8.18 0.00 (0.00%)
After hours: 4:53PM EDT
|Bid||8.11 x 800|
|Ask||8.20 x 1300|
|Day's Range||8.05 - 8.25|
|52 Week Range||6.51 - 9.45|
|Beta (3Y Monthly)||1.19|
|PE Ratio (TTM)||12.92|
|Earnings Date||Jul 22, 2019|
|Forward Dividend & Yield||0.27 (3.34%)|
|1y Target Est||8.25|
Cannabis stocks were mostly higher on Monday, after the U.S. Food and Drug Administration said it is expediting its effort to create a regulatory framework for CBD with plans to publish a report on its progress by early fall.
Cannabis stocks were mixed on Thursday, a day after a landmark congressional hearing on reforming U.S. laws that found bipartisan agreement that the current setup is a mess and needs to change.
The call will also be audio webcast at https://services.choruscall.com/links/trst190723.html, and will be available for one year. The earnings press release will be posted on the Company’s Investor Relations website at: http://www.snl.com/irweblinkx/corporateprofile.aspx?iid=100465. Other information, including the Company’s most recent annual report, proxy statement and filings with the Securities and Exchange Commission can also be found at this website. TrustCo Bank Corp NY is a $5.2 billion savings and loan holding company and through its subsidiary, Trustco Bank, operates 148 offices in New York, New Jersey, Vermont, Massachusetts, and Florida. For more information, visit www.trustcobank.com.
GMP said Friday it is placing its rating, price target and forecasts for CannTrust Holdings Inc. under review, following the scandal involving unlicensed growing at rooms at the company's Pelham facility that has shaved more than 40% off the stock's value this week. CannTrust shares were down another 13% in premarket trade after the company said late Thursday it is ceasing sales and shipments of all cannabis products. Health Canada, the regulator, has seized more than five metric tons of the company's cannabis over the issue. Adding to the downdraft, CannTrust's Danish partner said it has received some of the illegal weed and has quarantined it. The Globe and Mail reported that the company had built fake walls to conceal the illegal grow from regulators, citing a named former employee. GMP analyst Ryan Macdonell said the company's inability to offer details on potential wrongdoing or the possible financial impact was adding to the uncertainty. "At this stage the range of potential outcomes appears wide. Hence, until we have more visibility on the potential outcome of the investigation and its impacts to the company, we will put our rating, target and forecasts Under Review," said Macdonell. Shares have fallen 36% in 2019, while the S&P 500 has gained 20%.
CannTrust Holdings Inc. said late Thursday that it has ceased sale and shipment of all cannabis products, days after the company said Health Canada inspections revealed the existence of several illegal grow rooms at an Ontario facility. Health Canada seized more than five metric tons of CannTrust's inventory. CannTrust's U.S.-traded shares nearly 10% in the extended session Thursday. The company also said it planned to form an independent special committee to investigate the illegal grow rooms "in its entirety." Beyond the unlicensed grow rooms, earlier this week one of its Danish export partners discovered that it sold some of the illegal pot CannTrust grew and exported, which is an indictable offense. Before Thursday's after-hours trading, the stock's week-to-date losses were more than 40%. It closed down 1.9% during regular trading.
GrowGeneration Corp. shares rallied Wednesday to mark a rare splash of green in a falling cannabis sector that is still under pressure from the revelations of illegal activity at CannTrust Holdings Inc.
Cannabis stocks fell across the board Tuesday, led by CannTrust Holdings Inc. in a continued response to the news that the Canadian regulator has seized its cannabis after finding it was growing in unlicensed rooms.
U.S.-listed shares of CannTrust Holdings Inc. tumbled 19% toward a new low for the year on Monday, after the Canadian cannabis company said regulators had seized its cannabis after finding it was growing product in unlicensed rooms.
