AMG Funds LLC raised its holdings in shares of Time Inc. (NYSE:TIME) by 5.7% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 143,337 shares of the company’s stock after purchasing an additional 7,788 shares during the period. Time accounts for approximately 1.1% of AMG Funds LLC’s holdings, making the stock its 25th biggest holding. AMG Funds LLC owned about 0.14% of Time worth $2,057,000 at the end of the most recent quarter.
Other institutional investors have also added to or reduced their stakes in the company. Canada Pension Plan Investment Board acquired a new position in Time during the 1st quarter valued at about $104,000. First Manhattan Co. lifted its position in Time by 1.6% during the 1st quarter. First Manhattan Co. now owns 7,488 shares of the company’s stock valued at $108,000 after purchasing an additional 118 shares during the period. Balter Liquid Alternatives LLC acquired a new position in Time during the 2nd quarter valued at about $156,000. Brave Asset Management Inc. acquired a new position in Time during the 2nd quarter valued at about $160,000. Finally, Kovitz Investment Group Partners LLC acquired a new position in Time during the 2nd quarter valued at about $171,000. Institutional investors own 89.88% of the company’s stock.
A number of research firms have issued reports on TIME. BidaskClub upgraded shares of Time from a “sell” rating to a “hold” rating in a research report on Wednesday, June 28th. Zacks Investment Research upgraded shares of Time from a “sell” rating to a “hold” rating in a research report on Thursday, August 10th. Finally, ValuEngine downgraded shares of Time from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. One research analyst has rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the company. Time presently has a consensus rating of “Hold” and an average target price of $15.40.
Time Inc. (TIME) traded down 0.947% during mid-day trading on Friday, reaching $13.075. The company had a trading volume of 231,635 shares. The firm’s market capitalization is $1.30 billion. Time Inc. has a one year low of $11.65 and a one year high of $20.40. The firm’s 50-day moving average is $13.38 and its 200-day moving average is $15.30.
Time (NYSE:TIME) last posted its quarterly earnings data on Tuesday, August 8th. The company reported $0.13 EPS for the quarter, missing the Zacks’ consensus estimate of $0.16 by $0.03. Time had a positive return on equity of 7.06% and a negative net margin of 4.34%. The company had revenue of $694 million during the quarter, compared to analyst estimates of $698.66 million. During the same period in the prior year, the firm earned $0.22 earnings per share. Time’s revenue was down 9.8% compared to the same quarter last year. On average, equities research analysts anticipate that Time Inc. will post $1.10 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Thursday, August 31st will be paid a $0.04 dividend. This represents a $0.16 annualized dividend and a yield of 1.21%. The ex-dividend date of this dividend is Tuesday, August 29th. Time’s dividend payout ratio (DPR) is presently -12.31%.
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Time Profile
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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