Summit Global Investments Reduces Stake in Tootsie Roll Industries by 50.8%
Investment firm Summit Global Investments has recently announced a significant reduction in its position within Tootsie Roll Industries, Inc. (NYSE:TR). As per the company’s most recent 13F filing with the Security and Exchange Commission (SEC), Summit Global Investments sold approximately 11,695 shares of Tootsie Roll Industries during the second quarter, resulting in a decrease of their holdings by 50.8%. Consequently, as of the last SEC filing, Summit Global Investments now owns 11,315 shares of the company’s stock worth $401,000.
Tootsie Roll Industries (NYSE:TR) recently reported its quarterly earnings data on July 25th. During this period, the company recorded an earnings per share (EPS) of $0.21. Additionally, Tootsie Roll Industries achieved a net margin of 11.14% and a return on equity of 10.19%. Furthermore, the business generated $158.84 million in revenue throughout this particular quarter.
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The recent actions undertaken by Summit Global Investments to reduce its stake in Tootsie Roll Industries may indicate shifting investment strategies or considerations within the market landscape. By divesting a noteworthy portion of their holdings, Summit Global Investments has altered its exposure to Tootsie Roll Industries and potentially repositioned its investments elsewhere.
As always, it is essential for investors to thoroughly analyze such developments and consider various factors when making investment decisions. The SEC filing provides insight into Summit Global Investments’ previous holdings but does not explicitly disclose their motivations or future plans regarding Tootsie Roll Industries.
Potential investors interested in gaining further understanding about Tootsie Roll Industries are encouraged to review our latest report on the company. This report offers comprehensive insights into Tootsie Roll Industries’ financial performance, market standing, and future prospects. By conducting a thorough analysis, prospective investors can make informed decisions based on reliable information.
Disclaimer: The information provided in this article is intended solely for informational purposes and should not be interpreted as financial advice. All individuals are advised to conduct their own research and consult with a professional before making any investment decisions.
Tootsie Roll Industries, a renowned candy manufacturer and distributor, has recently seen alterations in the stakes held by various hedge funds. Captrust Financial Advisors, for instance, significantly increased its holdings in the company during the second quarter, raising it by 86.2%. This resulted in Captrust Financial Advisors now owning 797 shares of Tootsie Roll Industries’ stock, valued at $28,000 after purchasing an additional 369 shares.
In addition to this, Chilton Capital Management LLC also made a move by buying a new position in Tootsie Roll Industries worth $30,000 during the first quarter. Creative Financial Designs Inc. ADV followed suit and purchased a new position worth $32,000 during the same period. Quadrant Capital Group LLC decided to boost its stake in Tootsie Roll Industries by 32.1% towards the end of last year and now owns 980 shares valued at $42,000 after acquiring an additional 238 shares.
Another contributor to the increase in stakes held is Advisory Services Network LLC, which bought a new position valued at $63,000 during the first quarter. Altogether, institutional investors currently hold approximately 16.10% of Tootsie Roll Industries’ stock.
On October 2nd, shares of Tootsie Roll Industries began trading at $29.86 on the New York Stock Exchange (NYSE). The company’s fifty-day simple moving average stands at $32.23 while its two-hundred-day simple moving average is recorded as $37.08. With regards to market capitalization, Tootsie Roll Industries boasts a value of $2.09 billion and carries a price-to-earnings (PE) ratio of 26.24 with a beta of just 0.12.
Recently disclosed information reveals that Tootsie Roll Industries will be issuing quarterly dividends to its shareholders on Thursday, October 19th. Investors who are recorded as shareholders on Tuesday, October 10th will be eligible to receive a dividend of $0.09 per share. The ex-dividend date for this dividend is Friday, October 6th. In terms of annualized basis, the dividend amounts to $0.36, with a yield of 1.21%. As it currently stands, Tootsie Roll Industries has a dividend payout ratio (DPR) of 31.64%.
A “hold” rating was assigned to Tootsie Roll Industries by StockNews.com in their research note published on Thursday, August 17th.
In conclusion, Tootsie Roll Industries’ recent stake alterations by hedge funds have sparked interest among investors. The company’s market performance and applicable dividends make it an intriguing option for potential shareholders to consider in the future. With these developments in mind, industry analysts are keeping a close eye on Tootsie Roll Industries and its future prospects within the candy manufacturing and distribution sector.
Source : BestStocks