Time Inc. (TIME) Shares Sold by Profund Advisors LLC
Profund Advisors LLC lowered its position in Time Inc. (NYSE:TIME) by 18.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 17,061 shares of the company’s stock after selling 3,764 shares during the quarter. Profund Advisors LLC’s holdings in Time were worth $245,000 as of its most recent SEC filing.
Other large investors have also recently made changes to their positions in the company. Riverhead Capital Management LLC grew its stake in 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 purchasing an additional 4,743 shares in the last quarter. Balter Liquid Alternatives LLC bought a new position in Time in the second quarter worth approximately $156,000. Brave Asset Management Inc. bought a new position in Time in the second quarter worth approximately $160,000. Kovitz Investment Group Partners LLC bought a new position in Time in the second quarter worth approximately $171,000. Finally, CIBC Asset Management Inc bought a new position in Time in the second quarter worth approximately $181,000. 90.06% of the stock is currently owned by institutional investors.
Time (NYSE:TIME) last posted its quarterly 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). The business had revenue of $694.00 million during the quarter, compared to analyst estimates of $698.66 million. Time had a positive return on equity of 7.06% and a negative net margin of 4.34%. The business’s revenue was down 9.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.22 EPS.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Thursday, August 31st were paid a $0.04 dividend. The ex-dividend date was Tuesday, August 29th. This represents a $0.16 annualized dividend and a dividend yield of 1.25%. Time’s dividend payout ratio (DPR) is -12.31%.
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Several research analysts recently issued reports on the company. BidaskClub cut Time from a “hold” rating to a “sell” rating in a research note on Thursday, July 27th. Zacks Investment Research cut Time from a “hold” rating to a “sell” rating in a research note on Thursday, July 20th. Macquarie cut Time from an “outperform” rating to a “neutral” rating and set a $15.00 target price on the stock. in a research report on Thursday, June 15th. Finally, ValuEngine raised Time from a “hold” rating to a “buy” rating in a research report on Tuesday, August 8th. Two equities research analysts have rated the stock with a sell rating and four have given a hold rating to the stock. The company currently has an average rating of “Hold” and an average price target of $14.67.
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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