Alliancebernstein L.P. lowered its position in Time Inc. (NYSE:TIME) by 6.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 135,870 shares of the company’s stock after selling 8,861 shares during the quarter. Alliancebernstein L.P. owned approximately 0.14% of Time worth $1,950,000 as of its most recent SEC filing.
Other large investors have also recently made changes to their positions in the company. Balter Liquid Alternatives LLC bought a new position in Time in the second quarter worth approximately $156,000. Brave Asset Management Inc. bought a new position in Time in the second quarter worth approximately $160,000. Kovitz Investment Group Partners LLC bought a new position in Time in the second quarter worth approximately $171,000. CIBC Asset Management Inc bought a new position in Time in the second quarter worth approximately $181,000. Finally, Advantus Capital Management Inc grew its stake in Time by 3.2% in the first quarter. Advantus Capital Management Inc now owns 12,700 shares of the company’s stock worth $246,000 after purchasing an additional 389 shares in the last quarter. 89.77% of the stock is currently owned by institutional investors.
Shares of Time Inc. (NYSE TIME) opened at 12.15 on Friday. The stock’s market cap is $1.21 billion. The stock’s 50 day moving average price is $12.86 and its 200 day moving average price is $13.81. Time Inc. has a one year low of $11.65 and a one year high of $20.40.
Time (NYSE:TIME) last announced its quarterly earnings results on Tuesday, August 8th. The company reported $0.13 earnings per share for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.03). The company had revenue of $694.00 million during the quarter, compared to analysts’ expectations of $698.66 million. Time had a negative net margin of 4.34% and a positive return on equity of 7.06%. Time’s revenue was down 9.8% on a year-over-year basis. During the same period last year, the firm earned $0.22 earnings per share. Analysts forecast that Time Inc. will post $1.10 earnings per share for the current year.
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Several research analysts recently issued reports on the company. BidaskClub cut Time from a “hold” rating to a “sell” rating in a research note on Thursday, August 17th. Zacks Investment Research raised Time from a “sell” rating to a “hold” rating in a research note on Thursday, August 10th. ValuEngine cut Time from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. Finally, Morgan Stanley dropped their target price on Time from $14.00 to $13.00 and set an “equal weight” rating on the stock in a research report on Monday. Two research analysts have rated the stock with a sell rating and five have issued a hold rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $14.25.
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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