Neuberger Berman Group LLC Decreases Holdings in Time Inc. (TIME)
Neuberger Berman Group LLC cut its holdings in shares of Time Inc. (NYSE:TIME) by 11.4% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 93,493 shares of the company’s stock after selling 12,077 shares during the quarter. Neuberger Berman Group LLC owned 0.09% of Time worth $1,342,000 at the end of the most recent quarter.
Several other hedge funds have also bought and sold shares of TIME. Canada Pension Plan Investment Board bought a new position in shares of Time in the first quarter worth approximately $104,000. Balter Liquid Alternatives LLC bought a new position in shares of Time in the second quarter worth approximately $156,000. Brave Asset Management Inc. bought a new position in shares of Time in the second quarter worth approximately $160,000. Kovitz Investment Group Partners LLC bought a new position in shares of Time in the second quarter worth approximately $171,000. Finally, CIBC Asset Management Inc bought a new position in shares of Time in the second quarter worth approximately $181,000. 90.06% of the stock is currently owned by hedge funds and other institutional investors.
Time Inc. (NYSE:TIME) opened at 13.05 on Monday. Time Inc. has a one year low of $11.65 and a one year high of $20.40. The stock has a 50 day moving average of $13.19 and a 200 day moving average of $15.09. The company’s market cap is $1.30 billion.
Time (NYSE:TIME) last released its quarterly earnings results 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). Time had a negative net margin of 4.34% and a positive return on equity of 7.06%. The company had revenue of $694.00 million for the quarter, compared to analysts’ expectations of $698.66 million. During the same quarter in the previous year, the company posted $0.22 EPS. The business’s quarterly revenue was down 9.8% on a year-over-year basis. On average, analysts anticipate that Time Inc. will post $1.10 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Thursday, August 31st were paid a $0.04 dividend. The ex-dividend date of this dividend was Tuesday, August 29th. This represents a $0.16 dividend on an annualized basis and a yield of 1.23%. Time’s payout ratio is -12.31%.
Several research analysts have recently issued reports on the stock. BidaskClub upgraded shares of Time from a “sell” rating to a “hold” rating in a report on Wednesday, June 28th. Zacks Investment Research upgraded shares of Time from a “sell” rating to a “hold” rating in a report on Thursday, August 10th. ValuEngine cut shares of Time from a “buy” rating to a “hold” rating in a report on Friday, September 1st. Finally, 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 report on Thursday, June 15th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the company. Time presently has an average rating of “Hold” and an average price target of $15.40.
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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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