Time Inc. (NYSE:TIME) Raised to Hold at Zacks Investment Research
Zacks Investment Research upgraded shares of Time Inc. (NYSE:TIME) from a sell rating to a hold rating in a research report sent to investors on Thursday morning.
According to Zacks, “Time Inc. is a branded media company. It publishes magazines in the United States, the United Kingdom, and internationally. Time also provides content marketing services; targeted local print and digital advertising programs; branded book publishing; and marketing and support services, such as magazine subscription sales services, retail distribution and marketing services, and customer service and fulfilment services to other third-party clients, including other magazine publishers. The Company’s brands includes Time, People, Sports Illustrated, InStyle, Real Simple, Travel + Leisure, Food & Wine, and Wallpaper. Time Inc. is headquartered in New York. “
TIME has been the subject of several other research reports. BidaskClub cut shares of Time from a hold rating to a sell rating in a report on Thursday, July 27th. Macquarie cut shares of Time from an outperform rating to a neutral rating and set a $15.00 target price for the company. in a report on Thursday, June 15th. ValuEngine cut shares of Time from a buy rating to a hold rating in a report on Friday, June 2nd. Finally, Wells Fargo & Company cut 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 two have assigned a buy rating to the stock. The company has a consensus rating of Hold and a consensus price target of $15.40.
Shares of Time (TIME) remained flat at $13.55 during midday trading on Thursday. 937,220 shares of the company’s stock traded hands. Time has a 52 week low of $11.65 and a 52 week high of $20.40. The firm’s 50 day moving average is $14.02 and its 200-day moving average is $16.14. The firm’s market cap is $1.35 billion.
Time (NYSE:TIME) last announced its earnings results on Tuesday, August 8th. The company reported $0.13 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.16 by $0.03. Time had a positive return on equity of 7.06% and a negative net margin of 4.34%. The business had revenue of $694 million for the quarter, compared to analyst estimates of $698.66 million. During the same quarter in the previous year, the company posted $0.22 EPS. The business’s revenue for the quarter was down 9.8% compared to the same quarter last year. Analysts expect that Time will post $1.14 earnings per share for the current fiscal year.
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The firm also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Thursday, August 31st will be issued a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a yield of 1.18%. The ex-dividend date is Tuesday, August 29th. Time’s payout ratio is -12.31%.
In other news, Director Dennis J. Fitzsimons purchased 3,000 shares of the business’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 purchase, the director now directly 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 this hyperlink. Also, Director Ronald S. Rolfe purchased 2,000 shares of the business’s stock in a transaction on Monday, May 15th. The stock was purchased at an average price of $12.85 per share, with a total value of $25,700.00. Following the purchase, 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. Company insiders own 1.92% of the company’s stock.
A number of hedge funds have recently made changes to their positions in TIME. Canada Pension Plan Investment Board purchased a new stake in shares of Time during the first quarter worth approximately $104,000. First Manhattan Co. boosted 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 in the last quarter. Riverhead Capital Management LLC boosted its stake in shares of Time by 84.7% in the second quarter. Riverhead Capital Management LLC now owns 10,343 shares of the company’s stock worth $148,000 after buying an additional 4,743 shares in the last quarter. Balter Liquid Alternatives LLC purchased a new stake in shares of Time during the second quarter worth approximately $156,000. Finally, Brave Asset Management Inc. purchased a new stake in shares of Time during the second quarter worth approximately $160,000. Hedge funds and other institutional investors own 91.70% of the company’s stock.
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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