BidaskClub Downgrades Time Inc. (NYSE:TIME) to Sell
Time Inc. (NYSE:TIME) was downgraded by equities research analysts at BidaskClub from a “hold” rating to a “sell” rating in a report issued on Thursday.
Other equities research analysts also recently issued reports about the company. Zacks Investment Research upgraded Time from a “sell” rating to a “hold” rating in a research report on Friday, May 12th. Wells Fargo & Company downgraded Time from an “outperform” rating to a “market perform” rating in a research report on Friday, April 28th. ValuEngine downgraded Time from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Finally, Macquarie downgraded Time from an “outperform” rating to a “neutral” rating and set a $15.00 price objective on the stock. in a research report on Thursday, June 15th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $15.33.
Shares of Time (NYSE TIME) traded down 1.02% during trading on Thursday, hitting $14.60. The stock had a trading volume of 1,208,179 shares. The company’s market cap is $1.45 billion. The stock has a 50 day moving average of $13.92 and a 200 day moving average of $16.53. Time has a 12 month low of $11.65 and a 12 month high of $20.40.
Time (NYSE:TIME) last posted its earnings results on Wednesday, May 10th. The company reported ($0.18) EPS for the quarter, missing analysts’ consensus estimates of ($0.15) by $0.03. The firm had revenue of $636 million during the quarter, compared to analysts’ expectations of $641.85 million. Time had a positive return on equity of 7.30% and a negative net margin of 2.18%. Time’s quarterly revenue was down 7.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.11) earnings per share. Equities analysts forecast that Time will post $1.18 EPS for the current fiscal year.
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In other Time news, Director Dennis J. Fitzsimons bought 3,000 shares of the business’s stock in a transaction dated Thursday, May 18th. The shares were purchased at an average price of $11.99 per share, with a total value of $35,970.00. Following the completion of the purchase, the director now owns 30,674 shares in the company, valued at approximately $367,781.26. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Ronald S. Rolfe bought 2,000 shares of the business’s stock in a transaction dated Monday, May 15th. The shares were acquired at an average cost of $12.85 per share, for a total transaction of $25,700.00. Following the purchase, the director now owns 32,147 shares of the company’s stock, valued at approximately $413,088.95. The disclosure for this purchase can be found here. In the last ninety days, insiders have bought 6,000 shares of company stock worth $74,600. Insiders own 1.92% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Canada Pension Plan Investment Board acquired a new position in Time during the first quarter worth approximately $104,000. First Manhattan Co. boosted its position 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 in the last quarter. CIBC Asset Management Inc acquired a new position in Time during the second quarter worth approximately $181,000. Advantus Capital Management Inc boosted its position 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 in the last quarter. Finally, Essex Investment Management Co. LLC acquired a new position in Time during the first quarter worth approximately $263,000. 90.91% of the stock is currently owned by hedge funds and other 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.
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