Commonwealth of Pennsylvania Public School Empls Retrmt SYS Has $3.24 Million Stake in Time Inc. (TIME)
Commonwealth of Pennsylvania Public School Empls Retrmt SYS cut its holdings in shares of Time Inc. (NYSE:TIME) by 67.4% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 226,089 shares of the company’s stock after selling 467,490 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS owned approximately 0.23% of Time worth $3,244,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also modified their holdings of TIME. BlackRock Inc. lifted its holdings in shares of Time by 15,894.7% during the 1st quarter. BlackRock Inc. now owns 10,582,908 shares of the company’s stock worth $204,781,000 after acquiring an additional 10,516,743 shares during the period. Point72 Asset Management L.P. acquired a new stake in shares of Time during the first quarter worth $29,239,000. Renaissance Technologies LLC increased its position in shares of Time by 53.8% during the first quarter. Renaissance Technologies LLC now owns 2,487,300 shares of the company’s stock worth $48,129,000 after buying an additional 870,200 shares during the period. State of New Jersey Common Pension Fund D increased its position in shares of Time by 200.0% during the second quarter. State of New Jersey Common Pension Fund D now owns 1,200,000 shares of the company’s stock worth $17,220,000 after buying an additional 800,000 shares during the period. Finally, Dimensional Fund Advisors LP increased its position in shares of Time by 14.7% during the first quarter. Dimensional Fund Advisors LP now owns 4,923,019 shares of the company’s stock worth $95,260,000 after buying an additional 631,143 shares during the period. Institutional investors and hedge funds own 89.88% of the company’s stock.
A number of research firms have weighed in on TIME. 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 report on Friday, June 2nd. BidaskClub upgraded shares of Time from a “strong sell” rating to a “sell” rating in a research report on Friday, June 9th. Finally, Macquarie lowered shares of Time from an “outperform” rating to a “neutral” rating and set a $15.00 target price for the company. in a research report 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 given a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $15.40.
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Shares of Time Inc. (NYSE:TIME) opened at 12.80 on Wednesday. Time Inc. has a 12-month low of $11.65 and a 12-month high of $20.40. The company has a 50-day moving average of $13.44 and a 200 day moving average of $15.33. The stock’s market capitalization is $1.27 billion.
Time (NYSE:TIME) last announced its quarterly earnings data on Tuesday, August 8th. The company reported $0.13 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.16 by $0.03. The firm had revenue of $694 million during the quarter, compared to the consensus estimate of $698.66 million. Time had a negative net margin of 4.34% and a positive return on equity of 7.06%. The firm’s quarterly revenue was down 9.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.22 earnings per share. Analysts predict that Time Inc. will post $1.10 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Thursday, August 31st will be issued a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a dividend yield of 1.25%. The ex-dividend date of this dividend is Tuesday, August 29th. Time’s dividend payout ratio (DPR) is presently -12.31%.
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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