Amalgamated Bank Has $278,000 Stake in Time Inc. (NYSE:TIME)
Amalgamated Bank raised its stake in Time Inc. (NYSE:TIME) by 0.1% during the first quarter, Holdings Channel reports. The institutional investor owned 14,380 shares of the company’s stock after buying an additional 13 shares during the period. Amalgamated Bank’s holdings in Time were worth $278,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Canada Pension Plan Investment Board purchased a new stake in Time during the first quarter valued at $104,000. First Manhattan Co. increased its position in shares of 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 period. Advantus Capital Management Inc increased its position in shares of 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 period. Essex Investment Management Co. LLC acquired a new position in shares of Time during the first quarter worth about $263,000. Finally, KCG Holdings Inc. acquired a new position in shares of Time during the first quarter worth about $294,000. 90.67% of the stock is owned by institutional investors and hedge funds.
Time Inc. (NYSE:TIME) opened at 14.10 on Friday. The company has a 50 day moving average price of $13.79 and a 200 day moving average price of $16.65. The stock’s market capitalization is $1.40 billion. Time Inc. has a 12 month low of $11.65 and a 12 month high of $20.40.
Time (NYSE:TIME) last posted its quarterly earnings results on Wednesday, May 10th. The company reported ($0.18) EPS for the quarter, missing the consensus estimate of ($0.15) by $0.03. Time had a negative net margin of 2.18% and a positive return on equity of 7.30%. The company had revenue of $636 million for the quarter, compared to analysts’ expectations of $641.85 million. During the same quarter in the prior year, the firm earned ($0.11) earnings per share. The company’s revenue was down 7.8% on a year-over-year basis. Equities research analysts predict that Time Inc. will post $1.18 earnings per share for the current year.
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A number of equities analysts have recently issued reports on TIME shares. BidaskClub raised Time from a “sell” rating to a “hold” rating in a research note on Wednesday, June 28th. ValuEngine cut Time from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Zacks Investment Research upgraded Time from a “sell” rating to a “hold” rating in a report on Friday, May 12th. Wells Fargo & Company cut Time from an “outperform” rating to a “market perform” rating in a report on Friday, April 28th. Finally, Macquarie cut Time from an “outperform” rating to a “neutral” rating and set a $15.00 price objective on the stock. in a report on Thursday, June 15th. One analyst has rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $15.33.
In related news, Director Dennis J. Fitzsimons purchased 3,000 shares of the stock in a transaction dated Thursday, May 18th. The shares were acquired at an average cost of $11.99 per share, for a total transaction of $35,970.00. Following the acquisition, the director now directly owns 30,674 shares in the company, valued at approximately $367,781.26. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Ronald S. Rolfe purchased 2,000 shares of the stock in a transaction dated Monday, May 15th. The shares were bought at an average price of $12.85 per share, for a total transaction of $25,700.00. Following the completion of the acquisition, the director now owns 32,147 shares in the company, valued at $413,088.95. The disclosure for this purchase can be found here. Over the last 90 days, insiders have bought 6,000 shares of company stock worth $74,600. 1.92% of the stock is currently owned by corporate insiders.
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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