Vector Group (VGR) Bonds Drop 1% During Trading

An issue of Vector Group Ltd (NYSE:VGR) debt fell 1% against its face value during trading on Monday. The high-yield issue of debt has a 6.125% coupon and will mature on February 1, 2025. The bonds in the issue are now trading at $88.13 and were trading at $88.88 last week. Price moves in a company’s debt in credit markets sometimes anticipate parallel moves in its stock price.

A number of research firms have commented on VGR. Oppenheimer restated a “hold” rating on shares of Vector Group in a research note on Wednesday, November 7th. Zacks Investment Research upgraded shares of Vector Group from a “hold” rating to a “buy” rating and set a $11.00 price objective on the stock in a research note on Wednesday, January 30th.

Get Vector Group alerts:

NYSE VGR traded up $0.24 during trading on Monday, reaching $11.88. The company’s stock had a trading volume of 1,402,037 shares, compared to its average volume of 1,059,594. The firm has a market cap of $1.67 billion, a PE ratio of 20.84 and a beta of 0.74. Vector Group Ltd has a twelve month low of $9.21 and a twelve month high of $21.43.

In other news, Director Bennett S. Lebow sold 400,000 shares of Vector Group stock in a transaction dated Wednesday, November 21st. The shares were sold at an average price of $13.83, for a total value of $5,532,000.00. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, major shareholder Phillip Md Et Al Frost sold 450,085 shares of Vector Group stock in a transaction dated Monday, November 26th. The shares were sold at an average price of $13.57, for a total transaction of $6,107,653.45. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,866,420 shares of company stock worth $37,039,611. 12.50% of the stock is currently owned by company insiders.

Several large investors have recently modified their holdings of VGR. KBC Group NV purchased a new stake in shares of Vector Group in the fourth quarter valued at about $26,000. ERTS Wealth Advisors LLC purchased a new stake in shares of Vector Group in the fourth quarter valued at about $33,000. Baillie Gifford & Co. boosted its holdings in shares of Vector Group by 21.4% in the fourth quarter. Baillie Gifford & Co. now owns 5,100 shares of the company’s stock valued at $50,000 after acquiring an additional 900 shares in the last quarter. Paradigm Financial Partners LLC purchased a new stake in shares of Vector Group in the fourth quarter valued at about $103,000. Finally, Paloma Partners Management Co purchased a new stake in Vector Group during the fourth quarter worth about $116,000. 49.29% of the stock is currently owned by institutional investors and hedge funds.

COPYRIGHT VIOLATION WARNING: This news story was first published by Ticker Report and is the property of of Ticker Report. If you are viewing this news story on another publication, it was illegally copied and reposted in violation of United States and international copyright and trademark law. The legal version of this news story can be viewed at https://www.tickerreport.com/banking-finance/4162168/vector-group-vgr-bonds-drop-1-during-trading.html.

About Vector Group (NYSE:VGR)

Vector Group Ltd., through its subsidiaries, manufactures and sells cigarettes in the United States. It operates through Tobacco, E-Cigarettes, and Real Estate segments. The company produces cigarettes in 109 combinations under the PYRAMID, EAGLE 20's, GRAND PRIX, LIGGETT SELECT, and EVE brand names, as well as USA and various partner brands, and private label brands.

See Also: What is a balanced fund?