Cornerstone Capital Management Holdings LLC. Grows Stake in Time Inc. (TIME)
Cornerstone Capital Management Holdings LLC. increased its stake in shares of Time Inc. (NYSE:TIME) by 44.6% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 303,328 shares of the company’s stock after purchasing an additional 93,600 shares during the period. Cornerstone Capital Management Holdings LLC. owned approximately 0.30% of Time worth $4,352,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Shelton Capital Management purchased a new position in shares of Time during the second quarter valued at approximately $144,000. Flinton Capital Management LLC raised its holdings in shares of Time by 84.9% during the second quarter. Flinton Capital Management LLC now owns 10,438 shares of the company’s stock valued at $150,000 after purchasing an additional 4,794 shares during the last quarter. QS Investors LLC purchased a new position in shares of Time during the second quarter valued at approximately $184,000. Voya Investment Management LLC raised its holdings in shares of Time by 7.3% during the second quarter. Voya Investment Management LLC now owns 48,135 shares of the company’s stock valued at $691,000 after purchasing an additional 3,289 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Time by 21.9% during the second quarter. Dimensional Fund Advisors LP now owns 6,001,965 shares of the company’s stock valued at $86,128,000 after purchasing an additional 1,078,946 shares during the last quarter. 90.06% of the stock is owned by hedge funds and other institutional investors.
Several research firms have recently weighed in on TIME. Zacks Investment Research cut shares of Time from a “hold” rating to a “sell” rating in a report on Wednesday. BidaskClub cut shares of Time from a “hold” rating to a “sell” rating in a report on Tuesday. Finally, ValuEngine cut shares of Time from a “buy” rating to a “hold” rating in a report on Friday, September 1st. Two research analysts have rated the stock with a sell rating and four have assigned a hold rating to the stock. Time has a consensus rating of “Hold” and an average target price of $14.67.
Shares of Time Inc. (NYSE:TIME) opened at 12.70 on Friday. The firm’s 50-day moving average is $13.02 and its 200-day moving average is $14.25. Time Inc. has a one year low of $11.65 and a one year high of $20.40. The stock’s market capitalization is $1.26 billion.
Time (NYSE:TIME) last announced its quarterly earnings data on Tuesday, August 8th. The company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.16 by ($0.03). Time had a negative net margin of 4.34% and a positive return on equity of 7.06%. The business had revenue of $694.00 million for the quarter, compared to analyst estimates of $698.66 million. During the same quarter in the previous year, the firm posted $0.22 earnings per share. The business’s revenue was down 9.8% on a year-over-year basis. On average, analysts expect that Time Inc. will post $1.10 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Thursday, August 31st were paid a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a yield of 1.26%. The ex-dividend date was Tuesday, August 29th. Time’s payout ratio is -12.31%.
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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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