Time Inc (TIME) Director Dennis J. Fitzsimons Buys 3,000 Shares
Time Inc (NYSE:TIME) Director Dennis J. Fitzsimons purchased 3,000 shares of the stock in a transaction on Thursday, May 18th. The shares were purchased at an average cost of $11.99 per share, for a total transaction of $35,970.00. Following the acquisition, the director now directly 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 available through the SEC website.
Shares of Time Inc (NYSE:TIME) remained flat at $12.00 during trading on Tuesday. 1,403,094 shares of the company were exchanged. The stock’s market capitalization is $1.19 billion. Time Inc has a 12 month low of $11.65 and a 12 month high of $20.40. The company has a 50 day moving average of $16.01 and a 200 day moving average of $17.31.
Time (NYSE:TIME) last released its quarterly earnings data on Wednesday, May 10th. The company reported ($0.18) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.15) by $0.03. Time had a positive return on equity of 6.31% and a negative net margin of 2.82%. The company had revenue of $636 million during the quarter, compared to analysts’ expectations of $641.85 million. During the same quarter in the prior year, the company posted ($0.11) EPS. The company’s revenue for the quarter was down 7.8% on a year-over-year basis. Equities research analysts anticipate that Time Inc will post $1.18 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 15th. Shareholders of record on Wednesday, May 31st will be given a $0.04 dividend. The ex-dividend date is Friday, May 26th. This represents a $0.16 annualized dividend and a yield of 1.33%. Time’s dividend payout ratio is presently -84.44%.
A number of large investors have recently added to or reduced their stakes in TIME. BlackRock Inc. raised its position in shares of Time by 15,894.7% in the first quarter. BlackRock Inc. now owns 10,582,908 shares of the company’s stock worth $204,781,000 after buying an additional 10,516,743 shares during the period. Point72 Asset Management L.P. acquired a new position in shares of Time during the first quarter worth about $29,239,000. Norges Bank acquired a new position in shares of Time during the fourth quarter worth about $22,934,000. Paulson & CO. Inc. acquired a new position in shares of Time during the fourth quarter worth about $17,711,000. Finally, Omega Advisors Inc. acquired a new position in shares of Time during the third quarter worth about $13,083,000. Institutional investors and hedge funds own 89.90% of the company’s stock.
Several equities analysts have weighed in on TIME shares. Stephens raised shares of Time from an “underweight” rating to an “equal weight” rating in a report on Monday, March 20th. Zacks Investment Research raised shares of Time from a “sell” rating to a “hold” rating in a report on Friday, May 12th. Finally, Wells Fargo & Co downgraded shares of Time from an “outperform” rating to a “market perform” rating in a report on Friday, April 28th. Five investment analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. Time currently has an average rating of “Hold” and an average price target of $15.40.
Time Company Profile
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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