California Public Employees Retirement System lowered its holdings in Time Inc. (NYSE:TIME) by 6.0% in the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 482,470 shares of the company’s stock after selling 30,800 shares during the quarter. California Public Employees Retirement System owned approximately 0.49% of Time worth $6,923,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Riverhead Capital Management LLC lifted its holdings in Time by 84.7% in the 2nd quarter. Riverhead Capital Management LLC now owns 10,343 shares of the company’s stock worth $148,000 after buying an additional 4,743 shares during the period. Balter Liquid Alternatives LLC purchased a new stake in Time in the 2nd quarter worth approximately $156,000. Brave Asset Management Inc. purchased a new stake in Time in the 2nd quarter worth approximately $160,000. Kovitz Investment Group Partners LLC purchased a new stake in Time in the 2nd quarter worth approximately $171,000. Finally, CIBC Asset Management Inc purchased a new stake in Time in the 2nd quarter worth approximately $181,000. Institutional investors and hedge funds own 90.06% of the company’s stock.
TIME has been the subject of several research analyst reports. BidaskClub upgraded Time from a “sell” rating to a “hold” rating in a report on Wednesday, June 28th. Zacks Investment Research cut Time from a “hold” rating to a “sell” rating in a report on Thursday, July 20th. Finally, ValuEngine upgraded Time from a “hold” rating to a “buy” rating in a report on Tuesday, August 8th. Two equities research analysts have rated the stock with a sell rating and four have issued a hold rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $14.67.
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Time Inc. (NYSE TIME) opened at 12.70 on Friday. The stock’s market cap is $1.26 billion. Time Inc. has a 1-year low of $11.65 and a 1-year high of $20.40. The stock has a 50 day moving average price of $13.02 and a 200-day moving average price of $14.25.
Time (NYSE:TIME) last released its earnings results on Tuesday, August 8th. The company reported $0.13 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 negative net margin of 4.34% and a positive return on equity of 7.06%. The company’s quarterly revenue was down 9.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.22 EPS. On average, equities analysts expect that Time Inc. will post $1.10 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Thursday, August 31st were paid a dividend of $0.04 per share. The ex-dividend date was Tuesday, August 29th. This represents a $0.16 dividend on an annualized basis and a dividend yield of 1.26%. Time’s dividend 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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