Texas Permanent School Fund decreased its stake in Time Inc. (NYSE:TIME) by 2.0% during the third quarter, Holdings Channel reports. The firm owned 76,255 shares of the company’s stock after selling 1,560 shares during the period. Texas Permanent School Fund owned approximately 0.08% of Time worth $1,104,000 at the end of the most recent reporting period.
Other large investors have also recently made changes to their positions in the company. LS Investment Advisors LLC raised its stake 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 during the period. Virginia Retirement Systems ET AL purchased a new stake in shares of Time during the second quarter valued at approximately $196,000. Nine Chapters Capital Management LLC purchased a new stake in shares of Time during the second quarter valued at approximately $201,000. Amalgamated Bank raised its stake in shares of Time by 4.5% in the second quarter. Amalgamated Bank now owns 12,774 shares of the company’s stock valued at $177,000 after buying an additional 545 shares during the period. Finally, Advance Capital I Inc. purchased a new stake in shares of Time during the second quarter valued at approximately $211,000. 93.79% of the stock is currently owned by institutional investors and hedge funds.
Time Inc. (NYSE:TIME) traded down 1.08% during midday trading on Friday, reaching $13.80. The company had a trading volume of 373,992 shares. The company’s 50 day moving average is $13.30 and its 200-day moving average is $14.82. The company’s market capitalization is $1.37 billion. Time Inc. has a 52-week low of $12.23 and a 52-week high of $17.66.
Time (NYSE:TIME) last announced its quarterly earnings results on Thursday, November 3rd. The company reported $0.31 EPS for the quarter, beating the consensus estimate of $0.30 by $0.01. Time had a negative net margin of 2.82% and a positive return on equity of 6.31%. The company had revenue of $750 million for the quarter, compared to analyst estimates of $770.57 million. During the same quarter last year, the business earned $0.32 earnings per share. Time’s revenue was down 3.0% compared to the same quarter last year. Equities analysts expect that Time Inc. will post $1.20 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, December 15th. Shareholders of record on Wednesday, November 30th will be paid a $0.19 dividend. The ex-dividend date of this dividend is Monday, November 28th. This represents a $0.76 annualized dividend and a dividend yield of 5.51%. Time’s payout ratio is currently -84.44%.
A number of equities research analysts recently issued reports on TIME shares. Citigroup Inc. reduced their target price on Time from $20.00 to $19.00 and set a “buy” rating on the stock in a research note on Tuesday, August 9th. Zacks Investment Research lowered Time from a “buy” rating to a “hold” rating in a research note on Saturday, November 5th. Finally, Morgan Stanley set a $15.00 target price on Time and gave the company a “hold” rating in a research note on Friday, August 5th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $16.67.
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*.