TIAA CREF Investment Management LLC reduced its holdings in shares of Time Inc. (NYSE:TIME) by 18.3% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 337,909 shares of the company’s stock after selling 75,523 shares during the quarter. TIAA CREF Investment Management LLC owned approximately 0.34% of Time worth $4,849,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also modified their holdings of the company. Riverhead Capital Management LLC grew its stake in shares of Time by 84.7% during the 2nd quarter. Riverhead Capital Management LLC now owns 10,343 shares of the company’s stock worth $148,000 after acquiring an additional 4,743 shares in the last quarter. Balter Liquid Alternatives LLC bought a new position in shares of Time during the 2nd quarter worth approximately $156,000. Brave Asset Management Inc. bought a new position in shares of Time during the 2nd quarter worth approximately $160,000. Kovitz Investment Group Partners LLC bought a new position in shares of Time during the 2nd quarter worth approximately $171,000. Finally, CIBC Asset Management Inc bought a new position in shares of Time during the 2nd quarter worth approximately $181,000. 89.68% of the stock is owned by institutional investors.
Time Inc. (NYSE TIME) opened at 12.25 on Wednesday. The company has a 50 day moving average of $13.04 and a 200 day moving average of $14.17. The company’s market capitalization is $1.22 billion. Time Inc. has a 1-year low of $11.65 and a 1-year high of $20.40.
Time (NYSE:TIME) last released its quarterly 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 company had revenue of $694.00 million during the quarter, compared to analysts’ expectations 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 previous year, the company posted $0.22 earnings per share. On average, analysts predict that Time Inc. will post $1.10 earnings per share for the current fiscal year.
Several equities analysts have recently weighed in on the stock. BidaskClub cut shares of Time from a “hold” rating to a “sell” rating in a research note on Thursday, July 27th. Zacks Investment Research cut shares of Time from a “hold” rating to a “sell” rating in a research note on Thursday, July 20th. Finally, ValuEngine raised shares of Time from a “hold” rating to a “buy” rating in a research note on Tuesday, August 8th. Two analysts have rated the stock with a sell rating and four have given a hold rating to the company. The stock currently has an average rating of “Hold” and an average target price of $14.67.
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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