Rhumbline Advisers raised its stake in shares of Time Inc. (NYSE:TIME) by 1.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 214,478 shares of the company’s stock after buying an additional 3,273 shares during the period. Rhumbline Advisers’ holdings in Time were worth $3,106,000 as of its most recent SEC filing.
A number of other hedge funds have also added to or reduced their stakes in the stock. 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 worth $177,000 after buying an additional 545 shares during the last quarter. Wellington Shields Capital Management LLC raised its stake in shares of Time by 1.8% in the third quarter. Wellington Shields Capital Management LLC now owns 56,686 shares of the company’s stock worth $821,000 after buying an additional 1,000 shares during the last quarter. KCG Holdings Inc. raised its stake in shares of Time by 8.1% in the second quarter. KCG Holdings Inc. now owns 14,073 shares of the company’s stock worth $232,000 after buying an additional 1,057 shares during the last quarter. Teacher Retirement System of Texas raised its stake in shares of Time by 8.2% in the second quarter. Teacher Retirement System of Texas now owns 14,540 shares of the company’s stock worth $239,000 after buying an additional 1,099 shares during the last quarter. Finally, BlackRock Inc. raised its stake in shares of Time by 2.1% in the third quarter. BlackRock Inc. now owns 66,746 shares of the company’s stock worth $967,000 after buying an additional 1,359 shares during the last quarter. 92.24% of the stock is currently owned by institutional investors and hedge funds.
Shares of Time Inc. (NYSE:TIME) traded down 2.11% during midday trading on Thursday, reaching $18.55. The company’s stock had a trading volume of 311,404 shares. The company’s 50-day moving average price is $17.76 and its 200 day moving average price is $15.25. Time Inc. has a 12-month low of $12.23 and a 12-month high of $20.40. The company’s market capitalization is $1.84 billion.
Time (NYSE:TIME) last posted its quarterly earnings data on Thursday, November 3rd. The company reported $0.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.30 by $0.01. Time had a positive return on equity of 6.31% and a negative net margin of 2.82%. The firm earned $750 million during the quarter, compared to analysts’ expectations of $770.57 million. During the same period in the prior year, the business earned $0.32 EPS. The company’s revenue for the quarter was down 3.0% compared to the same quarter last year. On average, equities research analysts forecast that Time Inc. will post $1.20 earnings per share for the current year.
TIME has been the subject of a number of analyst reports. Citigroup Inc. lowered their price objective on Time from $18.00 to $17.00 and set a “buy” rating for the company in a research report on Tuesday, September 27th. Zacks Investment Research downgraded Time from a “hold” rating to a “sell” rating in a research report on Thursday, October 6th. Finally, Wells Fargo & Co. restated a “hold” rating on shares of Time in a research report on Monday, November 28th. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $16.29.
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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