No Wall Street analysts cover Tootsie Roll Industries, in part because the company is so reticent — it doesn't hold investor conference calls, for instance. But in 2017, the activist investment firm Spruce Point Capital Management issued a "strong sell" recommendation on the company. "Tootsie dates back to the early 1900s and its brands are withering along with its core customers," the Spruce Point report said. "Sales haven't grown in six years, and we estimate it is losing market share in North America."