Time Inc. (NYSE:TIME) Rating Lowered to Sell at Zacks Investment Research
Zacks Investment Research cut shares of Time Inc. (NYSE:TIME) from a hold rating to a sell rating in a report issued on Thursday.
According to Zacks, “Time Inc. is a branded media company. It publishes magazines in the United States, the United Kingdom, and internationally. Time also provides content marketing services; targeted local print and digital advertising programs; branded book publishing; and marketing and support services, such as magazine subscription sales services, retail distribution and marketing services, and customer service and fulfilment services to other third-party clients, including other magazine publishers. The Company’s brands includes Time, People, Sports Illustrated, InStyle, Real Simple, Travel + Leisure, Food & Wine, and Wallpaper. Time Inc. is headquartered in New York. “
TIME has been the topic of a number of other research reports. BidaskClub raised shares of Time from a sell rating to a hold rating in a research report on Wednesday, June 28th. Wells Fargo & Company lowered shares of Time from an outperform rating to a market perform rating in a research report on Friday, April 28th. ValuEngine lowered shares of Time from a buy rating to a hold rating in a research report on Friday, June 2nd. Finally, 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 research report on Thursday, June 15th. One analyst has rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the stock. The stock currently has a consensus rating of Hold and a consensus price target of $15.33.
Time (NYSE TIME) opened at 13.85 on Thursday. Time has a 52 week low of $11.65 and a 52 week high of $20.40. The firm’s market cap is $1.38 billion. The stock’s 50 day moving average is $13.79 and its 200 day moving average is $16.65.
Time (NYSE:TIME) last announced its quarterly earnings data on Wednesday, May 10th. The company reported ($0.18) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.15) by $0.03. The business had revenue of $636 million during the quarter, compared to the consensus estimate of $641.85 million. Time had a positive return on equity of 7.30% and a negative net margin of 2.18%. The business’s revenue for the quarter was down 7.8% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.11) EPS. Equities research analysts expect that Time will post $1.18 EPS for the current year.
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In other news, Director Ronald S. Rolfe bought 2,000 shares of the stock in a transaction that occurred on Monday, May 15th. The shares were acquired at an average cost of $12.85 per share, for a total transaction of $25,700.00. Following the completion of the acquisition, the director now owns 32,147 shares in the company, valued at $413,088.95. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Dennis J. Fitzsimons bought 3,000 shares of the stock in a transaction that occurred on Thursday, May 18th. The shares were purchased at an average price of $11.99 per share, for a total transaction of $35,970.00. Following the completion of the acquisition, the director now owns 30,674 shares of the company’s stock, valued at approximately $367,781.26. The disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 6,000 shares of company stock worth $74,600. 1.92% of the stock is owned by corporate insiders.
A number of institutional investors have recently modified their holdings of TIME. Canada Pension Plan Investment Board bought a new position in Time during the first quarter valued at approximately $104,000. First Manhattan Co. increased its position in Time by 1.6% in the first quarter. First Manhattan Co. now owns 7,488 shares of the company’s stock valued at $108,000 after buying an additional 118 shares in the last quarter. Advantus Capital Management Inc increased its position in Time by 3.2% in the first 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 in the last quarter. Essex Investment Management Co. LLC bought a new position in Time during the first quarter valued at approximately $263,000. Finally, State of Alaska Department of Revenue bought a new position in Time during the second quarter valued at approximately $281,000. Institutional investors and hedge funds own 90.67% 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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