On Monday, shares of magazine publisher Time Inc. TIME are popping, up over 6% in late-morning trading after Jana Partners LLC, a New York-based hedge fund, announced a new, 5 million share position in the media company.
The fund is sometimes referred to as an activist hedge fund, despite most of its investments not being categorized as activist, but its few activist campaigns often attract a lot of attention. According to Bloomberg , Jana Partners has recently targeted companies including Computer Sciences Corp. CSC , ConAgra Foods Inc. CAG , Hertz Global Holdings Inc. HTZ , and PetSmart Inc.
Time, who publishes Time Magazine , People Magazine , Fortune , and Sports Illustrated , among many others, needed a boost after reporting weaker-than-expected second-quarter results . Adjusted EPS of 22 cents beat our consensus estimate but fell 18.5% year-over-year. Total revenues of $769 million, however, lagged way behind the Zacks estimate and decreased 0.5% year-over-year.
Time is currently sits at a #3 (Hold) on the Zacks Rank, and year-to-date, TIME stock is down 12.89%.
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