Zacks Investment Research upgraded shares of Time Inc. (NYSE:TIME) from a sell rating to a hold rating in a report issued on Thursday morning.
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. “
A number of other equities analysts also recently weighed in on the stock. ValuEngine raised shares of Time from a hold rating to a buy rating in a report on Tuesday, August 8th. BidaskClub upgraded Time from a sell rating to a hold rating in a research report on Thursday, August 3rd. Macquarie cut Time from an outperform rating to a neutral rating and set a $15.00 price target on the stock. in a research report on Thursday, June 15th. Finally, Wells Fargo & Company cut Time from an outperform rating to a market perform rating in a research report on Friday, April 28th. Five investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The company presently has an average rating of Hold and an average price target of $15.40.
Shares of Time (NYSE:TIME) remained flat at $13.55 during mid-day trading on Thursday. 937,220 shares of the company’s stock were exchanged. The firm’s market cap 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 has a 12 month low of $11.65 and a 12 month high of $20.40.
Time (NYSE:TIME) last issued its quarterly earnings results on Tuesday, August 8th. The company reported $0.13 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.16 by $0.03. The company had revenue of $694 million during the quarter, compared to analysts’ expectations of $698.66 million. Time had a positive return on equity of 7.06% and a negative net margin of 4.34%. Time’s quarterly revenue was down 9.8% compared to the same quarter last year. During the same period last year, the firm posted $0.22 earnings per share. On average, equities analysts anticipate that Time will post $1.14 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Thursday, August 31st will be issued a $0.04 dividend. The ex-dividend date is Tuesday, August 29th. This represents a $0.16 dividend on an annualized basis and a yield of 1.18%. Time’s dividend payout ratio (DPR) is -12.31%.
In other news, Director Dennis J. Fitzsimons bought 3,000 shares of the company’s stock in a transaction on Thursday, May 18th. The shares were acquired at an average cost of $11.99 per share, with a total value of $35,970.00. Following the completion of the transaction, the director now owns 30,674 shares of the company’s stock, valued at approximately $367,781.26. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Ronald S. Rolfe bought 2,000 shares of the company’s stock in a transaction on Monday, May 15th. The stock was purchased at an average cost of $12.85 per share, for a total transaction of $25,700.00. Following the completion of the transaction, the director now directly owns 32,147 shares of the company’s stock, valued at approximately $413,088.95. The disclosure for this purchase can be found here. 1.92% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Canada Pension Plan Investment Board purchased a new position in shares of Time during the first quarter valued at about $104,000. First Manhattan Co. boosted its position in shares of 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 last quarter. Riverhead Capital Management LLC boosted its position in shares of Time by 84.7% in the second quarter. Riverhead Capital Management LLC now owns 10,343 shares of the company’s stock valued at $148,000 after buying an additional 4,743 shares during the last quarter. Balter Liquid Alternatives LLC purchased a new position in shares of Time during the second quarter valued at about $156,000. Finally, Brave Asset Management Inc. purchased a new position in shares of Time during the second quarter valued at about $160,000. 91.70% of the stock is currently owned by institutional investors and hedge funds.
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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