Time Inc. (NYSE:TIME) was upgraded by equities researchers at BidaskClub from a “sell” rating to a “hold” rating in a report issued on Wednesday, June 28th.
Other research analysts have also recently issued research reports about the company. Stephens raised Time from an “underweight” rating to an “equal weight” rating in a research note on Monday, March 20th. Zacks Investment Research raised Time from a “sell” rating to a “hold” rating in a research note on Wednesday, April 26th. ValuEngine cut Time from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Wells Fargo & Company cut Time from an “outperform” rating to a “market perform” rating in a research note on Friday, April 28th. Finally, Macquarie cut Time from an “outperform” rating to a “neutral” rating and set a $15.00 price target for the company. in a research note on Thursday, June 15th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $15.33.
Shares of Time (TIME) traded down 0.68% during midday trading on Wednesday, reaching $14.50. The company had a trading volume of 471,283 shares. Time has a one year low of $11.65 and a one year high of $20.40. The company has a 50 day moving average price of $13.98 and a 200-day moving average price of $16.49. The firm’s market capitalization is $1.44 billion.
Time (NYSE:TIME) last released its quarterly earnings results on Wednesday, May 10th. The company reported ($0.18) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.15) by $0.03. Time had a positive return on equity of 7.30% and a negative net margin of 2.18%. The business had revenue of $636 million during the quarter, compared to the consensus estimate of $641.85 million. During the same period in the previous year, the company posted ($0.11) EPS. The company’s revenue for the quarter was down 7.8% compared to the same quarter last year. On average, analysts anticipate that Time will post $1.18 EPS for the current fiscal year.
In other news, Director Dennis J. Fitzsimons bought 3,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 18th. The stock was acquired at an average price of $11.99 per share, with a total value of $35,970.00. Following the completion of the purchase, the director now directly owns 30,674 shares of the company’s stock, valued at approximately $367,781.26. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, Director Ronald S. Rolfe bought 2,000 shares of the firm’s stock in a transaction that occurred on Monday, May 15th. The shares were purchased at an average cost of $12.85 per share, with a total value of $25,700.00. Following the purchase, the director now directly owns 32,147 shares of the company’s stock, valued at $413,088.95. The disclosure for this purchase can be found here. Insiders have purchased 6,000 shares of company stock valued at $74,600 in the last ninety days. Company insiders own 1.92% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. bought a new position in Time during the fourth quarter worth $4,221,000. Comerica Bank raised its position in Time by 3.1% in the fourth quarter. Comerica Bank now owns 75,836 shares of the company’s stock worth $1,437,000 after buying an additional 2,266 shares during the period. Dimensional Fund Advisors LP raised its position in Time by 5.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 4,291,876 shares of the company’s stock worth $76,611,000 after buying an additional 222,130 shares during the period. Gabelli Funds LLC bought a new position in Time during the fourth quarter worth $284,000. Finally, Asset Management One Co. Ltd. bought a new position in Time during the fourth quarter worth $2,637,000. Institutional investors and hedge funds own 90.91% 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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