Morgan Stanley lowered its position in shares of Time Inc. (NYSE:TIME) by 4.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,055,277 shares of the company’s stock after selling 44,461 shares during the period. Morgan Stanley owned 1.06% of Time worth $20,419,000 at the end of the most recent quarter.
Other large investors have also modified their holdings of the company. Canada Pension Plan Investment Board purchased a new position in shares of Time during the first quarter valued at approximately $104,000. First Manhattan Co. raised its position 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. Advantus Capital Management Inc raised its position 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. Essex Investment Management Co. LLC purchased a new position in shares of Time during the first quarter valued at approximately $263,000. Finally, Dynamic Technology Lab Private Ltd purchased a new position in shares of Time during the first quarter valued at approximately $296,000. Hedge funds and other institutional investors own 90.72% of the company’s stock.
Time Inc. (TIME) traded up 1.48% on Friday, reaching $13.75. The company had a trading volume of 929,436 shares. Time Inc. has a one year low of $11.65 and a one year high of $20.40. The stock’s market cap is $1.37 billion. The company has a 50-day moving average of $14.00 and a 200 day moving average of $16.38.
Time (NYSE:TIME) last released its quarterly earnings data on Wednesday, May 10th. The company reported ($0.18) earnings per share for the quarter, missing the consensus estimate of ($0.15) by $0.03. Time had a negative net margin of 2.18% and a positive return on equity of 7.30%. The company had revenue of $636 million during the quarter, compared to the consensus estimate of $641.85 million. During the same quarter in the prior year, the company posted ($0.11) earnings per share. The company’s revenue for the quarter was down 7.8% on a year-over-year basis. On average, equities research analysts predict that Time Inc. will post $1.18 EPS for the current year.
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Several brokerages have recently commented on TIME. BidaskClub upgraded Time from a “sell” rating to a “hold” rating in a research report on Thursday. Zacks Investment Research upgraded Time from a “sell” rating to a “hold” rating in a research report on Friday, May 12th. ValuEngine lowered Time from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Wells Fargo & Company lowered Time from an “outperform” rating to a “market perform” rating in a research report on Friday, April 28th. 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. One analyst has rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $15.40.
In other Time news, Director Ronald S. Rolfe purchased 2,000 shares of the firm’s stock in a transaction that occurred on Monday, May 15th. The shares were acquired at an average cost of $12.85 per share, for a total transaction of $25,700.00. Following the transaction, the director now directly owns 32,147 shares in the company, valued at $413,088.95. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Dennis J. Fitzsimons acquired 3,000 shares of the firm’s stock in a transaction on Thursday, May 18th. The stock was purchased at an average price of $11.99 per share, for a total transaction of $35,970.00. Following the completion of the transaction, the director now directly owns 30,674 shares in the company, valued at approximately $367,781.26. The disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 6,000 shares of company stock worth $74,600. 1.92% of the stock is owned by corporate 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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