Prudential Financial Inc. Buys 16,640 Shares of Time Inc. (TIME)
Prudential Financial Inc. lifted its stake in Time Inc. (NYSE:TIME) by 2.9% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 583,024 shares of the company’s stock after purchasing an additional 16,640 shares during the period. Prudential Financial Inc. owned about 0.59% of Time worth $7,871,000 at the end of the most recent quarter.
A number of other large investors also recently added to or reduced their stakes in TIME. BlackRock Inc. lifted its holdings in Time by 16.0% during the 2nd quarter. BlackRock Inc. now owns 12,279,219 shares of the company’s stock worth $176,209,000 after buying an additional 1,696,311 shares during the last quarter. Fairpointe Capital LLC lifted its holdings in Time by 7.9% during the 2nd quarter. Fairpointe Capital LLC now owns 10,582,963 shares of the company’s stock worth $151,866,000 after buying an additional 779,303 shares during the last quarter. Vanguard Group Inc. lifted its holdings in Time by 1.8% during the 2nd quarter. Vanguard Group Inc. now owns 8,687,917 shares of the company’s stock worth $124,672,000 after buying an additional 154,543 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in Time by 21.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 6,001,965 shares of the company’s stock worth $86,128,000 after buying an additional 1,078,946 shares during the last quarter. Finally, Thrivent Financial For Lutherans lifted its holdings in Time by 22.9% during the 2nd quarter. Thrivent Financial For Lutherans now owns 3,315,419 shares of the company’s stock worth $47,576,000 after buying an additional 618,650 shares during the last quarter. Hedge funds and other institutional investors own 90.05% of the company’s stock.
Time Inc. (TIME) traded up $0.35 on Friday, hitting $16.90. The stock had a trading volume of 938,541 shares, compared to its average volume of 1,549,669. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.96 and a quick ratio of 0.93. Time Inc. has a twelve month low of $9.90 and a twelve month high of $20.40. The firm has a market capitalization of $1,648.74, a PE ratio of 15.61, a P/E/G ratio of 3.16 and a beta of 0.62.
Time (NYSE:TIME) last posted its earnings results on Thursday, November 9th. The company reported $0.36 EPS for the quarter, topping the Zacks’ consensus estimate of $0.28 by $0.08. Time had a positive return on equity of 7.53% and a negative net margin of 0.10%. The business had revenue of $679.00 million for the quarter, compared to analysts’ expectations of $693.65 million. During the same quarter in the previous year, the firm earned $0.31 earnings per share. The business’s revenue was down 9.5% compared to the same quarter last year. equities research analysts forecast that Time Inc. will post 1.05 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Thursday, November 30th will be given a dividend of $0.04 per share. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.95%. The ex-dividend date of this dividend is Wednesday, November 29th. Time’s dividend payout ratio (DPR) is currently -533.16%.
A number of brokerages have issued reports on TIME. ValuEngine raised Time from a “hold” rating to a “buy” rating in a report on Thursday, November 16th. Gabelli downgraded Time from a “buy” rating to a “hold” rating in a report on Friday, November 17th. Evercore ISI began coverage on Time in a report on Friday, November 17th. They set an “outperform” rating and a $7.00 price target for the company. BidaskClub raised Time from a “sell” rating to a “hold” rating in a report on Thursday, August 3rd. Finally, Zacks Investment Research raised Time from a “sell” rating to a “hold” rating in a report on Thursday, August 10th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $12.80.
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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