Strs Ohio Cuts Stake in Time Inc. (TIME)
Strs Ohio cut its stake in Time Inc. (NYSE:TIME) by 6.3% during the second quarter, according to its most recent disclosure with the SEC. The firm owned 65,400 shares of the company’s stock after selling 4,400 shares during the period. Strs Ohio’s holdings in Time were worth $1,076,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of TIME. Nisa Investment Advisors L.L.C. purchased a new position in Time during the first quarter valued at approximately $553,000. Virginia Retirement System bought a new position in Time during the first quarter valued at about $601,000. Pacad Investment Ltd. bought a new position in Time during the first quarter valued at about $224,000. Los Angeles Capital Management & Equity Research Inc. bought a new position in Time during the first quarter valued at about $174,000. Finally, Teachers Advisors Inc. boosted its position in Time by 0.6% in the first quarter. Teachers Advisors Inc. now owns 601,747 shares of the company’s stock valued at $9,291,000 after buying an additional 3,487 shares during the period. Hedge funds and other institutional investors own 93.52% of the company’s stock.
Time Inc. (NYSE:TIME) traded down 0.97% during mid-day trading on Friday, reaching $13.26. 564,162 shares of the company traded hands. The stock’s 50-day moving average price is $14.32 and its 200-day moving average price is $15.19. Time Inc. has a one year low of $12.23 and a one year high of $19.41. The firm’s market cap is $1.33 billion.
Time (NYSE:TIME) last announced its quarterly earnings results on Thursday, August 4th. The company reported $0.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.15 by $0.07. Time had a negative net margin of 28.56% and a positive return on equity of 6.36%. The firm earned $769 million during the quarter, compared to the consensus estimate of $782.49 million. During the same period last year, the firm posted $0.27 EPS. The firm’s quarterly revenue was down .5% on a year-over-year basis. Analysts forecast that Time Inc. will post $1.24 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Wednesday, August 31st were issued a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a yield of 5.73%. The ex-dividend date was Monday, August 29th. Time’s dividend payout ratio is currently -9.42%.
Several research firms have recently issued reports on TIME. Zacks Investment Research cut shares of Time from a “hold” rating to a “sell” rating in a report on Thursday, October 6th. Citigroup Inc. decreased their price objective on shares of Time from $18.00 to $17.00 and set a “buy” rating for the company in a report on Tuesday, September 27th. Finally, Morgan Stanley set a $15.00 price objective on shares of Time and gave the company a “hold” rating in a report on Friday, August 5th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the company’s stock. Time presently has a consensus rating of “Hold” and an average price target of $17.17.
Time Inc is a media company. The Company’s brands include People, Sports Illustrated, InStyle, Time, Real Simple, Southern Living, Entertainment Weekly, Travel + Leisure, Cooking Light, Fortune and Food & Wine, as well as over 50 diverse titles in the United Kingdom, such as Decanter, Horse & Hound, and Wallpaper*.
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