Point72 Asset Management L.P. Buys Shares of 1,511,050 Time Inc. (TIME)

Point72 Asset Management L.P. bought a new stake in Time Inc. (NYSE:TIME) during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 1,511,050 shares of the company’s stock, valued at approximately $29,239,000. Point72 Asset Management L.P. owned about 1.52% of Time as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in the company. Canada Pension Plan Investment Board purchased a new stake in Time during the first quarter valued at approximately $104,000. Pacad Investment Ltd. boosted its stake in Time by 42.5% in the fourth quarter. Pacad Investment Ltd. now owns 5,700 shares of the company’s stock valued at $102,000 after buying an additional 1,700 shares during the period. Flinton Capital Management LLC purchased a new stake in Time during the fourth quarter valued at approximately $115,000. First Manhattan Co. boosted its stake 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 during the period. Finally, Advantus Capital Management Inc boosted its stake 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 during the period. Institutional investors own 91.93% of the company’s stock.

Institutional Ownership by Quarter for Time (NYSE:TIME)

Shares of Time Inc. (NYSE TIME) traded up 2.64% during mid-day trading on Friday, hitting $13.60. 1,806,158 shares of the company traded hands. Time Inc. has a 52-week low of $11.65 and a 52-week high of $20.40. The firm has a 50-day moving average price of $13.28 and a 200 day moving average price of $17.18. The firm’s market cap is $1.35 billion.

Time (NYSE:TIME) last posted its quarterly earnings data on Wednesday, May 10th. The company reported ($0.18) earnings per share for the quarter, missing the consensus estimate of ($0.15) by $0.03. The company had revenue of $636 million during the quarter, compared to analyst estimates 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 previous year, the company earned ($0.11) EPS. Equities research analysts anticipate that Time Inc. will post $1.18 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 15th. Shareholders of record on Wednesday, May 31st were issued a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a yield of 1.18%. The ex-dividend date was Friday, May 26th. Time’s payout ratio is -23.53%.

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Several analysts have recently commented on the stock. Macquarie cut shares of Time from an “outperform” rating to a “neutral” rating and set a $15.00 target price for the company. in a research note on Thursday, June 15th. Zacks Investment Research upgraded shares of Time from a “sell” rating to a “hold” rating in a research note on Friday, May 12th. ValuEngine cut shares of Time from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. BidaskClub upgraded shares of Time from a “strong sell” rating to a “sell” rating in a research note on Friday, June 9th. Finally, Wells Fargo & Company cut shares of Time from an “outperform” rating to a “market perform” rating in a research note on Friday, April 28th. One analyst has rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $15.33.

In other news, Director Ronald S. Rolfe acquired 2,000 shares of Time stock in a transaction on Monday, May 15th. The stock was bought at an average cost of $12.85 per share, with a total value of $25,700.00. Following the completion of the purchase, the director now owns 32,147 shares of the company’s stock, valued at $413,088.95. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Dennis J. Fitzsimons acquired 3,000 shares of Time stock in a transaction 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 purchase, the director now directly owns 30,674 shares of the company’s stock, valued at approximately $367,781.26. The disclosure for this purchase can be found here. Insiders acquired a total of 6,000 shares of company stock valued at $74,600 over the last three months. 1.92% of the stock is owned by corporate insiders.

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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