Piedmont Investment Advisors LLC bought a new stake in shares of Time Inc. (NYSE:TIME) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 21,504 shares of the company’s stock, valued at approximately $309,000.
Several other hedge funds have also added to or reduced their stakes in the company. Fairpointe Capital LLC lifted its holdings in shares of Time by 7.9% during the second quarter. Fairpointe Capital LLC now owns 10,582,963 shares of the company’s stock valued at $151,866,000 after purchasing an additional 779,303 shares during the last quarter. Arrowstreet Capital Limited Partnership purchased a new position in shares of Time during the second quarter valued at approximately $4,440,000. Cubist Systematic Strategies LLC lifted its holdings in shares of Time by 61.9% during the second quarter. Cubist Systematic Strategies LLC now owns 20,534 shares of the company’s stock valued at $295,000 after purchasing an additional 7,849 shares during the last quarter. Cornerstone Capital Management Holdings LLC. lifted its holdings in shares of Time by 44.6% during the second quarter. Cornerstone Capital Management Holdings LLC. now owns 303,328 shares of the company’s stock valued at $4,352,000 after purchasing an additional 93,600 shares during the last quarter. Finally, Shelton Capital Management purchased a new position in shares of Time during the second quarter valued at approximately $144,000. Hedge funds and other institutional investors own 89.68% of the company’s stock.
Several equities analysts have recently issued reports on TIME shares. ValuEngine upgraded shares of Time from a “hold” rating to a “buy” rating in a report on Tuesday, August 8th. Zacks Investment Research upgraded shares of Time from a “sell” rating to a “hold” rating in a report on Thursday, August 10th. Finally, BidaskClub upgraded shares of Time from a “sell” rating to a “hold” rating in a report on Wednesday, June 28th. 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 price target of $14.67.
Time Inc. (NYSE TIME) opened at 12.15 on Monday. Time Inc. has a 12-month low of $11.65 and a 12-month high of $20.40. The stock’s market capitalization is $1.21 billion. The stock’s 50 day moving average is $12.94 and its 200 day moving average is $13.99.
Time (NYSE:TIME) last released its quarterly earnings data on Tuesday, August 8th. The company reported $0.13 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.16 by ($0.03). Time had a negative net margin of 4.34% and a positive return on equity of 7.06%. The business had revenue of $694.00 million for the quarter, compared to the consensus estimate of $698.66 million. During the same quarter in the prior year, the business posted $0.22 earnings per share. Time’s revenue for the quarter was down 9.8% on a year-over-year basis. Equities analysts predict that Time Inc. will post $1.10 earnings per share for the current fiscal year.
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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