Wells Fargo & Company MN Buys 10,342 Shares of Time Inc. (TIME)
Wells Fargo & Company MN increased its stake in shares of Time Inc. (NYSE:TIME) by 5.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 208,596 shares of the company’s stock after buying an additional 10,342 shares during the quarter. Wells Fargo & Company MN owned 0.21% of Time worth $2,993,000 at the end of the most recent quarter.
A number of other institutional investors also recently made changes to their positions in TIME. BlackRock Inc. grew its stake in Time by 15,894.7% in the 1st quarter. BlackRock Inc. now owns 10,582,908 shares of the company’s stock valued at $204,781,000 after purchasing an additional 10,516,743 shares during the period. Point72 Asset Management L.P. bought a new position in Time in the 1st quarter valued at $29,239,000. State of New Jersey Common Pension Fund D grew its stake in Time by 200.0% in the 2nd quarter. State of New Jersey Common Pension Fund D now owns 1,200,000 shares of the company’s stock valued at $17,220,000 after purchasing an additional 800,000 shares during the period. Dimensional Fund Advisors LP grew its stake in Time by 14.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 4,923,019 shares of the company’s stock valued at $95,260,000 after purchasing an additional 631,143 shares during the period. Finally, Schwab Charles Investment Management Inc. grew its stake in Time by 89.2% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 1,059,728 shares of the company’s stock valued at $15,208,000 after purchasing an additional 499,552 shares during the period. Institutional investors and hedge funds own 89.68% of the company’s stock.
TIME has been the subject of a number of recent analyst reports. ValuEngine upgraded Time from a “hold” rating to a “buy” rating in a research note on Tuesday, August 8th. Zacks Investment Research upgraded Time from a “sell” rating to a “hold” rating in a research note on Thursday, August 10th. Finally, BidaskClub upgraded Time from a “sell” rating to a “hold” rating in a research note on Wednesday, June 28th. Two investment analysts have rated the stock with a sell rating and four have issued a hold rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $14.67.
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Time Inc. (NYSE:TIME) opened at 12.15 on Friday. Time Inc. has a 52 week low of $11.65 and a 52 week high of $20.40. The company’s market cap is $1.21 billion. The firm has a 50-day moving average price of $12.94 and a 200-day moving average price of $13.99.
Time (NYSE:TIME) last issued its quarterly earnings data on Tuesday, August 8th. The company reported $0.13 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.16 by ($0.03). Time had a positive return on equity of 7.06% and a negative net margin of 4.34%. The firm had revenue of $694.00 million during the quarter, compared to the consensus estimate of $698.66 million. During the same period in the previous year, the firm earned $0.22 EPS. The business’s revenue was down 9.8% on a year-over-year basis. Equities research analysts anticipate that Time Inc. will post $1.10 EPS for the current fiscal year.
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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