Virginia Retirement Systems ET AL bought a new stake in Time Inc. (NYSE:TIME) during the second quarter, Holdings Channel reports. The institutional investor bought 11,900 shares of the company’s stock, valued at approximately $196,000.
Several other large investors have also made changes to their positions in the company. LS Investment Advisors LLC boosted its position in Time by 64.7% in the second quarter. LS Investment Advisors LLC now owns 6,326 shares of the company’s stock valued at $104,000 after buying an additional 2,486 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. purchased a new position in Time during the first quarter valued at about $174,000. Nine Chapters Capital Management LLC purchased a new position in Time during the second quarter valued at about $201,000. Advance Capital I Inc. purchased a new position in Time during the second quarter valued at about $211,000. Finally, Pacad Investment Ltd. purchased a new position in Time during the first quarter valued at about $224,000. Institutional investors and hedge funds own 93.52% of the company’s stock.
Shares of Time Inc. (NYSE:TIME) opened at 13.62 on Thursday. The stock has a 50 day moving average of $14.38 and a 200 day moving average of $15.22. The firm’s market capitalization is $1.36 billion. Time Inc. has a 52-week low of $12.23 and a 52-week high of $19.41.
Time (NYSE:TIME) last posted its quarterly earnings results on Thursday, August 4th. The company reported $0.22 EPS for the quarter, beating the Thomson Reuters’ 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 earned $769 million during the quarter, compared to analyst estimates of $782.49 million. During the same period in the previous year, the business posted $0.27 EPS. The company’s quarterly revenue was down .5% on a year-over-year basis. On average, analysts predict that Time Inc. will post $1.24 EPS for the current fiscal year.
The firm 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 annualized dividend and a dividend yield of 5.58%. The ex-dividend date of this dividend was Monday, August 29th. Time’s dividend payout ratio (DPR) is presently -9.42%.
Several research analysts recently issued reports on the stock. Zacks Investment Research cut shares of Time from a “hold” rating to a “sell” rating in a report on Thursday, October 6th. Citigroup Inc. dropped their target price on shares of Time from $18.00 to $17.00 and set a “buy” rating for the company in a report on Tuesday, September 27th. Finally, Morgan Stanley set a $15.00 target price on shares of Time and gave the company a “hold” rating in a report on Friday, August 5th. One 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 presently has an average rating of “Hold” and an average target price of $17.17.
Time Company Profile
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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