BlackRock Inc. increased its position in shares of Time Inc. (NYSE:TIME) by 15,894.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 10,582,908 shares of the company’s stock after buying an additional 10,516,743 shares during the period. BlackRock Inc. owned 10.67% of Time worth $204,781,000 as of its most recent filing with the SEC.
Several other institutional investors also recently added to or reduced their stakes in TIME. Canada Pension Plan Investment Board bought a new position in Time during the first quarter worth $104,000. First Manhattan Co. raised its position in Time by 1.6% in the first quarter. First Manhattan Co. now owns 7,488 shares of the company’s stock worth $108,000 after buying an additional 118 shares during the last quarter. Advantus Capital Management Inc raised its position in 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 buying an additional 389 shares during the last quarter. Essex Investment Management Co. LLC bought a new position in Time during the first quarter worth $263,000. Finally, Dynamic Technology Lab Private Ltd bought a new position in Time during the first quarter worth $296,000. Institutional investors and hedge funds own 90.67% of the company’s stock.
Time Inc. (NYSE TIME) opened at 14.00 on Tuesday. The company has a 50 day moving average price of $13.08 and a 200 day moving average price of $17.02. Time Inc. has a 52 week low of $11.65 and a 52 week high of $20.40. The stock’s market cap is $1.39 billion.
Time (NYSE:TIME) last announced its quarterly earnings data on Wednesday, May 10th. The company reported ($0.18) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.15) by $0.03. The firm had revenue of $636 million during the quarter, compared to analyst estimates of $641.85 million. Time had a negative net margin of 2.18% and a positive return on equity of 7.30%. Time’s revenue for the quarter was down 7.8% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.11) EPS. Analysts expect that Time Inc. will post $1.18 EPS for the current fiscal year.
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Several equities analysts recently weighed in on the company. Zacks Investment Research upgraded Time from a “sell” rating to a “hold” rating in a research note on Friday, May 12th. BidaskClub upgraded Time from a “strong sell” rating to a “sell” rating in a research note on Friday, June 9th. ValuEngine lowered Time from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Macquarie lowered Time from an “outperform” rating to a “neutral” rating and set a $15.00 price target for the company. in a research note on Thursday, June 15th. Finally, Wells Fargo & Company lowered Time from an “outperform” rating to a “market perform” rating in a research note on Friday, April 28th. Seven analysts have rated the stock with a hold rating and one has given a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $15.33.
In related news, Director Ronald S. Rolfe bought 2,000 shares of the company’s stock in a transaction on Monday, May 15th. The stock was bought at an average cost of $12.85 per share, with a total value of $25,700.00. Following the completion of the acquisition, the director now owns 32,147 shares in the company, valued at approximately $413,088.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Dennis J. Fitzsimons bought 3,000 shares of the company’s stock in a transaction on Thursday, May 18th. The stock was bought at an average cost of $11.99 per share, with a total value of $35,970.00. Following the completion of the acquisition, the director now owns 30,674 shares of the company’s stock, valued at approximately $367,781.26. The disclosure for this purchase can be found here. In the last 90 days, insiders purchased 6,000 shares of company stock valued at $74,600. 1.92% of the stock is owned by insiders.
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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