Mason Street Advisors LLC purchased a new position in shares of Time Inc. (NYSE:TIME) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 46,410 shares of the company’s stock, valued at approximately $764,000.
Other hedge funds and other institutional investors have also modified their holdings of the company. LS Investment Advisors LLC boosted its position in shares of Time by 64.7% in the second quarter. LS Investment Advisors LLC now owns 6,326 shares of the company’s stock worth $104,000 after buying an additional 2,486 shares during the period. Los Angeles Capital Management & Equity Research Inc. acquired a new position in shares of Time during the first quarter worth about $174,000. Amalgamated Bank boosted its position in shares of Time by 4.5% in the second quarter. Amalgamated Bank now owns 12,774 shares of the company’s stock worth $177,000 after buying an additional 545 shares during the period. Virginia Retirement Systems ET AL acquired a new position in shares of Time during the second quarter worth about $196,000. Finally, Nine Chapters Capital Management LLC acquired a new position in shares of Time during the second quarter worth about $201,000. 93.52% of the stock is owned by institutional investors.
Shares of Time Inc. (NYSE:TIME) opened at 14.38 on Friday. The company’s market capitalization is $1.44 billion. The firm’s 50-day moving average is $14.44 and its 200-day moving average is $15.30. Time Inc. has a 1-year low of $12.23 and a 1-year high of $20.01.
Time (NYSE:TIME) last posted its quarterly earnings data on Thursday, August 4th. The company reported $0.22 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.15 by $0.07. Time had a negative net margin of 28.56% and a positive return on equity of 6.36%. The business had revenue of $769 million for the quarter, compared to analysts’ expectations of $782.49 million. During the same quarter in the previous year, the business posted $0.27 earnings per share. The business’s revenue was down .5% compared to the same quarter last year. Analysts forecast that Time Inc. will post $1.24 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Wednesday, August 31st were issued a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 5.29%. The ex-dividend date was Monday, August 29th. Time’s payout ratio is presently -9.42%.
A number of analysts have weighed in on TIME shares. Citigroup Inc. reduced their price objective on shares of Time from $18.00 to $17.00 and set a “buy” rating for the company in a research note on Tuesday. Zacks Investment Research upgraded shares of Time from a “hold” rating to a “buy” rating and set a $19.00 price objective for the company in a research note on Wednesday, July 13th. Morgan Stanley set a $15.00 price objective on shares of Time and gave the company a “hold” rating in a research note on Friday, August 5th. Finally, TheStreet upgraded shares of Time from a “sell” rating to a “hold” rating in a research note on Monday, June 6th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the stock. Time currently has a consensus rating of “Hold” and an average target price of $17.17.
Time Inc is a media company. The Company’s brands include People, Sports Illustrated, InStyle, Time, Real Simple, Southern Living, Entertainment Weekly, Travel + Leisure, Cooking Light, Fortune and Food & Wine, as well as over 50 diverse titles in the United Kingdom, such as Decanter, Horse & Hound, and Wallpaper*.
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