Schwab Charles Investment Management Inc. boosted its position in Time Inc. (NYSE:TIME) by 5.7% during the first quarter, Holdings Channel reports. The fund owned 560,176 shares of the company’s stock after buying an additional 30,369 shares during the period. Schwab Charles Investment Management Inc.’s holdings in Time were worth $10,840,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently bought and sold shares of TIME. Canada Pension Plan Investment Board bought a new stake in shares of Time during the first quarter worth about $104,000. First Manhattan Co. raised 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 worth $108,000 after buying an additional 118 shares during the period. Advantus Capital Management Inc raised 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 worth $246,000 after buying an additional 389 shares during the period. Essex Investment Management Co. LLC bought a new stake in shares of Time during the first quarter worth about $263,000. Finally, KCG Holdings Inc. bought a new stake in shares of Time during the first quarter worth about $294,000. 90.91% of the stock is currently owned by institutional investors and hedge funds.
Shares of Time Inc. (NYSE:TIME) opened at 13.85 on Monday. Time Inc. has a 1-year low of $11.65 and a 1-year high of $20.40. The firm’s 50-day moving average is $13.79 and its 200 day moving average is $16.65. The company’s market cap is $1.38 billion.
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 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 business had revenue of $636 million during the quarter, compared to the consensus estimate of $641.85 million. During the same period in the prior year, the company posted ($0.11) earnings per share. The firm’s revenue was down 7.8% compared to the same quarter last year. Equities analysts expect that Time Inc. will post $1.18 EPS for the current fiscal year.
A number of analysts recently issued reports on the stock. BidaskClub upgraded shares of Time from a “sell” rating to a “hold” rating in a research note on Wednesday, June 28th. Wells Fargo & Company lowered shares of Time from an “outperform” rating to a “market perform” rating in a research note on Friday, April 28th. Zacks Investment Research upgraded shares of Time from a “sell” rating to a “hold” rating in a research note on Friday, May 12th. ValuEngine lowered shares of Time from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Finally, Macquarie lowered shares of 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. One analyst has rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $15.33.
In other news, Director Dennis J. Fitzsimons bought 3,000 shares of Time stock in a transaction that occurred on Thursday, May 18th. The stock was purchased at an average cost of $11.99 per share, with a total value of $35,970.00. Following the completion of the transaction, the director now directly owns 30,674 shares in the company, valued at $367,781.26. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ronald S. Rolfe bought 2,000 shares of Time stock in a transaction that occurred on Monday, May 15th. The stock was purchased at an average cost of $12.85 per share, with a total value of $25,700.00. Following the completion of the transaction, the director now owns 32,147 shares of the company’s stock, valued at $413,088.95. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 6,000 shares of company stock valued at $74,600. 1.92% of the stock is owned by company 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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