BMO Capital Markets became the latest bank to downgrade the shares of Canadian cannabis company CannTrust Holdings Inc. on Tuesday, cutting its rating to market perform from outperform after the Canadian government seized the company's cannabis because it was growing product in unlicensed rooms. "It is unclear how the company would have commenced cultivation in unlicensed rooms and we are surprised by this development and the inability of CannTrust's internal operational controls to prevent this," BMO analysts wrote in a note to clients. "In addition, it is unclear what Health Canada could decide with respect to the status of the affected inventory and finished products that were sold to the market." The analysts noted key personnel turnover at the affected facility and among senior management last fall. BMO lowered its stock price target to $6 on the news. CannTrust shares were down 0.8% premarket, adding to their prior day loss of about 22%.
The U.S.-listed shares of CannTrust Holdings Inc. plunged 20% in premarket trading Monday after the Canada-based cannabis company said it greenhouse facility in Pelham, Ontario was deemed "non-compliant" by regulators. The stock is on track to open at the lowest price seen during regular session hours since October 2017. "The non-compliant rating is based on observations by the regulator regarding the growing of cannabis in five unlicensed rooms and inaccurate information provided to the regulator by CannTrust employees," the company said in a statement. The company said 5,200 kilograms of dried cannabis was placed on hold by Health Canada, and the company has voluntarily held about 7,500 kilograms of cannabis equivalent at its Vaughan facility. CannTrust said customers and patients will experience temporary product shortages as a result of the hold, while the company explores options to mitigate the shortages. The company said the financial impact is "unknown" until Health Canada completes its testing. The stock has plunged 36.3% over the past three months through Friday, while the ETFMG Alternative Harvest ETF has lost 11.5% and the S&P 500 has gained 3.3%.
We often see insiders buying up shares in companies that perform well over the long term. Unfortunately, there are...
Citigroup initiated coverage of CannTrust Holdings Inc. with a high risk buy rating, citing growing revenue but less clarity on a path to profitability. Analyst Wendy Nicholson said the Canadian company is well-positioned to compete in the cannabis market with state-of-the-art cultivation and growing operations. "We expect CTST's sales to nearly triple in 2019 and nearly double again in 2020, to CAD$228 mm ($174.5 million)," she wrote in a note to clients. "We forecast that CTST can achieve an adjusted EBITDA margin of ~14% in 2020, but concede there are a lot of variables that could affect our margin forecast (including how much marketing support CTST invests in and how its outdoor grow operations perform)." That would put the company on par with revenue multiples seen at other high-growth consumer staples companies, she wrote. The high risk designation reflects the many things that remain out of management's control, she said. "For example, while we had originally hoped that CTST would be able to start to sell certain new cannabis-based products in 4Q19 (including vape pens and BrewBudz), we now expect CTST to begin selling these products in 1Q20 (and hence our below-consensus forecasts for 2019)," said the note. Nicholson has assigned the stock a price target of $7, which is 40% above its current trading level. The stock was up 2% in premarket trade.
It was a rough fourth quarter for many hedge funds, which were naturally unable to overcome the big dip in the broad market, as the S&P 500 fell by about 4.8% during 2018 and average hedge fund losing about 1%. The Russell 2000, composed of smaller companies, performed even worse, trailing the S&P by more […]
Cannabis stocks were mostly higher Wednesday, as investors awaited the results of shareholder votes on Canopy Growth Corp.’s proposal to acquire Acreage Holdings Inc. with the companies hosting separate meetings that kick off at 10 a.m.
Canadian cannabis company CannTrust Holdings Inc. said Wednesday it is establishing a U.S. operation in a joint venture with Elk Grove Farming Co. LlC, a farming company with operations in California, to secure low-cost hemp with a high CBD content. CBD, or cannabidiol, is the non-intoxicating ingredient in cannabis that is widely held to have wellness properties. The two companies will own 50% of the venture with Elk Grove providing access to more than 3,000 acres of farmland for hemp production. "The opportunity in the U.S. for CannTrust is to become a trusted supplier of consistent, standardized and high-quality hemp-derived CBD formulations at scale," the company said in a statement. The company will process, formulate and sell hemp-derived CBD product in U.S. markets that allow it and expects to start cultivation in 2020. Hemp was legalized in the 2018 Farm Bill, although CBD remains under the regulatory purview of the U.S. Food and Drug Administration, which is working to establish rules before it can be added to food or drinks. CannTrust shares rose 2.3% in premarket trade, and have gained 2.2% in 2019 through Tuesday, while the S&P 500 has gained 16%.
