Renaissance Technologies LLC Sells 181,900 Shares of Time Inc. (TIME)
Renaissance Technologies LLC cut its holdings in Time Inc. (NYSE:TIME) by 7.3% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,305,400 shares of the company’s stock after selling 181,900 shares during the period. Renaissance Technologies LLC owned about 2.32% of Time worth $33,082,000 as of its most recent SEC filing.
Several other institutional investors have also added to or reduced their stakes in the stock. Advantus Capital Management Inc boosted its position in shares of Time by 3.2% in the 1st quarter. Advantus Capital Management Inc now owns 12,700 shares of the company’s stock worth $246,000 after buying an additional 389 shares in the last quarter. Northwestern Mutual Investment Management Company LLC boosted its position in shares of Time by 2.8% in the 2nd quarter. Northwestern Mutual Investment Management Company LLC now owns 17,570 shares of the company’s stock worth $289,000 after buying an additional 475 shares in the last quarter. Mason Street Advisors LLC boosted its position in shares of Time by 1.4% in the 1st quarter. Mason Street Advisors LLC now owns 46,861 shares of the company’s stock worth $907,000 after buying an additional 627 shares in the last quarter. Texas Permanent School Fund boosted its position in shares of Time by 1.1% in the 2nd quarter. Texas Permanent School Fund now owns 72,615 shares of the company’s stock worth $1,042,000 after buying an additional 796 shares in the last quarter. Finally, Meeder Asset Management Inc. boosted its position in shares of Time by 3.3% in the 2nd quarter. Meeder Asset Management Inc. now owns 44,941 shares of the company’s stock worth $645,000 after buying an additional 1,430 shares in the last quarter. Institutional investors and hedge funds own 90.06% of the company’s stock.
Several research analysts recently weighed in on the stock. BidaskClub raised shares of Time from a “strong sell” rating to a “sell” rating in a research note on Friday, June 9th. Macquarie downgraded shares of Time from an “outperform” rating to a “neutral” rating and set a $15.00 target price for the company. in a research note on Thursday, June 15th. Zacks Investment Research downgraded shares of Time from a “hold” rating to a “sell” rating in a research note on Thursday, July 20th. Finally, ValuEngine raised shares of Time from a “hold” rating to a “buy” rating in a research note on Tuesday, August 8th. One equities research analyst has rated the stock with a sell rating and five have assigned a hold rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $14.67.
Time Inc. (TIME) opened at 13.30 on Friday. The company has a 50-day moving average of $12.96 and a 200 day moving average of $14.53. The firm’s market cap is $1.32 billion. Time Inc. has a 52 week low of $11.65 and a 52 week high of $20.40.
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 Zacks’ 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 during the quarter, compared to analyst estimates of $698.66 million. During the same quarter last year, the business earned $0.22 EPS. The company’s revenue for the quarter was down 9.8% compared to the same quarter last year. On average, equities analysts predict that Time Inc. will post $1.10 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Thursday, August 31st were given 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 dividend yield of 1.20%. Time’s dividend payout ratio (DPR) is -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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