Tootsie Roll Industries (NYSE:TR) Shares Down 7.1% – Here’s Why

Tootsie Roll Industries, Inc. (NYSE:TR) shares dropped 7.1% during trading on Friday. The company traded as low as $34.82 and last traded at $34.56. 129,463 shares changed hands during mid-day trading, a decline of 22% from the average session volume of 166,739 shares. The stock had previously closed at $37.19.

Wall Street Analyst Weigh In

Separately, Weiss Ratings raised Tootsie Roll Industries from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, September 8th. One analyst has rated the stock with a Buy rating. Based on data from MarketBeat.com, Tootsie Roll Industries presently has an average rating of “Buy”.

Tootsie Roll Industries Price Performance

The stock has a market cap of $2.61 billion, a P/E ratio of 27.07 and a beta of 0.41. The firm’s 50-day moving average price is $38.70 and its 200-day moving average price is $39.47.

Tootsie Roll Industries (NYSE:TR) last issued its earnings results on Friday, August 7th. The company reported $0.18 earnings per share for the quarter. The firm had revenue of $154.22 million during the quarter. Tootsie Roll Industries had a net margin of 13.14% and a return on equity of 10.16%.

Tootsie Roll Industries Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 16th. Shareholders of record on Wednesday, October 7th were paid a $0.09 dividend. The ex-dividend date was Wednesday, October 7th. This represents a $0.36 annualized dividend and a yield of 1.0%. Tootsie Roll Industries’s payout ratio is presently 28.12%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. BlackRock Inc. purchased a new stake in Tootsie Roll Industries during the second quarter valued at $84,370,000. Dimensional Fund Advisors LP grew its stake in shares of Tootsie Roll Industries by 2.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,152,714 shares of the company’s stock worth $49,245,000 after buying an additional 26,653 shares in the last quarter. Bank of New York Mellon Corp grew its stake in shares of Tootsie Roll Industries by 0.6% in the 1st quarter. Bank of New York Mellon Corp now owns 187,621 shares of the company’s stock worth $8,015,000 after buying an additional 1,039 shares in the last quarter. Bank of America Corp DE increased its holdings in shares of Tootsie Roll Industries by 1.4% in the 1st quarter. Bank of America Corp DE now owns 143,622 shares of the company’s stock worth $6,136,000 after buying an additional 1,924 shares during the last quarter. Finally, Gabelli Funds LLC increased its holdings in shares of Tootsie Roll Industries by 3.0% in the 1st quarter. Gabelli Funds LLC now owns 99,395 shares of the company’s stock worth $4,246,000 after buying an additional 2,895 shares during the last quarter. 14.28% of the stock is owned by hedge funds and other institutional investors.

Tootsie Roll Industries Company Profile

Tootsie Roll Industries, Inc manufactures and sells confectionery products in the United States and internationally. Its portfolio includes chocolate, candy, gum and other sweets marketed under brands such as Tootsie Roll, Tootsie Pop, Dots, Junior Mints, Charleston Chew, Sugar Daddy, Sugar Babies, Andes and Charms Blow Pop.

The company traces its origins to 1896, when Leo Hirschfield began producing candy in New York City. Tootsie Roll, one of its best-known products, was introduced in the late 19th century and named after Hirschfield’s daughter, Clara, whose nickname was “Tootsie.” The company later expanded through brand development and acquisitions, building a broad portfolio of widely recognized confectionery products.

Tootsie Roll Industries is headquartered in Chicago, Illinois.