Time Inc. (TIME) Raised to Hold at BidaskClub
Time Inc. (NYSE:TIME) was upgraded by equities research analysts at BidaskClub from a “sell” rating to a “hold” rating in a report issued on Wednesday.
TIME has been the subject of a number of other reports. Zacks Investment Research upgraded shares of Time from a “sell” rating to a “hold” rating in a research report on Friday, May 12th. Wells Fargo & Company cut shares of Time from an “outperform” rating to a “market perform” rating in a research report on Friday, April 28th. Stephens upgraded shares of Time from an “underweight” rating to an “equal weight” rating in a research report on Monday, March 20th. ValuEngine cut shares of Time from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Finally, Macquarie cut shares of Time from an “outperform” rating to a “neutral” rating and set a $15.00 price objective for the company. in a research report on Thursday, June 15th. Seven equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $15.33.
Time (TIME) traded up 2.91% during trading on Wednesday, reaching $14.15. 617,051 shares of the company traded hands. The firm has a 50-day moving average price of $13.28 and a 200-day moving average price of $17.18. The company’s market capitalization is $1.41 billion. Time has a 52 week low of $11.65 and a 52 week high of $20.40.
Time (NYSE:TIME) last posted its quarterly earnings data on Wednesday, May 10th. The company reported ($0.18) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.15) by $0.03. The company had revenue of $636 million for the quarter, compared to analyst estimates of $641.85 million. Time had a positive return on equity of 7.30% and a negative net margin of 2.18%. The business’s revenue was down 7.8% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.11) earnings per share. Analysts forecast that Time will post $1.18 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 15th. Shareholders of record on Wednesday, May 31st were given a dividend of $0.04 per share. This represents a $0.16 dividend on an annualized basis and a yield of 1.16%. The ex-dividend date was Friday, May 26th. Time’s dividend payout ratio is presently -23.53%.
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In other Time news, Director Dennis J. Fitzsimons bought 3,000 shares of the company’s stock in a transaction dated Thursday, May 18th. The stock was acquired at an average price of $11.99 per share, with a total value of $35,970.00. Following the completion of the acquisition, the director now directly owns 30,674 shares of the company’s stock, valued at $367,781.26. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Ronald S. Rolfe bought 2,000 shares of the company’s stock in a transaction dated Monday, May 15th. The shares were acquired at an average cost of $12.85 per share, with a total value of $25,700.00. Following the acquisition, the director now directly owns 32,147 shares of the company’s stock, valued at $413,088.95. The disclosure for this purchase can be found here. Insiders have bought 6,000 shares of company stock valued at $74,600 in the last ninety days. Insiders own 1.92% of the company’s stock.
Several large investors have recently added to or reduced their stakes in TIME. BlackRock Inc. raised its stake in Time by 15,894.7% in the first quarter. BlackRock Inc. now owns 10,582,908 shares of the company’s stock worth $204,781,000 after buying an additional 10,516,743 shares during the last quarter. Point72 Asset Management L.P. acquired a new stake in Time during the first quarter worth about $29,239,000. Norges Bank acquired a new stake in Time during the fourth quarter worth about $22,934,000. Renaissance Technologies LLC raised its stake in Time by 53.8% in the first quarter. Renaissance Technologies LLC now owns 2,487,300 shares of the company’s stock worth $48,129,000 after buying an additional 870,200 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in Time by 14.7% in the first quarter. Dimensional Fund Advisors LP now owns 4,923,019 shares of the company’s stock worth $95,260,000 after buying an additional 631,143 shares during the last quarter. 91.93% of the stock is owned by institutional investors and hedge funds.
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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