Bank of New York Mellon Corp cut its stake in shares of Time Inc. (NYSE:TIME) by 0.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,967,698 shares of the company’s stock after selling 16,213 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.98% of Time worth $28,237,000 as of its most recent SEC filing.
Several other large investors also recently bought and sold shares of TIME. Canada Pension Plan Investment Board acquired a new position in shares of Time during the first quarter worth approximately $104,000. Brave Asset Management Inc. acquired a new stake in Time in the second quarter worth approximately $160,000. Kovitz Investment Group Partners LLC acquired a new stake in Time in the second quarter worth approximately $171,000. CIBC Asset Management Inc acquired a new stake in Time in the second quarter worth approximately $181,000. Finally, Advantus Capital Management Inc lifted 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 worth $246,000 after purchasing an additional 389 shares during the period. 89.88% of the stock is owned by institutional investors.
A number of equities research analysts have recently commented on the company. Macquarie downgraded Time from an “outperform” rating to a “neutral” rating and set a $15.00 price objective for the company. in a research report on Thursday, June 15th. BidaskClub downgraded shares of Time from a “sell” rating to a “strong sell” rating in a research note on Thursday, August 24th. ValuEngine downgraded shares of Time from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Finally, Zacks Investment Research downgraded shares of Time from a “hold” rating to a “sell” rating in a research note on Thursday, July 20th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $15.40.
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Shares of Time Inc. (NYSE TIME) opened at 13.25 on Tuesday. The company has a 50 day moving average of $13.33 and a 200 day moving average of $15.20. Time Inc. has a 1-year low of $11.65 and a 1-year high of $20.40. The company’s market cap is $1.32 billion.
Time (NYSE:TIME) last announced its quarterly earnings results 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 negative net margin of 4.34% and a positive return on equity of 7.06%. The company had revenue of $694 million during the quarter, compared to analyst estimates of $698.66 million. During the same quarter last year, the company posted $0.22 EPS. The firm’s quarterly revenue was down 9.8% on a year-over-year basis. Equities analysts expect that Time Inc. will post $1.10 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Thursday, August 31st will be paid a $0.04 dividend. The ex-dividend date is Tuesday, August 29th. This represents a $0.16 dividend on an annualized basis and a yield of 1.21%. Time’s dividend payout ratio (DPR) is currently -12.31%.
Time Company 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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