Time Inc Surges Slightly After Fairpointe Capital Discloses 7.2% Passive Stake

Time Inc’s TIME stock is up about 0.7 percent on Thursday, after investment manager Fairpointe Capital LLC disclosed an increase in its exposure to the company.

According to a Schedule 13G form filed with the SEC, the firm run by Ms. Thyra Emmy Zerhusen and Mr. Robert Samuel Burnstine increased its stake in Time Inc by 7.7 percent in late-December. It now owns more than 7.85 million shares of the company’s Common Stock, which represent 7.2 percent of the total shares outstanding.

Related Link: Top 4 Stocks In The Publishing-Periodicals Industry With The Highest Revenue

Unlike Fairpointe, JPMorgan Chase got rid of some of its Time Inc stock recently. On Monday, the firm disclosed an 8.4 percent reduction in its bet on the company. Nonetheless, its ownership of 8.9 million shares still suggests that it is more bullish than bearish on the company.

About Fairpointe Capital

Fairpointe Capital is based in Chicago, Illinois, and manages about $7.7 billion in assets. Ms. Zerhusen the firm’s principal founder and current CEO and Chief Investment Officer had previously worked as Senior Vice President and Portfolio Manager at Talon Asset Management, where –according the Fairpointe’s site- “she began managing the Aston/Fairpointe Mid Cap Fund. She has managed the fund without interruption for over fifteen years, thus preserving the long-term track record.”

For his part, prior to co-founding the firm, Mr. Burnstine served as a portfolio manager and investment analyst at Harris Associates L.P., a subsidiary of Natixis Global Asset Management, for ten years.