Virtus Investment Advisers Inc. Makes New $529,000 Investment in Turning Point Brands, Inc. (NYSE:TPB)

Virtus Investment Advisers Inc. bought a new stake in shares of Turning Point Brands, Inc. (NYSE:TPB) in the fourth quarter, Holdings Channel reports. The institutional investor bought 8,800 shares of the company’s stock, valued at approximately $529,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Squarepoint Ops LLC increased its position in shares of Turning Point Brands by 65.4% during the 4th quarter. Squarepoint Ops LLC now owns 62,663 shares of the company’s stock valued at $3,766,000 after purchasing an additional 24,787 shares during the last quarter. Two Sigma Advisers LP boosted its stake in Turning Point Brands by 81.1% during the fourth quarter. Two Sigma Advisers LP now owns 69,000 shares of the company’s stock worth $4,147,000 after buying an additional 30,900 shares during the period. Two Sigma Investments LP increased its position in Turning Point Brands by 6.6% during the fourth quarter. Two Sigma Investments LP now owns 108,927 shares of the company’s stock valued at $6,547,000 after acquiring an additional 6,726 shares during the last quarter. Prescott General Partners LLC purchased a new stake in shares of Turning Point Brands in the fourth quarter valued at $210,000. Finally, ProShare Advisors LLC purchased a new stake in shares of Turning Point Brands in the fourth quarter valued at $290,000. 96.12% of the stock is owned by hedge funds and other institutional investors.

Turning Point Brands Stock Up 2.0%

Shares of NYSE:TPB opened at $73.44 on Monday. Turning Point Brands, Inc. has a 52-week low of $30.61 and a 52-week high of $81.05. The stock has a market cap of $1.31 billion, a P/E ratio of 29.14 and a beta of 0.69. The business’s 50 day moving average is $60.98 and its 200 day moving average is $60.92. The company has a quick ratio of 1.78, a current ratio of 4.21 and a debt-to-equity ratio of 1.33.

Turning Point Brands (NYSE:TPB) last announced its quarterly earnings results on Wednesday, May 7th. The company reported $0.91 EPS for the quarter, beating the consensus estimate of $0.75 by $0.16. The firm had revenue of $106.44 million for the quarter, compared to analyst estimates of $95.75 million. Turning Point Brands had a return on equity of 33.14% and a net margin of 11.63%. The business’s revenue for the quarter was up 28.2% on a year-over-year basis. During the same quarter last year, the firm posted $0.63 earnings per share. Sell-side analysts predict that Turning Point Brands, Inc. will post 2.59 EPS for the current year.

Turning Point Brands Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Friday, June 20th will be issued a $0.075 dividend. The ex-dividend date of this dividend is Friday, June 20th. This represents a $0.30 annualized dividend and a dividend yield of 0.41%. Turning Point Brands’s dividend payout ratio is currently 13.16%.

Wall Street Analyst Weigh In

TPB has been the subject of a number of recent analyst reports. Industrial Alliance Securities set a $85.00 price target on shares of Turning Point Brands in a research note on Thursday, March 6th. Oppenheimer boosted their target price on Turning Point Brands from $65.00 to $85.00 and gave the company an “outperform” rating in a research report on Thursday, May 8th. StockNews.com raised Turning Point Brands from a “hold” rating to a “buy” rating in a research note on Wednesday, May 14th. Finally, Alliance Global Partners started coverage on Turning Point Brands in a report on Monday, March 3rd. They issued a “buy” rating and a $80.00 price target on the stock. Six equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $76.67.

Insider Transactions at Turning Point Brands

In other news, Director Gregory H.A. Baxter sold 1,500 shares of the stock in a transaction on Friday, May 9th. The stock was sold at an average price of $73.64, for a total transaction of $110,460.00. Following the completion of the sale, the director now owns 40,419 shares in the company, valued at approximately $2,976,455.16. This represents a 3.58% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Brian Wigginton sold 3,500 shares of the business’s stock in a transaction on Thursday, May 8th. The stock was sold at an average price of $75.75, for a total value of $265,125.00. Following the transaction, the chief accounting officer now owns 10,171 shares in the company, valued at approximately $770,453.25. This trade represents a 25.60% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 6.60% of the company’s stock.

About Turning Point Brands

Turning Point Brands, Inc, together with its subsidiaries, manufactures, markets, and distributes branded consumer products. The company operates through three segments: Zig-Zag Products, Stoker’s Products, and Creative Distribution Solutions. Zig-Zag Products segment markets and distributes rolling papers, tubes, finished cigars, make-your-own cigar wraps, and related products, as well as lighters and other accessories under the Zig-Zag brand.