Time Inc. (TIME) Cut to “Neutral” at Macquarie

Time Inc. (NYSE:TIME) was downgraded by Macquarie from an “outperform” rating to a “neutral” rating in a report released on Thursday, The Fly reports.

Other equities analysts have also issued research reports about the company. Stephens upgraded Time from an “underweight” rating to an “equal weight” rating in a research note on Monday, March 20th. ValuEngine lowered Time from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Zacks Investment Research upgraded Time from a “sell” rating to a “hold” rating in a research note on Friday, May 12th. Wells Fargo & Company lowered Time from an “outperform” rating to a “market perform” rating in a research note on Friday, April 28th. Finally, BidaskClub upgraded Time from a “strong sell” rating to a “sell” rating in a research note on Friday, June 9th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $15.40.

Time (NYSE:TIME) opened at 14.00 on Thursday. Time has a 1-year low of $11.65 and a 1-year high of $20.40. The stock has a 50 day moving average price of $13.65 and a 200-day moving average price of $17.25. The company’s market cap is $1.39 billion.

Time (NYSE:TIME) last announced its quarterly earnings results on Wednesday, May 10th. The company reported ($0.18) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.15) by $0.03. Time had a negative net margin of 2.18% and a positive return on equity of 7.30%. The business had revenue of $636 million during the quarter, compared to analysts’ expectations of $641.85 million. During the same quarter in the prior year, the firm earned ($0.11) EPS. Time’s revenue for the quarter was down 7.8% on a year-over-year basis. On average, equities research analysts forecast that Time will post $1.18 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 15th. Investors of record on Wednesday, May 31st will be issued a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a yield of 1.14%. The ex-dividend date is Friday, May 26th. Time’s dividend payout ratio is presently -23.53%.

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In other Time news, Director Dennis J. Fitzsimons acquired 3,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 18th. The shares were purchased at an average cost of $11.99 per share, for a total transaction of $35,970.00. Following the completion of the acquisition, 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 Securities & Exchange Commission, which is available at this hyperlink. Also, Director Ronald S. Rolfe acquired 2,000 shares of the firm’s stock in a transaction that occurred on Monday, May 15th. The stock was acquired at an average price of $12.85 per share, for a total transaction of $25,700.00. Following the completion of the acquisition, 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 worth $74,600 over the last quarter. 1.92% of the stock is currently owned by insiders.

A number of hedge funds have recently made changes to their positions in TIME. Moloney Securities Asset Management LLC purchased a new stake in shares of Time during the fourth quarter worth about $279,000. A.R.T. Advisors LLC purchased a new stake in shares of Time during the fourth quarter worth about $1,652,000. Blenheim Capital Management BV purchased a new stake in shares of Time during the fourth quarter worth about $329,000. Flinton Capital Management LLC purchased a new stake in shares of Time during the fourth quarter worth about $115,000. Finally, Renaissance Technologies LLC raised its stake in shares of Time by 28.9% in the fourth quarter. Renaissance Technologies LLC now owns 1,617,100 shares of the company’s stock worth $28,865,000 after buying an additional 362,500 shares during the last quarter. 92.79% of the stock is currently owned by institutional investors.

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.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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