Time Inc. (TIME) Holdings Reduced by State Board of Administration of Florida Retirement System
State Board of Administration of Florida Retirement System decreased its position in Time Inc. (NYSE:TIME) by 14.0% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 87,401 shares of the company’s stock after selling 14,240 shares during the period. State Board of Administration of Florida Retirement System owned approximately 0.09% of Time worth $1,254,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Renaissance Technologies LLC grew its position in Time by 53.8% in the 1st quarter. Renaissance Technologies LLC now owns 2,487,300 shares of the company’s stock worth $48,129,000 after purchasing an additional 870,200 shares during the last quarter. First Trust Advisors LP bought a new position in Time in the 1st quarter worth about $602,000. Nisa Investment Advisors LLC grew its position in Time by 5.7% in the 1st quarter. Nisa Investment Advisors LLC now owns 15,583 shares of the company’s stock worth $302,000 after purchasing an additional 840 shares during the last quarter. Advantus Capital Management Inc grew its position in Time by 3.2% in the 1st quarter. Advantus Capital Management Inc now owns 12,700 shares of the company’s stock worth $246,000 after purchasing an additional 389 shares during the last quarter. Finally, Strs Ohio grew its position in Time by 21.3% in the 2nd quarter. Strs Ohio now owns 71,100 shares of the company’s stock worth $1,020,000 after purchasing an additional 12,500 shares during the last quarter. Hedge funds and other institutional investors own 90.06% of the company’s stock.
Several research analysts have recently issued reports on TIME shares. Zacks Investment Research upgraded shares of Time from a “sell” rating to a “hold” rating in a report on Thursday, August 10th. BidaskClub cut shares of Time from a “hold” rating to a “sell” rating in a report on Thursday, July 27th. ValuEngine upgraded shares of Time from a “hold” rating to a “buy” rating in a report on Tuesday, August 8th. Finally, Macquarie cut shares of 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. One investment analyst has rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the company. Time has a consensus rating of “Hold” and a consensus price target of $15.40.
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Time Inc. (NYSE TIME) opened at 13.20 on Tuesday. The company’s market capitalization is $1.31 billion. The stock has a 50 day moving average of $13.15 and a 200 day moving average of $15.01. Time Inc. has a 12-month low of $11.65 and a 12-month high of $20.40.
Time (NYSE:TIME) last announced its earnings results on Tuesday, August 8th. The company reported $0.13 earnings per share for the quarter, missing the Zacks’ 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 company had revenue of $694.00 million during the quarter, compared to the consensus estimate of $698.66 million. During the same period in the prior year, the firm posted $0.22 earnings per share. The company’s revenue was down 9.8% on a year-over-year basis. On average, equities research analysts predict that Time Inc. will post $1.10 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Thursday, August 31st were paid a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a dividend yield of 1.21%. The ex-dividend date of this dividend was Tuesday, August 29th. Time’s dividend payout ratio is presently -12.31%.
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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