TrustCo Bank Corp NY (TrustCo, Nasdaq: TRST) today announced that its Board of Directors has approved a stock repurchase program. Under the stock repurchase program, TrustCo may repurchase up to 1,000,000 shares of its common stock, or approximately 1% of its current outstanding shares. The repurchase program will permit shares to be repurchased in open market or private transactions, through block trades, or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities and Exchange Commission. Repurchases will be made at management’s discretion over the next twelve months at prices management considers to be attractive and in the best interests of both TrustCo and its stockholders, subject to the availability of stock, general market conditions, the trading price of the stock, alternative uses for capital, and TrustCo’s financial performance.
Rob McCormick became the CEO of TrustCo Bank Corp NY (NASDAQ:TRST) in 2004. First, this article will compare CEO...
Many who want to get marijuana legally turn to Weedmaps ($WEEDMAPS), a user-generated-content website "where businesses and consumers can search and discover cannabis products" among other services it offers. In layman's terms, it is the Google Maps of weed. It's the legitimate, web version of asking a friend who knows a guy who knows a guy's cousin who might sell marijuana. For the sake of breaking down the weed industry in our own backyard, let's take a deeper dive into how many places one could get marijuana by doing a quick search on this website.
The Board of Directors of TrustCo Bank Corp NY (TrustCo, Nasdaq: TRST) today declared a quarterly cash dividend of $0.068125 per share, or $0.2725 per share on an annualized basis. This dividend sustains the increased rate of return to our shareholders that the Company announced in August of 2018. The dividend will be payable on July 1, 2019 to shareholders of record at the close of business on June 7, 2019. TrustCo has paid a cash dividend every year since 1904. Chairman, President and Chief Executive Officer Robert J. McCormick said: “We are very pleased that our company’s performance has enabled us to again provide our shareholders with a strong cash dividend. TrustCo’s board and management team remain confident in the strength of the Company’s balance sheet.
CannTrust Holdings Inc. shares soared Tuesday, after the Canadian cannabis company posted a surprise quarterly profit and said it’s on track with a production goal of 50,000 kg of annual capacity by the third quarter.
The U.S.-listed shares of CannTrust Holdings Inc. surged 5.4% in premarket trade Tuesday, after the Canada-based cannabis company reported a surprise first-quarter profit, while revenue more than doubled but fell short of expectations. The company reported net income of C$12.8 million ($9.5 million), or 12 cents a share, after earnings of C$11.4 million, or 12 cents a share, in the same period a year ago. The FactSet consensus was for a loss of 5 cents a share. Total revenue rose 115% to C$16.9 million ($12.5 million), which FactSet said was just shy of consensus of C$17.2 million. Medical net revenue rose 57% to C$11.4 million while wholesale net revenue grew 9-fold to C$5.5 million. Total active patient count rose 70% to 68,000 and harvested production increased more than 400% to 9,400 kilograms. Medical dried revenue per gram fell to C$7.33 from C$7.94 while wholesale dried revenue per gram declined to C$4.54 from C$5.47. The company expects 2019 revenue to increase "significantly" over 2018's results, with growth accelerating in the second quarter. The stock has rallied 18.8% year to date through Monday, while the ETFMG Alternative Harvest ETF has run up 30.4% and the S&P 500 has gained 12.2%.
