Time Inc. (NYSE:TIME) Posts Quarterly Earnings Results, Misses Estimates By $0.03 EPS
Time Inc. (NYSE:TIME) issued its quarterly earnings data on Tuesday. The company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.16 by $0.03, Bloomberg Earnings reports. Time had a positive return on equity of 7.06% and a negative net margin of 4.34%. The company had revenue of $694 million during the quarter, compared to analyst estimates of $698.66 million. During the same quarter in the prior year, the company posted $0.22 earnings per share. The business’s revenue was down 9.8% compared to the same quarter last year.
Time (NYSE TIME) traded down 0.37% during midday trading on Thursday, reaching $13.55. 172,841 shares of the company’s stock were exchanged. The stock’s 50 day moving average is $14.00 and its 200 day moving average is $16.20. The firm’s market capitalization is $1.35 billion. Time has a 52 week low of $11.65 and a 52 week high of $20.40.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Thursday, August 31st will be issued a dividend of $0.04 per share. The ex-dividend date of this dividend is Tuesday, August 29th. This represents a $0.16 dividend on an annualized basis and a yield of 1.18%. Time’s dividend payout ratio (DPR) is presently -12.31%.
In other news, Director Dennis J. Fitzsimons bought 3,000 shares of Time stock in a transaction dated Thursday, May 18th. The shares were acquired 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 owns 30,674 shares in the company, valued at approximately $367,781.26. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Ronald S. Rolfe bought 2,000 shares of Time stock in a transaction dated Monday, May 15th. The shares were purchased at an average cost of $12.85 per share, for a total transaction of $25,700.00. Following the completion of the transaction, the director now owns 32,147 shares of the company’s stock, valued at approximately $413,088.95. The disclosure for this purchase can be found here. 1.92% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of TIME. BlackRock Inc. boosted its position in 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 last quarter. Dimensional Fund Advisors LP boosted its position in Time by 14.7% in the first quarter. Dimensional Fund Advisors LP now owns 4,923,019 shares of the company’s stock worth $95,260,000 after buying an additional 631,143 shares during the last quarter. Omega Advisors Inc. boosted its position in Time by 12.1% in the first quarter. Omega Advisors Inc. now owns 4,362,604 shares of the company’s stock worth $84,416,000 after buying an additional 469,349 shares during the last quarter. State Street Corp boosted its position in Time by 3.5% in the first quarter. State Street Corp now owns 3,435,769 shares of the company’s stock worth $66,477,000 after buying an additional 117,265 shares during the last quarter. Finally, Thrivent Financial For Lutherans boosted its position in Time by 0.6% in the first quarter. Thrivent Financial For Lutherans now owns 2,696,769 shares of the company’s stock worth $52,182,000 after buying an additional 14,830 shares during the last quarter. 91.70% of the stock is currently owned by institutional investors and hedge funds.
Several equities analysts have recently commented on the stock. BidaskClub upgraded shares of Time from a “sell” rating to a “hold” rating in a report on Wednesday, June 28th. Zacks Investment Research upgraded shares of Time from a “sell” rating to a “hold” rating in a report on Thursday. ValuEngine upgraded shares of Time from a “hold” rating to a “buy” rating in a report on Tuesday. Wells Fargo & Company lowered shares of Time from an “outperform” rating to a “market perform” rating in a report on Friday, April 28th. Finally, Macquarie lowered shares of Time from an “outperform” rating to a “neutral” rating and set a $15.00 price objective on the stock. in a report on Thursday, June 15th. Five research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $15.40.
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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