Gateway Investment Advisers LLC decreased its position in Time Inc. (NYSE:TIME) by 0.6% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 77,417 shares of the company’s stock after selling 462 shares during the period. Gateway Investment Advisers LLC owned approximately 0.08% of Time worth $1,111,000 at the end of the most recent quarter.
Other hedge funds have also modified their holdings of the company. BlackRock Inc. boosted its stake in Time by 15,894.7% in the first quarter. BlackRock Inc. now owns 10,582,908 shares of the company’s stock valued at $204,781,000 after buying an additional 10,516,743 shares during the period. Point72 Asset Management L.P. purchased a new stake in Time during the first quarter valued at approximately $29,239,000. Norges Bank purchased a new stake in Time during the fourth quarter valued at approximately $22,934,000. Renaissance Technologies LLC boosted its stake in Time by 53.8% in the first 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. Finally, Dimensional Fund Advisors LP boosted its stake in Time by 14.7% in the first quarter. Dimensional Fund Advisors LP now owns 4,923,019 shares of the company’s stock valued at $95,260,000 after buying an additional 631,143 shares during the period. Hedge funds and other institutional investors own 90.67% of the company’s stock.
Shares of Time Inc. (TIME) opened at 13.85 on Friday. The firm’s market cap is $1.38 billion. The stock has a 50 day moving average of $13.79 and a 200 day moving average of $16.65. Time Inc. has a 1-year low of $11.65 and a 1-year high of $20.40.
Time (NYSE:TIME) last announced its quarterly earnings results on Wednesday, May 10th. The company reported ($0.18) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.15) by $0.03. Time had a negative net margin of 2.18% and a positive return on equity of 7.30%. The firm had revenue of $636 million for the quarter, compared to analyst estimates of $641.85 million. During the same period last year, the firm posted ($0.11) EPS. The business’s revenue was down 7.8% compared to the same quarter last year. Equities research analysts anticipate that Time Inc. will post $1.18 earnings per share for the current fiscal year.
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TIME has been the subject of several recent analyst reports. Zacks Investment Research upgraded shares of Time from a “sell” rating to a “hold” rating in a research note on Wednesday, April 26th. Wells Fargo & Company cut shares of Time from an “outperform” rating to a “market perform” rating in a research note on Friday, April 28th. 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, 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. One research analyst has rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $15.33.
In related news, Director Ronald S. Rolfe acquired 2,000 shares of Time stock in a transaction that occurred on Monday, May 15th. The stock was acquired at an average price of $12.85 per share, with a total value of $25,700.00. Following the completion of the acquisition, the director now directly owns 32,147 shares of the company’s stock, valued at approximately $413,088.95. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Dennis J. Fitzsimons acquired 3,000 shares of Time stock in a transaction that occurred on Thursday, May 18th. The stock was bought at an average cost of $11.99 per share, with a total value of $35,970.00. Following the acquisition, the director now directly owns 30,674 shares of the company’s stock, valued at $367,781.26. The disclosure for this purchase can be found here. In the last three months, insiders have bought 6,000 shares of company stock valued at $74,600. Corporate insiders own 1.92% of the company’s stock.
About Time
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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