Time Inc. Announces Quarterly Dividend of $0.04 (TIME)
Time Inc. (NYSE:TIME) announced a quarterly dividend on Tuesday, August 8th, Wall Street Journal reports. Stockholders of record on Thursday, August 31st will be given a dividend of 0.04 per share on Friday, September 15th. This represents a $0.16 annualized dividend and a dividend yield of 1.15%. The ex-dividend date of this dividend is Tuesday, August 29th.
Time has a payout ratio of 12.9% indicating that its dividend is sufficiently covered by earnings. Analysts expect Time to earn $1.16 per share next year, which means the company should continue to be able to cover its $0.16 annual dividend with an expected future payout ratio of 13.8%.
Time (TIME) traded up 1.09% during mid-day trading on Tuesday, hitting $13.95. 1,670,382 shares of the stock traded hands. The stock’s market capitalization is $1.39 billion. The company has a 50 day moving average price of $14.00 and a 200-day moving average price of $16.38. Time has a one year low of $11.65 and a one year high of $20.40.
Time (NYSE:TIME) last posted its earnings results on Tuesday, August 8th. The company reported $0.13 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.16 by $0.03. Time had a positive return on equity of 7.30% and a negative net margin of 2.18%. The business had revenue of $694 million for the quarter, compared to the consensus estimate of $698.66 million. During the same period in the previous year, the firm earned $0.22 earnings per share. The company’s revenue was down 9.8% compared to the same quarter last year. Equities analysts anticipate that Time will post $1.18 earnings per share for the current fiscal year.
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In other news, Director Ronald S. Rolfe acquired 2,000 shares of Time stock in a transaction dated Monday, May 15th. The shares were bought at an average cost of $12.85 per share, with a total value of $25,700.00. Following the purchase, the director now owns 32,147 shares in the company, valued at approximately $413,088.95. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Dennis J. Fitzsimons acquired 3,000 shares of Time stock in a transaction dated 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 in the company, valued at approximately $367,781.26. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 6,000 shares of company stock worth $74,600. Insiders own 1.92% of the company’s stock.
A number of research firms have weighed in on TIME. BidaskClub raised shares of Time from a “sell” rating to a “hold” rating in a report on Wednesday, June 28th. Wells Fargo & Company lowered shares of Time from an “outperform” rating to a “market perform” rating in a research note on Friday, April 28th. Zacks Investment Research raised shares of Time from a “sell” rating to a “hold” rating in a research note on Friday, May 12th. ValuEngine lowered shares of Time from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Finally, Macquarie lowered shares of Time from an “outperform” rating to a “neutral” rating and set a $15.00 price objective on the stock. in a research note on Thursday, June 15th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and one has assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $15.40.
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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