Bank of Montreal Can Lowers Stake in Time Inc (TIME)

Bank of Montreal Can lowered its stake in shares of Time Inc (NYSE:TIME) by 2.3% during the first quarter, Holdings Channel reports. The firm owned 9,211 shares of the company’s stock after selling 216 shares during the period. Bank of Montreal Can’s holdings in Time were worth $178,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. AQR Capital Management LLC increased its position in Time by 22.0% in the fourth quarter. AQR Capital Management LLC now owns 490,622 shares of the company’s stock valued at $8,758,000 after buying an additional 88,372 shares during the period. Hudson Bay Capital Management LP bought a new position in Time during the fourth quarter valued at about $4,141,000. Russell Investments Group Ltd. bought a new position in Time during the fourth quarter valued at about $4,221,000. Comerica Bank increased its position in Time by 3.1% in the fourth quarter. Comerica Bank now owns 75,836 shares of the company’s stock valued at $1,437,000 after buying an additional 2,266 shares during the period. Finally, A.R.T. Advisors LLC bought a new position in Time during the fourth quarter valued at about $1,652,000. Hedge funds and other institutional investors own 89.90% of the company’s stock.

Institutional Ownership by Quarter for Time (NYSE:TIME)

Shares of Time Inc (TIME) opened at 13.35 on Tuesday. Time Inc has a 12 month low of $11.65 and a 12 month high of $20.40. The stock’s market cap is $1.33 billion. The company has a 50-day moving average price of $14.60 and a 200-day moving average price of $17.30.

Time (NYSE:TIME) last released its earnings results on Wednesday, May 10th. The company reported ($0.18) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.15) by $0.03. The business had revenue of $636 million during the quarter, compared to analyst estimates of $641.85 million. Time had a negative net margin of 2.82% and a positive return on equity of 6.31%. The business’s revenue for the quarter was down 7.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.11) earnings per share. On average, analysts expect that Time Inc will post $1.18 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 15th. Investors of record on Wednesday, May 31st will be paid a $0.04 dividend. The ex-dividend date of this dividend is Friday, May 26th. This represents a $0.16 annualized dividend and a yield of 1.20%. Time’s payout ratio is currently -84.44%.

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TIME has been the topic of several recent analyst reports. Stephens upgraded shares of Time from an “underweight” rating to an “equal weight” rating in a report on Monday, March 20th. Zacks Investment Research downgraded shares of Time from a “hold” rating to a “sell” rating in a report on Tuesday, May 2nd. Wells Fargo & Co downgraded shares of Time from an “outperform” rating to a “market perform” rating in a report on Friday, April 28th. Finally, ValuEngine lowered Time from a “buy” rating to a “hold” rating in a research report on Friday. Six equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $15.40.

In other Time news, Director Dennis J. Fitzsimons bought 3,000 shares of the company’s stock in a transaction that occurred on Thursday, May 18th. The stock was purchased at an average cost of $11.99 per share, for a total transaction of $35,970.00. Following the completion of the purchase, the director now owns 30,674 shares of the company’s stock, valued at approximately $367,781.26. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Ronald S. Rolfe bought 2,000 shares of the company’s stock in a transaction that occurred on Monday, May 15th. The stock was acquired at an average price of $12.85 per share, with a total value of $25,700.00. Following the completion of the purchase, the director now directly owns 32,147 shares of the company’s stock, valued at approximately $413,088.95. The disclosure for this purchase can be found here. Insiders purchased 6,000 shares of company stock valued at $74,600 over the last quarter. Insiders own 0.93% of the company’s stock.

About Time

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.new TradingView.widget({ “height”: 400, “width”: 625, “symbol”: “TIME”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “White”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#f1f3f6”, “enable_publishing”: false, “hideideas”: true, “referral_id”: “2588”});

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