s stock.
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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