Zacks Investment Research upgraded shares of Time Inc. (NYSE:TIME) from a sell rating to a hold rating in a research report report published on Thursday.
According to Zacks, “Time Inc. is a branded media company. It publishes magazines in the United States, the United Kingdom, and internationally. Time also provides content marketing services; targeted local print and digital advertising programs; branded book publishing; and marketing and support services, such as magazine subscription sales services, retail distribution and marketing services, and customer service and fulfilment services to other third-party clients, including other magazine publishers. The Company’s brands includes Time, People, Sports Illustrated, InStyle, Real Simple, Travel + Leisure, Food & Wine, and Wallpaper. Time Inc. is headquartered in New York. “
A number of other equities analysts have also weighed in on TIME. Wells Fargo & Company lowered Time from an outperform rating to a market perform rating in a research report on Friday, April 28th. ValuEngine lowered Time from a buy rating to a hold rating in a research report on Friday, June 2nd. BidaskClub raised Time from a strong sell rating to a sell rating in a research report on Friday, June 9th. Finally, Macquarie lowered 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. Five equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The company has an average rating of Hold and a consensus price target of $15.40.
Shares of Time (NYSE:TIME) opened at 13.55 on Thursday. Time 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 $14.02 and a 200 day moving average of $16.14. The stock’s market cap is $1.35 billion.
Time (NYSE:TIME) last issued its 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 positive return on equity of 7.06% and a negative net margin of 4.34%. The business had revenue of $694 million during the quarter, compared to analysts’ expectations of $698.66 million. During the same period last year, the firm posted $0.22 EPS. Time’s quarterly revenue was down 9.8% compared to the same quarter last year. On average, analysts forecast that Time will post $1.14 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Thursday, August 31st will be given a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a dividend yield of 1.18%. The ex-dividend date of this dividend is Tuesday, August 29th. Time’s payout ratio is currently -12.31%.
In other Time news, Director Dennis J. Fitzsimons purchased 3,000 shares of Time stock in a transaction dated Thursday, May 18th. The stock was purchased at an average price of $11.99 per share, with a total value of $35,970.00. Following the transaction, the director now directly owns 30,674 shares of the company’s stock, valued at $367,781.26. The purchase was disclosed in a document filed with the SEC, which is available through this link. 1.92% of the stock is owned by corporate insiders.
Large investors have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP raised its stake in Time by 21.9% in the second quarter. Dimensional Fund Advisors LP now owns 6,001,965 shares of the company’s stock valued at $86,128,000 after buying an additional 1,078,946 shares during the last quarter. Teachers Retirement System of The State of Kentucky raised its stake in Time by 40.9% in the second quarter. Teachers Retirement System of The State of Kentucky now owns 24,470 shares of the company’s stock valued at $351,000 after buying an additional 7,100 shares during the last quarter. Parametric Portfolio Associates LLC raised its stake in Time by 21.7% in the second quarter. Parametric Portfolio Associates LLC now owns 570,021 shares of the company’s stock valued at $8,180,000 after buying an additional 101,592 shares during the last quarter. Vanguard Group Inc. raised its stake in Time by 1.8% in the second quarter. Vanguard Group Inc. now owns 8,687,917 shares of the company’s stock valued at $124,672,000 after buying an additional 154,543 shares during the last quarter. Finally, Public Sector Pension investment Board acquired a new stake in Time during the second quarter valued at approximately $723,000. 92.86% of the stock is owned by hedge funds and other institutional investors.
Time Company Profile
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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