Eaton Vance Management lowered its stake in Time Inc. (NYSE:TIME) by 3.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,684 shares of the company’s stock after selling 469 shares during the period. Eaton Vance Management’s holdings in Time were worth $209,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently bought and sold shares of the company. LS Investment Advisors LLC raised 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 during 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. Nine Chapters Capital Management LLC bought a new position in shares of Time during the second quarter valued at $201,000. Advance Capital I Inc. bought a new position in shares of Time during the second quarter valued at $211,000. Finally, Pacad Investment Ltd. bought a new position in shares of Time during the first quarter valued at $224,000. 93.52% of the stock is currently owned by hedge funds and other institutional investors.
Time Inc. (NYSE:TIME) traded down 0.62% during trading on Tuesday, hitting $14.40. 142,206 shares of the company traded hands. The company’s market capitalization is $1.44 billion. The stock has a 50 day moving average price of $14.49 and a 200 day moving average price of $15.29. Time Inc. has a 12-month low of $12.23 and a 12-month high of $20.01.
Time (NYSE:TIME) last posted its quarterly earnings data on Thursday, August 4th. The company reported $0.22 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.15 by $0.07. The firm had revenue of $769 million for the quarter, compared to the consensus estimate of $782.49 million. Time had a negative net margin of 28.56% and a positive return on equity of 6.36%. The business’s revenue for the quarter was down .5% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.27 EPS. On average, equities analysts anticipate that Time Inc. will post $1.24 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Wednesday, August 31st were issued a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a yield of 5.24%. The ex-dividend date was Monday, August 29th. Time’s dividend payout ratio is -9.42%.
Several equities analysts have recently weighed in on the stock. TheStreet raised shares of Time from a “sell” rating to a “hold” rating in a research report on Monday, June 6th. Zacks Investment Research raised shares of Time from a “hold” rating to a “buy” rating and set a $19.00 price objective on the stock in a research report on Wednesday, July 13th. Citigroup Inc. dropped their price objective on shares of Time from $18.00 to $17.00 and set a “buy” rating on the stock in a research 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 note on Friday, August 5th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $17.17.
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*.
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