GSA Capital Partners LLP Sells 50,196 Shares of Time Inc. (TIME)
GSA Capital Partners LLP decreased its stake in Time Inc. (NYSE:TIME) by 25.4% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 147,723 shares of the company’s stock after selling 50,196 shares during the quarter. GSA Capital Partners LLP owned approximately 0.15% of Time worth $2,120,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently modified their holdings of the company. Canada Pension Plan Investment Board purchased a new stake in shares of Time in the first quarter worth about $104,000. 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 during the last quarter. Balter Liquid Alternatives LLC purchased a new stake in shares of Time in the second quarter worth about $156,000. Brave Asset Management Inc. purchased a new stake in shares of Time in the second quarter worth about $160,000. Finally, Kovitz Investment Group Partners LLC purchased a new stake in shares of Time in the second quarter worth about $171,000. Hedge funds and other institutional investors own 90.06% of the company’s stock.
A number of brokerages have recently commented on TIME. BidaskClub upgraded Time from a “sell” rating to a “hold” rating in a research note on Wednesday, June 28th. Zacks Investment Research upgraded Time from a “sell” rating to a “hold” rating in a research note on Thursday, August 10th. Finally, ValuEngine downgraded Time from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $15.40.
Shares of Time Inc. (TIME) opened at 12.55 on Friday. Time Inc. has a 52 week low of $11.65 and a 52 week high of $20.40. The stock has a 50 day moving average price of $13.12 and a 200-day moving average price of $14.97. The stock’s market cap is $1.25 billion.
Time (NYSE:TIME) last released its quarterly earnings results on Tuesday, August 8th. The company reported $0.13 earnings per share (EPS) 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 for the quarter, compared to analysts’ expectations of $698.66 million. During the same period in the prior year, the business earned $0.22 EPS. The business’s quarterly revenue was down 9.8% compared to the same quarter last year. Equities analysts predict that Time Inc. will post $1.10 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Thursday, August 31st were issued a dividend of $0.04 per share. This represents a $0.16 dividend on an annualized basis and a dividend yield of 1.27%. The ex-dividend date was Tuesday, August 29th. Time’s dividend payout ratio is currently -12.31%.
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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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