Time Inc. (NYSE:TIME) Raised to “Hold” at BidaskClub
BidaskClub upgraded shares of Time Inc. (NYSE:TIME) from a sell rating to a hold rating in a report published on Thursday.
TIME has been the topic of a number of other research 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 downgraded shares of Time from an outperform rating to a market perform rating in a research report on Friday, April 28th. ValuEngine downgraded 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 target price for the company. in a report on Thursday, June 15th. One analyst has rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the company. Time presently has a consensus rating of Hold and an average target price of $15.40.
Shares of Time (NYSE TIME) traded up 1.48% during midday trading on Thursday, hitting $13.75. 929,436 shares of the stock traded hands. Time has a 52 week low of $11.65 and a 52 week high of $20.40. The firm’s market capitalization is $1.37 billion. The company’s 50-day moving average is $14.00 and its 200 day moving average is $16.38.
Time (NYSE:TIME) last issued 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 the consensus estimate of $641.85 million. Time had a negative net margin of 2.18% and a positive return on equity of 7.30%. The firm’s revenue for the quarter was down 7.8% on a year-over-year basis. During the same quarter last year, the company earned ($0.11) EPS. Analysts anticipate that Time will post $1.18 earnings per share for the current 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 stock was purchased at an average cost of $12.85 per share, with a total value of $25,700.00. Following the completion of the purchase, the director now directly owns 32,147 shares in the company, valued at approximately $413,088.95. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 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, with a total value of $35,970.00. Following the completion of the purchase, the director now owns 30,674 shares of the company’s stock, valued at $367,781.26. The disclosure for this purchase can be found here. Over the last three months, insiders bought 6,000 shares of company stock valued at $74,600. Corporate insiders own 1.92% of the company’s stock.
Several hedge funds have recently made changes to their positions in TIME. BlackRock Inc. boosted its stake in shares of 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 period. Dimensional Fund Advisors LP boosted its position in Time by 14.7% in the first quarter. Dimensional Fund Advisors LP now owns 4,923,019 shares of the company’s stock valued at $95,260,000 after buying an additional 631,143 shares during the last quarter. Omega Advisors Inc. boosted its position in Time by 12.1% in the first quarter. Omega Advisors Inc. now owns 4,362,604 shares of the company’s stock valued at $84,416,000 after buying an additional 469,349 shares during the last quarter. State Street Corp boosted its position in Time by 3.5% in the first quarter. State Street Corp now owns 3,435,769 shares of the company’s stock valued at $66,477,000 after buying an additional 117,265 shares during the last quarter. Finally, Thrivent Financial For Lutherans boosted its position in Time by 0.6% in the first quarter. Thrivent Financial For Lutherans now owns 2,696,769 shares of the company’s stock valued at $52,182,000 after buying an additional 14,830 shares during the last quarter. 90.72% of the stock is owned by hedge funds and other institutional investors.
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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