At Insider Monkey, we pore over the filings of nearly 750 top investment firms every quarter, a process we have now completed for the latest reporting period. The data we've gathered as a result gives us access to a wealth of collective knowledge based on these firms' portfolio holdings as of December 31. In this […]
Jefferies analyst Owen Bennett has just released a very valuable report concerning cannabis stocks. What’s interesting is that he distinguishes between the stocks that will be dominating the market in five years’ time, and the stocks where investors can find the best value right now. “On a five-year view we continue to believe that Canopy and Aurora will be the global leaders,” Bennett told investors on Friday. However, on a 12 months basis, the analyst believes two smaller Canadian producers, The Green Organic Dutchman Holdings and CannTrust Holdings, currently offer the best value for investors. Let’s take a closer look at how these four stocks measure up now: Global Leaders Canopy Growth Corp (NYSE:CGC) (TSE:WEED)Despite his confidence in Canopy’s leadership position, Bennett nonetheless has a ‘Hold’ rating on the world’s largest cannabis company. He ascribes this rating to CGC’s current high valuation. However, if it comes to picking between Canopy and Aurora, the analyst is clear which stock he prefers:“Since initiation, we have argued that Canopy, along with Aurora, is best placed to dominate on a global basis in the years ahead. The Acreage deal further supports this view, giving Canopy a route to participation in the world's largest market, and, for us, now gives Canopy a notable advantage over Aurora in terms of its long term outlook” writes Bennett. Canopy recently announced a $3.4 billion acquisition of New York-based marijuana stock Acreage Holdings. The deal would go through as soon as cannabis has been fully legalized in the US. And with this in mind, the analyst ramps up his price target from C$64 to $C77 (17% upside potential). On the back of this deal, Canopy is now the only name in the analyst’s coverage which captures US (psychoactive) cannabis exposure in the price target.He continues: “Despite Canopy's strong global positioning, and the additional value creation to potentially come via the Acreage deal, we think this is appropriately reflected in the current price, the stock up >20% since the Acreage news broke (and 80% YTD). As such we maintain our Hold rating.”However it is worth noting that the Acreage deal, although agreed by the two companies, still requires shareholder consent. And activist investor Marcato Capital is fighting the proposed takeover, arguing that the company is worth much more than the agreed $3.4 billion. Marcato owns a 2.7% stake in Acreage. “We believe Acreage’s strategic value, as one of the few multi-state operators of scale in the U.S., with leading positions in the most valuable markets merits a significant premium to any stand-alone cash-flow derived valuation,” Marcato Capital wrote in an open letter to the board. “Furthermore, we believe enterprise values of cannabis companies will skyrocket upon the relaxation of current Federal restrictions.“Accordingly, Marcato believes it is highly imprudent for Acreage to sell itself today at the proposed valuation, with so much unlocked growth and value embedded in the company.” Shareholders will vote on the deal on June 19. Overall, the marijuana grower boasts a cautiously optimistic Moderate Buy analyst consensus. That’s with an average analyst price target of $60 (22% upside potential). We can also see that under the Canadian ticker, the average analyst share price works out at C$76.88. See what other Top Analysts are saying about CGC. Aurora Cannabis Inc (NYSE:ACB) (TSE:ACB)Bennett has a more bullish Buy rating on Canadian cannabis producer Aurora. “Despite a recent good run (up 75% YTD and 29% since late February), we still believe Aurora's current valuation looks compelling relative to true global peers” explains Bennett. “We believe Aurora, along with Canopy, is best placed to dominate globally in the years ahead, yet the story is less appreciated. With infrastructure in place to strongly accelerate near-term Canadian sales as derivative products come on line, and US optionality to become more visible, we see further upside on a 12-month view. Shareholder dilution has been a risk in the past but we'd like to think this will now be more limited” he writes. Indeed, Bennett also boosted his Aurora price target from C$12 to C$14 (17% upside potential). Support for the move comes from multiple directions, including the recent $175 million transaction for premium cannabis producer Whistler, securing the maximum numbers of lots from the German domestic cultivation tender process, and appointing prominent activist consumer goods investor Nelson Peltz as a strategic advisor. Overall, we can see from TipRanks that Aurora also scores a ‘Moderate Buy’ consensus from the Street. That comes with an average analyst price target of C$13.80 (15% upside potential). See what other Top Analysts are saying about ACB. Best Value Now let’s move from two of the market’s biggest players to two smaller cannabis stocks that could make for savvy short-term investing opportunities. As Bennett writes: “We continue to see very good value at CannTrust and TGOD”: Green Organic Dutchman Holdings Ltd (TSE:TGOD) (OTCMKTS:TGODF)Green Organic is positioning itself to be the dominant player in the very attractive organic segment. Through its subsidiaries, the company produces farm grown and organic cannabis for medical use worldwide. Although a relatively new player, with an IPO in May 2018, the company has put in place all the tools to succeed.