Ajo LP Acquires 44,558 Shares of Time Inc. (TIME)
Ajo LP boosted its holdings in Time Inc. (NYSE:TIME) by 15.5% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 331,416 shares of the company’s stock after acquiring an additional 44,558 shares during the quarter. Ajo LP owned 0.33% of Time worth $4,756,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in TIME. BlackRock Inc. lifted its position in Time by 15,894.7% in the 1st quarter. BlackRock Inc. now owns 10,582,908 shares of the company’s stock valued at $204,781,000 after acquiring an additional 10,516,743 shares in the last quarter. Point72 Asset Management L.P. bought a new position in shares of Time during the 1st quarter worth approximately $29,239,000. Renaissance Technologies LLC lifted its position in shares of Time by 53.8% during the 1st 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 in the last quarter. State of New Jersey Common Pension Fund D lifted its position in shares of Time by 200.0% during the 2nd 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 in the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in shares of Time by 14.7% during the 1st 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 in the last quarter. 89.88% of the stock is currently owned by institutional investors and hedge funds.
Time Inc. (TIME) opened at 13.05 on Friday. The company’s market cap is $1.30 billion. Time Inc. has a 52-week low of $11.65 and a 52-week high of $20.40. The firm’s 50 day moving average is $13.19 and its 200 day moving average is $15.09.
Time (NYSE:TIME) last issued its earnings results on Tuesday, August 8th. The company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.16 by ($0.03). The firm had revenue of $694.00 million during the quarter, compared to the consensus estimate of $698.66 million. Time had a positive return on equity of 7.06% and a negative net margin of 4.34%. The company’s quarterly revenue was down 9.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.22 EPS. Analysts forecast that Time Inc. will post $1.10 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Thursday, August 31st were paid a $0.04 dividend. The ex-dividend date was Tuesday, August 29th. This represents a $0.16 annualized dividend and a dividend yield of 1.23%. Time’s dividend payout ratio is presently -12.31%.
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Several equities analysts have commented on the stock. BidaskClub cut shares of Time from a “hold” rating to a “sell” rating in a research report on Thursday, July 27th. Zacks Investment Research cut shares of Time from a “hold” rating to a “sell” rating in a research report on Thursday, July 20th. Macquarie cut shares of Time from an “outperform” rating to a “neutral” rating and set a $15.00 target price on the stock. in a research report on Thursday, June 15th. Finally, ValuEngine raised shares of Time from a “hold” rating to a “buy” rating in a research report on Tuesday, August 8th. 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’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $15.40.
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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