Comerica Bank lowered its stake in Time Inc. (NYSE:TIME) by 20.4% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 104,236 shares of the company’s stock after selling 26,711 shares during the quarter. Comerica Bank owned about 0.10% of Time worth $1,480,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Canada Pension Plan Investment Board bought a new position in Time in the first quarter valued at approximately $104,000. Brave Asset Management Inc. bought a new position in Time in the second quarter valued at approximately $160,000. Kovitz Investment Group Partners LLC bought a new position in Time in the second quarter valued at approximately $171,000. CIBC Asset Management Inc bought a new position in Time in the second quarter valued at approximately $181,000. Finally, Advantus Capital Management Inc lifted 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 in the last quarter. 89.88% of the stock is currently owned by hedge funds and other institutional investors.
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A number of brokerages have weighed in on TIME. BidaskClub lowered shares of Time from a “hold” rating to a “sell” rating in a research note on Thursday, July 27th. Zacks Investment Research lowered shares of Time from a “hold” rating to a “sell” rating in a research note on Thursday, July 20th. Macquarie lowered shares of Time from an “outperform” rating to a “neutral” rating and set a $15.00 price target on the stock. in a research note on Thursday, June 15th. Finally, ValuEngine raised shares of Time from a “hold” rating to a “buy” rating in a research note on Tuesday, August 8th. One analyst has rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $15.40.
Shares of Time Inc. (NYSE:TIME) opened at 13.30 on Thursday. Time Inc. has a 12-month low of $11.65 and a 12-month high of $20.40. The firm’s market capitalization is $1.32 billion. The stock has a 50 day moving average of $13.31 and a 200-day moving average of $15.15.
Time (NYSE:TIME) last posted its quarterly earnings results on Tuesday, August 8th. The company reported $0.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.03). The business had revenue of $694.00 million for the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.22 earnings per share. On average, equities research analysts predict that Time Inc. will post $1.10 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Thursday, August 31st will be issued a dividend of $0.04 per share. This represents a $0.16 dividend on an annualized basis and a dividend yield of 1.20%. The ex-dividend date of this dividend is Tuesday, August 29th. Time’s payout ratio is -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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