State of Tennessee Treasury Department Takes Position in Time Inc. (TIME)
State of Tennessee Treasury Department acquired a new position in shares of Time Inc. (NYSE:TIME) during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 94,720 shares of the company’s stock, valued at approximately $1,359,000. State of Tennessee Treasury Department owned approximately 0.10% of Time at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently modified their holdings of TIME. Renaissance Technologies LLC raised its holdings in Time by 53.8% during the 1st quarter. Renaissance Technologies LLC now owns 2,487,300 shares of the company’s stock valued at $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 1st quarter valued at $602,000. Advantus Capital Management Inc raised its holdings in Time by 3.2% during the 1st quarter. Advantus Capital Management Inc now owns 12,700 shares of the company’s stock valued at $246,000 after buying an additional 389 shares during the period. Strs Ohio raised its holdings in Time by 21.3% during the 2nd quarter. Strs Ohio now owns 71,100 shares of the company’s stock valued at $1,020,000 after buying an additional 12,500 shares during the period. Finally, New York State Teachers Retirement System raised its holdings in Time by 4.8% during the 1st quarter. New York State Teachers Retirement System now owns 198,106 shares of the company’s stock valued at $3,833,000 after buying an additional 9,000 shares during the period. 90.06% of the stock is currently owned by institutional investors and hedge funds.
Several research firms recently weighed in on TIME. BidaskClub lowered Time from a “sell” rating to a “strong sell” rating in a report on Wednesday. ValuEngine upgraded Time from a “hold” rating to a “buy” rating in a report on Tuesday, August 8th. Zacks Investment Research upgraded Time from a “sell” rating to a “hold” rating in a report on Thursday, August 10th. Finally, Macquarie lowered Time from an “outperform” rating to a “neutral” rating and set a $15.00 price target on the stock. in a report on Thursday, June 15th. One research 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 company presently has an average rating of “Hold” and an average target price of $15.40.
Time Inc. (NYSE TIME) opened at 12.55 on Friday. Time Inc. has a 12 month low of $11.65 and a 12 month high of $20.40. The firm has a 50-day moving average price of $13.12 and a 200 day moving average price of $14.97. The company’s market cap is $1.25 billion.
Time (NYSE:TIME) last posted its earnings results on Tuesday, August 8th. The company reported $0.13 EPS for the quarter, missing the Zacks’ consensus estimate of $0.16 by ($0.03). Time had a negative net margin of 4.34% and a positive return on equity of 7.06%. The business had revenue of $694.00 million during the quarter, compared to analysts’ expectations of $698.66 million. During the same quarter in the prior year, the firm earned $0.22 EPS. Time’s revenue for the quarter was down 9.8% compared to the same quarter last year. Equities research analysts predict that Time Inc. will post $1.10 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Thursday, August 31st were given a $0.04 dividend. The ex-dividend date was Tuesday, August 29th. This represents a $0.16 dividend on an annualized basis and a yield of 1.27%. Time’s dividend payout ratio is currently -12.31%.
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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