Travel + Leisure Co. $TNL Shares Sold by Ionic Capital Management LLC

Key Points

• Ionic Capital Management LLC reduced its stake in Travel + Leisure Co. by 16.6%, holding 57,589 shares after selling 11,462 shares in the first quarter, which now represents 0.4% of its total holdings.
• Insider Jeffrey Myers sold 110,885 shares at an average price of $62.33, indicating a significant 43.75% reduction in his ownership of the company.
• Travel + Leisure reported a quarterly earnings miss with $1.65 EPS against a consensus estimate of $1.66, while projecting a positive growth forecast with a consensus rating of "Moderate Buy" among analysts.

Ionic Capital Management LLC lowered its stake in Travel + Leisure Co. (NYSE:TNL - Free Report) by 16.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 57,589 shares of the company's stock after selling 11,462 shares during the quarter. Travel + Leisure comprises about 0.4% of Ionic Capital Management LLC's portfolio, making the stock its 11th biggest holding. Ionic Capital Management LLC owned about 0.09% of Travel + Leisure worth $2,666,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently bought and sold shares of the company. Elequin Capital LP acquired a new position in shares of Travel + Leisure during the first quarter worth about $30,000. UMB Bank n.a. increased its holdings in Travel + Leisure by 54.0% in the first quarter. UMB Bank n.a. now owns 1,166 shares of the company's stock valued at $54,000 after buying an additional 409 shares during the last quarter. N.E.W. Advisory Services LLC purchased a new position in Travel + Leisure in the first quarter valued at $54,000. Rossby Financial LCC purchased a new position in Travel + Leisure in the first quarter valued at $55,000. Finally, Fifth Third Bancorp increased its stake in Travel + Leisure by 61.5% in the first quarter. Fifth Third Bancorp now owns 1,873 shares of the company's stock valued at $87,000 after purchasing an additional 713 shares during the last quarter. Institutional investors and hedge funds own 87.54% of the company's stock.

Travel + Leisure Trading Down 0.5%

Shares of TNL stock traded down $0.34 during mid-day trading on Wednesday, reaching $61.88. The stock had a trading volume of 132,431 shares, compared to its average volume of 690,726. The business has a 50-day simple moving average of $59.85 and a 200 day simple moving average of $52.05. The company has a market cap of $4.02 billion, a P/E ratio of 10.67, a price-to-earnings-growth ratio of 0.60 and a beta of 1.44. Travel + Leisure Co. has a 12-month low of $37.77 and a 12-month high of $64.11.

Travel + Leisure (NYSE:TNL - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The company reported $1.65 earnings per share for the quarter, missing the consensus estimate of $1.66 by ($0.01). The company had revenue of $1.02 billion for the quarter, compared to analysts' expectations of $1.01 billion. Travel + Leisure had a negative return on equity of 47.47% and a net margin of 10.14%.The business's quarterly revenue was up 3.4% on a year-over-year basis. During the same period in the previous year, the business posted $1.52 EPS. Research analysts anticipate that Travel + Leisure Co. will post 6.46 EPS for the current year.

Travel + Leisure Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Friday, September 12th will be given a $0.56 dividend. The ex-dividend date of this dividend is Friday, September 12th. This represents a $2.24 annualized dividend and a yield of 3.6%. Travel + Leisure's dividend payout ratio (DPR) is 38.62%.

Insider Buying and Selling

In other news, insider Jeffrey Myers sold 110,885 shares of the stock in a transaction dated Thursday, July 24th. The shares were sold at an average price of $62.33, for a total transaction of $6,911,462.05. Following the transaction, the insider owned 142,553 shares of the company's stock, valued at approximately $8,885,328.49. This trade represents a 43.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Kimberly Marshall sold 16,500 shares of the business's stock in a transaction that occurred on Wednesday, July 23rd. The shares were sold at an average price of $60.00, for a total value of $990,000.00. Following the completion of the sale, the insider owned 56,736 shares of the company's stock, valued at $3,404,160. This trade represents a 22.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 320,174 shares of company stock valued at $19,765,874 over the last ninety days. Insiders own 3.75% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Wall Street Zen lowered shares of Travel + Leisure from a "buy" rating to a "hold" rating in a research note on Saturday, August 23rd. JMP Securities boosted their price objective on Travel + Leisure from $60.00 to $70.00 and gave the company a "market outperform" rating in a research note on Thursday, July 24th. Mizuho raised Travel + Leisure from a "neutral" rating to an "outperform" rating and boosted their target price for the company from $63.00 to $72.00 in a report on Thursday, July 24th. Finally, Barclays increased their price target on Travel + Leisure from $39.00 to $54.00 and gave the stock an "underweight" rating in a report on Thursday, July 24th. Eight research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $62.30.

About Travel + Leisure

Travel + Leisure Co, together with its subsidiaries, provides hospitality services and travel products in the United States and internationally. The company operates in two segments, Vacation Ownership; and Travel and Membership. The Vacation Ownership segment develops, markets, and sells vacation ownership interests (VOIs) to individual consumers, as well as provides consumer financing in connection with the sale of VOIs; and property management services at resorts.