PNC Financial Services Group Inc. lowered its stake in Time Inc. (NYSE:TIME) by 9.6% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 6,633 shares of the company’s stock after selling 705 shares during the period. PNC Financial Services Group Inc.’s holdings in Time were worth $110,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently modified their holdings of the company. LS Investment Advisors LLC boosted its position in shares of Time by 64.7% in the second quarter. LS Investment Advisors LLC now owns 6,326 shares of the company’s stock valued at $104,000 after buying an additional 2,486 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. bought a new position in shares of Time during the first quarter valued at $174,000. Pacad Investment Ltd. bought a new position in shares of Time during the first quarter valued at $224,000. Windward Capital Management Co. CA boosted its position in shares of Time by 2.5% in the second quarter. Windward Capital Management Co. CA now owns 15,611 shares of the company’s stock valued at $257,000 after buying an additional 383 shares in the last quarter. Finally, Royal Bank of Canada boosted its position in shares of Time by 50.5% in the first quarter. Royal Bank of Canada now owns 17,417 shares of the company’s stock valued at $268,000 after buying an additional 5,841 shares in the last quarter. Institutional investors and hedge funds own 93.52% of the company’s stock.
Shares of Time Inc. (NYSE:TIME) traded up 1.04% during mid-day trading on Wednesday, reaching $13.64. The company’s stock had a trading volume of 71,334 shares. Time Inc. has a 1-year low of $12.23 and a 1-year high of $19.56. The company’s market capitalization is $1.37 billion. The firm’s 50 day moving average price is $14.40 and its 200-day moving average price is $15.23.
Time (NYSE:TIME) last released its quarterly earnings results on Thursday, August 4th. The company reported $0.22 EPS for the quarter, beating the consensus estimate of $0.15 by $0.07. The business had revenue of $769 million for the quarter, compared to analyst estimates of $782.49 million. Time had a negative net margin of 28.56% and a positive return on equity of 6.36%. The company’s quarterly revenue was down .5% on a year-over-year basis. During the same period in the prior year, the business earned $0.27 earnings per share. On average, analysts predict that Time Inc. will post $1.24 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Wednesday, August 31st were given a $0.19 dividend. The ex-dividend date of this dividend was Monday, August 29th. This represents a $0.76 annualized dividend and a dividend yield of 5.63%. Time’s dividend payout ratio is presently -9.42%.
Several research analysts have recently weighed in on TIME shares. Zacks Investment Research upgraded Time from a “hold” rating to a “buy” rating and set a $19.00 target price on the stock in a report on Wednesday, July 13th. Citigroup Inc. lowered their target price on Time from $18.00 to $17.00 and set a “buy” rating on the stock in a report on Tuesday, September 27th. Finally, Morgan Stanley set a $15.00 price target on shares of Time and gave the company a “hold” rating in a research report on Friday, August 5th. One analyst has rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the company’s stock. Time currently has a consensus rating of “Hold” and an average target price of $17.17.
Time Company Profile
Time Inc is a media company. The Company’s brands include People, Sports Illustrated, InStyle, Time, Real Simple, Southern Living, Entertainment Weekly, Travel + Leisure, Cooking Light, Fortune and Food & Wine, as well as over 50 diverse titles in the United Kingdom, such as Decanter, Horse & Hound, and Wallpaper*.