Time Inc (TIME) Director Purchases $35,970.00 in Stock
Time Inc (NYSE:TIME) Director Dennis J. Fitzsimons purchased 3,000 shares of the company’s stock in a transaction dated Thursday, May 18th. The shares were bought at an average price of $11.99 per share, for a total transaction of $35,970.00. Following the completion of the transaction, the director now directly owns 30,674 shares in the company, valued at approximately $367,781.26. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.
Shares of Time Inc (NYSE:TIME) traded up 1.27% during mid-day trading on Monday, hitting $12.00. The stock had a trading volume of 839,767 shares. The firm has a 50 day moving average of $16.43 and a 200 day moving average of $17.25. Time Inc has a one year low of $11.65 and a one year high of $20.40. The stock’s market cap is $1.19 billion.
Time (NYSE:TIME) last released its earnings results on Wednesday, May 10th. The company reported ($0.18) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.15) by $0.03. Time had a positive return on equity of 6.31% and a negative net margin of 2.82%. The firm had revenue of $636 million for the quarter, compared to analyst estimates of $641.85 million. During the same period last year, the business earned ($0.11) earnings per share. The firm’s quarterly revenue was down 7.8% compared to the same quarter last year. On average, analysts forecast that Time Inc will post $1.18 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 15th. Shareholders of record on Wednesday, May 31st will be issued a dividend of $0.04 per share. This represents a $0.16 dividend on an annualized basis and a yield of 1.33%. The ex-dividend date is Friday, May 26th. Time’s payout ratio is -84.44%.
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A number of analysts have recently weighed in on the company. Zacks Investment Research upgraded Time from a “sell” rating to a “hold” rating in a research report on Friday, May 12th. Stephens cut Time from an “equal weight” rating to a “sell” rating and set a $15.00 price target on the stock. in a research report on Friday, February 17th. Finally, Wells Fargo & Co cut Time from an “outperform” rating to a “market perform” rating in a research report on Friday, April 28th. Five investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Time currently has a consensus rating of “Hold” and an average price target of $15.40.
A number of large investors have recently added to or reduced their stakes in the stock. Pacad Investment Ltd. increased its stake in Time by 42.5% in the fourth quarter. Pacad Investment Ltd. now owns 5,700 shares of the company’s stock worth $102,000 after buying an additional 1,700 shares during the last quarter. Canada Pension Plan Investment Board bought a new stake in Time during the first quarter worth $104,000. First Manhattan Co. increased its stake in Time by 1.6% in the first quarter. First Manhattan Co. now owns 7,488 shares of the company’s stock worth $108,000 after buying an additional 118 shares during the last quarter. Flinton Capital Management LLC bought a new stake in Time during the fourth quarter worth $115,000. Finally, Advantus Capital Management Inc increased its stake 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 buying an additional 389 shares during the last quarter. 89.90% of the stock is currently owned by institutional investors.
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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