Geode Capital Management LLC Has $15.20 Million Stake in Time Inc. (TIME)

Geode Capital Management LLC boosted its stake in Time Inc. (NYSE:TIME) by 7.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 785,684 shares of the company’s stock after buying an additional 51,338 shares during the period. Geode Capital Management LLC owned 0.79% of Time worth $15,202,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. First Manhattan Co. increased its stake in shares of Time by 1.6% in the first quarter. First Manhattan Co. now owns 7,488 shares of the company’s stock valued at $108,000 after buying an additional 118 shares during the last quarter. Capstone Asset Management Co. increased its stake in shares of Time by 1.7% in the first quarter. Capstone Asset Management Co. now owns 19,030 shares of the company’s stock valued at $368,000 after buying an additional 320 shares during the last quarter. Advantus Capital Management Inc increased 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 valued at $246,000 after buying an additional 389 shares during the last quarter. State Treasurer State of Michigan increased its stake in shares of Time by 1.0% in the first quarter. State Treasurer State of Michigan now owns 40,337 shares of the company’s stock valued at $781,000 after buying an additional 400 shares during the last quarter. Finally, Louisiana State Employees Retirement System increased its stake in shares of Time by 2.0% in the first quarter. Louisiana State Employees Retirement System now owns 25,000 shares of the company’s stock valued at $484,000 after buying an additional 500 shares during the last quarter. 90.67% of the stock is owned by institutional investors and hedge funds.

Shares of Time Inc. (NYSE TIME) opened at 14.10 on Friday. The company’s market cap is $1.40 billion. Time Inc. has a 1-year low of $11.65 and a 1-year high of $20.40. The stock’s 50 day moving average is $13.79 and its 200 day moving average is $16.65.

Time (NYSE:TIME) last posted its quarterly earnings data on Wednesday, May 10th. The company reported ($0.18) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.15) by $0.03. The company had revenue of $636 million for the quarter, compared to analysts’ expectations of $641.85 million. Time had a positive return on equity of 7.30% and a negative net margin of 2.18%. The business’s revenue for the quarter was down 7.8% on a year-over-year basis. During the same period in the previous year, the business posted ($0.11) EPS. On average, analysts predict that Time Inc. will post $1.18 earnings per share for the current year.

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Several analysts have issued reports on the stock. Zacks Investment Research downgraded shares of Time from a “hold” rating to a “sell” rating in a research note on Thursday. BidaskClub raised shares of Time from a “sell” rating to a “hold” rating in a research note on Wednesday, June 28th. Wells Fargo & Company downgraded shares of Time from an “outperform” rating to a “market perform” rating in a research note on Friday, April 28th. ValuEngine downgraded shares of Time from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Finally, Macquarie downgraded shares of Time from an “outperform” rating to a “neutral” rating and set a $15.00 price objective for the company. in a research note on Thursday, June 15th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and one has assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $15.33.

In related news, Director Dennis J. Fitzsimons acquired 3,000 shares of the stock in a transaction that occurred on 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 owns 30,674 shares of the company’s stock, valued at approximately $367,781.26. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Ronald S. Rolfe acquired 2,000 shares of the stock in a transaction that occurred on Monday, May 15th. The shares were bought at an average cost of $12.85 per share, with a total value of $25,700.00. Following the transaction, the director now directly owns 32,147 shares in the company, valued at approximately $413,088.95. The disclosure for this purchase can be found here. Insiders have purchased a total of 6,000 shares of company stock valued at $74,600 in the last ninety days. 1.92% of the stock is currently owned by corporate insiders.

About Time

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.

Institutional Ownership by Quarter for Time (NYSE:TIME)

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