Time Inc. (TIME) Position Lowered by Alliancebernstein L.P.
Alliancebernstein L.P. decreased its holdings in Time Inc. (NYSE:TIME) by 6.1% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 135,870 shares of the company’s stock after selling 8,861 shares during the quarter. Alliancebernstein L.P. owned approximately 0.14% of Time worth $1,950,000 as of its most recent filing with the SEC.
Several other large investors have also added to or reduced their stakes in TIME. Balter Liquid Alternatives LLC acquired a new position in shares of Time in the second quarter worth about $156,000. Brave Asset Management Inc. acquired a new position in shares of Time in the second quarter worth about $160,000. Kovitz Investment Group Partners LLC acquired a new position in shares of Time in the second quarter worth about $171,000. CIBC Asset Management Inc acquired a new position in shares of Time in the second quarter worth about $181,000. Finally, Advantus Capital Management Inc lifted its stake in shares of Time by 3.2% in the first quarter. Advantus Capital Management Inc now owns 12,700 shares of the company’s stock worth $246,000 after acquiring an additional 389 shares in the last quarter. Institutional investors and hedge funds own 89.68% of the company’s stock.
Shares of Time Inc. (NYSE:TIME) opened at 12.25 on Wednesday. Time Inc. has a 52 week low of $11.65 and a 52 week high of $20.40. The firm’s market cap is $1.22 billion. The firm’s 50-day moving average price is $13.04 and its 200 day moving average price is $14.17.
Time (NYSE:TIME) last released its 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 during the quarter, compared to the consensus estimate of $698.66 million. During the same quarter in the previous year, the business posted $0.22 EPS. The firm’s quarterly revenue was down 9.8% on a year-over-year basis. Equities analysts anticipate that Time Inc. will post $1.10 EPS for the current year.
Several research firms recently commented on TIME. BidaskClub cut Time from a “hold” rating to a “sell” rating in a research note on Tuesday, October 10th. ValuEngine cut Time from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. Finally, Zacks Investment Research cut Time from a “hold” rating to a “sell” rating in a research note on Wednesday, October 11th. Two analysts have rated the stock with a sell rating and four have assigned a hold rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $14.67.
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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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