Tootsie Roll Industries (NYSE:TR) Share Price Crosses Below 200-Day Moving Average - Time to Sell?

Key Points

• Tootsie Roll shares fell below their 200-day moving average of $39.84, trading as low as $36.84 and last changing hands near $36.90.
• Despite the technical weakness, Weiss Ratings upgraded the stock from “hold” to “buy,” and MarketBeat reported an average “Buy” rating from analysts.
• The company reported quarterly revenue of $154.22 million and EPS of $0.18, while maintaining a quarterly dividend of $0.09 per share, equivalent to a 1.0% yield.

Tootsie Roll Industries, Inc. (NYSE:TR - Get Free Report)'s share price passed below its two hundred day moving average during trading on Wednesday. The stock has a two hundred day moving average of $39.84 and traded as low as $36.84. Tootsie Roll Industries shares last traded at $36.8960, with a volume of 186,561 shares changing hands.

Wall Street Analysts Forecast Growth

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

Tootsie Roll Industries Price Performance

The stock has a market cap of $2.77 billion, a PE ratio of 28.73 and a beta of 0.41. The firm's 50 day moving average price is $39.18 and its two-hundred day moving average price is $39.84.

Tootsie Roll Industries (NYSE:TR - Get Free Report) last announced its quarterly earnings results on Friday, August 7th. The company reported $0.18 EPS for the quarter. Tootsie Roll Industries had a net margin of 13.14% and a return on equity of 10.16%. The company had revenue of $154.22 million for the quarter.

Tootsie Roll Industries Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 16th. Shareholders of record on Wednesday, October 7th will be given a dividend of $0.09 per share. The ex-dividend date is Wednesday, October 7th. This represents a $0.36 annualized dividend and a dividend yield of 1.0%. Tootsie Roll Industries's dividend payout ratio is currently 28.12%.

Hedge Funds Weigh In On Tootsie Roll Industries

Several hedge funds have recently made changes to their positions in TR. BlackRock Inc. purchased a new stake in Tootsie Roll Industries during the 2nd quarter worth about $84,370,000. Dimensional Fund Advisors LP grew its holdings in Tootsie Roll Industries by 2.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,152,714 shares of the company's stock valued at $49,245,000 after buying an additional 26,653 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of Tootsie Roll Industries by 0.6% during the first quarter. Bank of New York Mellon Corp now owns 187,621 shares of the company's stock valued at $8,015,000 after buying an additional 1,039 shares during the period. Bank of America Corp DE increased its position in shares of Tootsie Roll Industries by 1.4% during the first quarter. Bank of America Corp DE now owns 143,622 shares of the company's stock valued at $6,136,000 after buying an additional 1,924 shares during the period. Finally, Gabelli Funds LLC lifted its holdings in shares of Tootsie Roll Industries by 3.0% in the first 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 in the last quarter. 14.28% of the stock is currently owned by hedge funds and other institutional investors.

About Tootsie Roll Industries

Tootsie Roll Industries, Inc is a confectionery manufacturer and marketer headquartered in Chicago, Illinois. Founded in 1896 by Leo Hirshfield, the company is best known for its Tootsie Roll candy and has built a broad portfolio of branded sweets sold through grocery stores, convenience stores, mass retailers, vending channels and other outlets.

Its products include Tootsie Rolls, Tootsie Pops, Caramel Apple Pops, Dots, Junior Mints, Sugar Babies, Sugar Daddy, Charleston Chew, Andes mints, Dubble Bubble gum, Razzles and Cry Baby gum.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.