“We remain bullish on TGOD and continue to believe it is set up well to succeed” writes Bennett. “If you had to write a business plan entering the cannabis space late as they have done, then TGOD's approach would tick many of the boxes.” Namely: 1) hiring a management team with over 125 years of consumer goods experience; 2) operating in a relatively uncluttered segment (organic) that can command higher price points; and 3) access to robust capacity (enough to support the organic segment).Plus TGOD has also invested ahead in strong derivative infrastructure (i.e. announcing construction of a beverage focused division in June 2018); and invested internationally, for example with the acquisition of HemPoland in the hemp-based CBD space (distribution across 700 locations and 13 countries).However given that it only started shipping at the end of 1Q19, TGOD needs to execute into the rest of the year. “With potential issues with its Hamilton facility now resolved, we see no reason to believe that it won't. If it does then we see strong upside from here.” But- word of warning- this is a stock for the brave. Because if TGDO doesn’t pull through with strong upward momentum on sales across the quarters a sharp selloff is likely.Nonetheless Bennett is feeling confident. He has just increased his price target to C$6.50 from C$6.10 previously. Given the stock is currently trading at just $4.34 this suggests shares can surge by 50% in the coming months. Encouragingly, the Street echoes this optimistic sentiment. TGOD scores a Strong Buy Street consensus with an average analyst price target of C$7.18.See what other Top Analysts are saying about TGOD. CannTrust Holdings Inc (NYSE:CTST) (TSE:TRST) If you haven’t heard of CannTrust Holdings before, listen up. This is a pharmaceutical company that develops and produces medical cannabis for healthcare sectors in Canada. “We think [CannTrust] can be up there with the top global players, yet its multiple is a fraction of global peers” enthuses the Jefferies analyst. He has a C$13 price target on TRST stock (62% upside potential). He believes the company is a very smart, consistent operator with an excellent outlook. “It is one of the strongest medical businesses in Canada, has been performing very well in early rec, is positioned well to capitalise in derivatives (as well as pet care), and has made some shrewd moves internationally (Pharma partnership, European regional operations, US optionality)” explains the analyst. Yet despite the attractive outlook, recent performance has been notably poor (down 30% since Q4 results), with the market reacting to the soft gross margin and negative EBITDA in 4Q. According to Bennett, this is unfair, as management has simply decided to invest for long-term gain rather than short-term profitability by, for example, securing a low cost supply of cannabis for extraction into derivative products and and list on the NYSE. Moreover, in pre-releasing 1Q expectations recently the company moved to reassure investors when it said gross profit margins would return to between 42%-46% (from 35%).Bottom line: “If CannTrust delivers as we expect it to then its valuation looks very appealing at current levels.” This is reflected by the stock’s Moderate Buy analyst consensus and robust average analyst price target. On the Toronto exchange the C$14 price target suggests 75% upside potential; on NYSE the $12.38 figure is 107% above current price levels.See what other Top Analysts are saying about CTST. Enjoy Research Reports on the Stocks in this Article:Aurora Cannabis Inc (ACB) Research ReportCanopy Growth Corp (CGC) Research ReportCannTrust Holdings Inc (CTST) Research ReportGreen Organic Dutchman Holdings Ltd (TGOD) Research Report
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The U.S.-listed shares of CannTrust Holdings Inc. tumbled 13% toward a four-month low in active premarket trade Thursday, after the Canada-based cannabis company announced the pricing of its common stock offering at a deep discount. The company said the 36,363,636 million share offering priced at $5.50, or 14.6% below Wednesday's closing price of $6.44. Of that total, the company is selling 30,909,091 shares for gross proceeds of $170 million, while the balance is being sold by selling shareholders. The stock offering had been announced on April 22. CannTrust's stock is on track to open at the lowest price seen during regular-session hours since Jan. 8, 2019, and for a sixth-straight loss. The stock has rallied 33.5% year to date through Wednesday, while the ETFMG Alternative Harvest ETF has climbed 42.3% and the S&P 500 has gained 16.6%.