Ionic Capital Management LLC Sells 11,462 Shares of Travel + Leisure Co. $TNL

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 lessened its holdings in Travel + Leisure Co. (NYSE:TNL - Free Report) by 16.6% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 57,589 shares of the company's stock after selling 11,462 shares during the period. Travel + Leisure makes up 0.4% of Ionic Capital Management LLC's portfolio, making the stock its 11th biggest position. Ionic Capital Management LLC owned about 0.09% of Travel + Leisure worth $2,666,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the company. Allspring Global Investments Holdings LLC grew its stake in shares of Travel + Leisure by 210.4% during the first quarter. Allspring Global Investments Holdings LLC now owns 35,893 shares of the company's stock valued at $1,666,000 after purchasing an additional 24,329 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Travel + Leisure by 8.7% during the first quarter. Charles Schwab Investment Management Inc. now owns 994,582 shares of the company's stock worth $46,039,000 after purchasing an additional 79,430 shares in the last quarter. Merit Financial Group LLC acquired a new stake in shares of Travel + Leisure during the first quarter worth $261,000. GAMMA Investing LLC raised its holdings in shares of Travel + Leisure by 26.6% during the first quarter. GAMMA Investing LLC now owns 2,044 shares of the company's stock worth $95,000 after acquiring an additional 429 shares during the period. Finally, Cerity Partners LLC raised its holdings in shares of Travel + Leisure by 10.1% during the first quarter. Cerity Partners LLC now owns 21,529 shares of the company's stock worth $997,000 after acquiring an additional 1,980 shares during the period. Institutional investors and hedge funds own 87.54% of the company's stock.

Travel + Leisure Stock Performance

TNL traded down $0.80 on Tuesday, reaching $62.20. The company had a trading volume of 512,530 shares, compared to its average volume of 693,989. Travel + Leisure Co. has a fifty-two week low of $37.77 and a fifty-two week high of $64.11. The stock has a market cap of $4.04 billion, a P/E ratio of 10.72, a P/E/G ratio of 0.60 and a beta of 1.44. The company's fifty day moving average is $59.68 and its 200 day moving average is $51.98.

Travel + Leisure (NYSE:TNL - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The company reported $1.65 EPS for the quarter, missing analysts' consensus estimates of $1.66 by ($0.01). Travel + Leisure had a net margin of 10.14% and a negative return on equity of 47.47%. The company had revenue of $1.02 billion during the quarter, compared to analyst estimates of $1.01 billion. During the same quarter last year, the company posted $1.52 EPS. The firm's quarterly revenue was up 3.4% on a year-over-year basis. On average, sell-side analysts expect that Travel + Leisure Co. will post 6.46 EPS for the current year.

Travel + Leisure Dividend Announcement

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

Wall Street Analyst Weigh In

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

Insider Transactions at Travel + Leisure

In other Travel + Leisure news, insider Michael Dean Brown acquired 1,500 shares of the business's stock in a transaction on Friday, August 1st. The stock was purchased at an average price of $58.39 per share, with a total value of $87,585.00. Following the acquisition, the insider directly owned 427,821 shares of the company's stock, valued at approximately $24,980,468.19. This trade represents a 0.35% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Thomas Michael Duncan sold 8,201 shares of the business's stock in a transaction dated Thursday, July 24th. The shares were sold at an average price of $62.24, for a total transaction of $510,430.24. Following the completion of the sale, the chief accounting officer directly owned 20,000 shares of the company's stock, valued at $1,244,800. This represents a 29.08% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 320,174 shares of company stock worth $19,765,874. Company insiders own 3.75% of the company's stock.

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.