Morgan Stanley cut its stake in shares of Time Inc. (NYSE:TIME) by 4.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,055,277 shares of the company’s stock after selling 44,461 shares during the period. Morgan Stanley owned about 1.06% of Time worth $20,419,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also modified their holdings of TIME. First Trust Advisors LP purchased a new stake in Time during the first quarter worth approximately $602,000. Nisa Investment Advisors LLC increased its stake in Time by 5.7% in the first quarter. Nisa Investment Advisors LLC now owns 15,583 shares of the company’s stock worth $302,000 after buying an additional 840 shares during the last quarter. Advantus Capital Management Inc increased its stake 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. AQR Capital Management LLC increased its stake in Time by 22.0% in the fourth quarter. AQR Capital Management LLC now owns 490,622 shares of the company’s stock worth $8,758,000 after buying an additional 88,372 shares during the last quarter. Finally, Hudson Bay Capital Management LP purchased a new stake in Time during the fourth quarter worth approximately $4,141,000. Institutional investors own 90.67% of the company’s stock.
Shares of Time Inc. (TIME) opened at 13.85 on Wednesday. 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 one year low of $11.65 and a one year high of $20.40. The firm’s market capitalization is $1.38 billion.
Time (NYSE:TIME) last released its quarterly earnings results on Wednesday, May 10th. The company reported ($0.18) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.15) by $0.03. The business had revenue of $636 million for the quarter, compared to the consensus estimate of $641.85 million. Time had a negative net margin of 2.18% and a positive return on equity of 7.30%. The firm’s revenue for the quarter was down 7.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.11) EPS. Analysts expect that Time Inc. will post $1.18 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, June 15th. Stockholders of record on Wednesday, May 31st were issued a dividend of $0.04 per share. The ex-dividend date was Friday, May 26th. This represents a $0.16 dividend on an annualized basis and a dividend yield of 1.16%. Time’s dividend payout ratio is currently -23.53%.
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A number of analysts have recently commented on the company. BidaskClub upgraded Time from a “sell” rating to a “hold” rating in a report on Wednesday, June 28th. Macquarie downgraded Time from an “outperform” rating to a “neutral” rating and set a $15.00 price objective for the company. in a report on Thursday, June 15th. ValuEngine downgraded Time from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Zacks Investment Research upgraded Time from a “sell” rating to a “hold” rating in a report on Friday, May 12th. Finally, Wells Fargo & Company downgraded Time from an “outperform” rating to a “market perform” rating in a report on Friday, April 28th. Seven analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Time currently has a consensus rating of “Hold” and a consensus price target of $15.33.
In other Time news, Director Dennis J. Fitzsimons purchased 3,000 shares of the business’s stock in a transaction dated Thursday, May 18th. The shares were acquired at an average price of $11.99 per share, for a total transaction of $35,970.00. Following the acquisition, the director now owns 30,674 shares of the company’s stock, valued at $367,781.26. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Ronald S. Rolfe purchased 2,000 shares of the business’s stock in a transaction dated Monday, May 15th. The shares were acquired at an average price of $12.85 per share, for a total transaction of $25,700.00. Following the acquisition, 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 bought a total of 6,000 shares of company stock worth $74,600 in the last 90 days. 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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