Guardian Point Capital LP grew its position in shares of Turning Point Brands, Inc. (NYSE:TPB – Free Report) by 114.6% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 125,000 shares of the company’s stock after purchasing an additional 66,761 shares during the quarter. Turning Point Brands makes up about 4.5% of Guardian Point Capital LP’s portfolio, making the stock its 10th biggest holding. Guardian Point Capital LP owned 0.65% of Turning Point Brands worth $10,849,000 at the end of the most recent reporting period.
Several other large investors have also recently made changes to their positions in the company. Lord Abbett & CO. LLC acquired a new stake in Turning Point Brands during the fourth quarter valued at $28,454,000. Madison Avenue Partners LP acquired a new position in shares of Turning Point Brands in the fourth quarter worth about $26,853,000. Wellington Management Group LLP acquired a new position in shares of Turning Point Brands in the third quarter worth about $20,788,000. First Trust Advisors LP boosted its stake in shares of Turning Point Brands by 72.4% during the 4th quarter. First Trust Advisors LP now owns 494,262 shares of the company’s stock worth $53,578,000 after acquiring an additional 207,604 shares in the last quarter. Finally, Copeland Capital Management LLC boosted its stake in shares of Turning Point Brands by 29,795.8% during the 4th quarter. Copeland Capital Management LLC now owns 204,188 shares of the company’s stock worth $22,134,000 after acquiring an additional 203,505 shares in the last quarter. 96.12% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
Several equities analysts recently weighed in on TPB shares. Compass Point set a $103.00 price target on Turning Point Brands in a research note on Tuesday. Wall Street Zen upgraded Turning Point Brands from a “strong sell” rating to a “sell” rating in a research report on Saturday. Weiss Ratings lowered Turning Point Brands from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, June 2nd. BTIG Research began coverage on Turning Point Brands in a research report on Tuesday. They issued a “buy” rating and a $103.00 price objective for the company. Finally, Needham & Company LLC upgraded Turning Point Brands from a “hold” rating to a “buy” rating and set a $125.00 price objective for the company in a research report on Friday, May 8th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $113.50.
Insider Activity at Turning Point Brands
In other news, CAO Brian Wigginton sold 4,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $91.67, for a total value of $366,680.00. Following the transaction, the chief accounting officer owned 9,230 shares in the company, valued at $846,114.10. This trade represents a 30.23% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 5.40% of the stock is owned by insiders.
Turning Point Brands Stock Up 4.4%
Shares of NYSE TPB opened at $76.30 on Friday. The firm has a market cap of $1.48 billion, a price-to-earnings ratio of 25.95 and a beta of 0.92. The company’s 50-day simple moving average is $84.14 and its 200-day simple moving average is $95.48. The company has a quick ratio of 4.05, a current ratio of 5.87 and a debt-to-equity ratio of 0.76. Turning Point Brands, Inc. has a 52-week low of $65.80 and a 52-week high of $146.90.
Turning Point Brands (NYSE:TPB – Get Free Report) last released its quarterly earnings results on Thursday, May 7th. The company reported $0.76 earnings per share for the quarter, topping the consensus estimate of $0.68 by $0.08. The firm had revenue of $124.28 million during the quarter, compared to the consensus estimate of $115.67 million. Turning Point Brands had a net margin of 11.53% and a return on equity of 16.54%. The company’s revenue for the quarter was up 16.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.91 EPS. Equities analysts predict that Turning Point Brands, Inc. will post 1.39 EPS for the current fiscal year.
Turning Point Brands Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Friday, July 10th. Shareholders of record on Friday, June 19th were issued a dividend of $0.08 per share. The ex-dividend date of this dividend was Thursday, June 18th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.4%. Turning Point Brands’s dividend payout ratio is presently 10.88%.
Turning Point Brands Company Profile
Turning Point Brands, Inc (NYSE: TPB) is a U.S.-based consumer products company focused on the manufacture, marketing and distribution of smokeless tobacco, vaping and cigar products. Headquartered in Old Hickory, Tennessee, the company serves retail outlets across all 50 states through a direct-store-delivery network and select third-party distributors. Turning Point Brands operates two reporting segments—Smokeless Products and Cigar—and leverages its logistics capabilities to offer a broad portfolio of brands and SKUs.
In its Smokeless Products segment, Turning Point Brands produces moist smokeless tobacco under leading brand names such as Grizzly, Kodiak and Stoker’s.
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