Time Inc. (TIME) Position Cut by Gateway Investment Advisers LLC

Gateway Investment Advisers LLC decreased its position in shares of Time Inc. (NYSE:TIME) by 0.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 77,417 shares of the company’s stock after selling 462 shares during the period. Gateway Investment Advisers LLC owned about 0.08% of Time worth $1,111,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the stock. 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 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. Advantus Capital Management Inc boosted 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 during the last quarter. Essex Investment Management Co. LLC bought a new position in Time during the first quarter valued at $263,000. Finally, KCG Holdings Inc. bought a new position in Time during the first quarter valued at $294,000. 91.70% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Time Inc. (NYSE TIME) opened at 13.95 on Wednesday. The stock’s market cap is $1.39 billion. Time Inc. has a 1-year low of $11.65 and a 1-year high of $20.40. The company’s 50-day moving average is $13.99 and its 200-day moving average is $16.33.

Time (NYSE:TIME) last issued 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. Time had a positive return on equity of 7.30% and a negative net margin of 2.18%. The business had revenue of $694 million during the quarter, compared to analyst estimates of $698.66 million. During the same period in the previous year, the business posted $0.22 earnings per share. The firm’s quarterly revenue was down 9.8% on a year-over-year basis. Equities analysts expect that Time Inc. will post $1.18 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Thursday, August 31st will be issued a $0.04 dividend. The ex-dividend date of this dividend is Tuesday, August 29th. This represents a $0.16 dividend on an annualized basis and a dividend yield of 1.15%. Time’s dividend payout ratio (DPR) is -23.53%.

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TIME has been the subject of several research reports. Zacks Investment Research raised shares of Time from a “sell” rating to a “hold” rating in a report on Wednesday, April 26th. 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. BidaskClub upgraded shares of Time from a “strong sell” rating to a “sell” rating in a research report on Friday, June 9th. Finally, Macquarie lowered shares of Time from an “outperform” rating to a “neutral” rating and set a $15.00 price target for the company. in a research report on Thursday, June 15th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $15.40.

In other news, Director Dennis J. Fitzsimons acquired 3,000 shares of the business’s stock in a transaction dated Thursday, May 18th. The shares were bought at an average cost of $11.99 per share, for a total transaction of $35,970.00. Following the acquisition, the director now directly owns 30,674 shares in the company, valued at approximately $367,781.26. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, Director Ronald S. Rolfe acquired 2,000 shares of the business’s stock in a transaction dated Monday, May 15th. The stock was purchased at an average price 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 disclosure for this purchase can be found here. Over the last 90 days, insiders bought 6,000 shares of company stock worth $74,600. Company 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.