DCF Advisers LLC bought a new stake in Turning Point Brands, Inc. (NYSE:TPB – Free Report) during the second quarter, Holdings Channel reports. The institutional investor bought 7,500 shares of the company’s stock, valued at approximately $636,000.
A number of other hedge funds have also made changes to their positions in the stock. BlackRock Inc. acquired a new stake in shares of Turning Point Brands during the second quarter worth approximately $137,273,000. Deutsche Bank AG acquired a new position in Turning Point Brands in the 2nd quarter valued at approximately $1,698,000. Crown Advisors Management Inc. acquired a new position in Turning Point Brands in the 2nd quarter valued at approximately $1,272,000. Bank of New York Mellon Corp purchased a new stake in Turning Point Brands in the 2nd quarter worth approximately $6,958,000. Finally, State of Wyoming purchased a new stake in Turning Point Brands in the 2nd quarter worth approximately $266,000. 96.12% of the stock is owned by hedge funds and other institutional investors.
Turning Point Brands Stock Up 2.1%
Turning Point Brands stock opened at $88.28 on Thursday. The company has a current ratio of 5.67, a quick ratio of 4.16 and a debt-to-equity ratio of 0.65. Turning Point Brands, Inc. has a 1-year low of $65.80 and a 1-year high of $146.90. The firm’s fifty day simple moving average is $82.93 and its 200-day simple moving average is $91.39. The company has a market capitalization of $1.71 billion, a P/E ratio of 37.89 and a beta of 0.91.
Turning Point Brands Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Friday, September 18th will be paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 0.4%. The ex-dividend date is Friday, September 18th. Turning Point Brands’s dividend payout ratio is 13.73%.
Wall Street Analyst Weigh In
A number of brokerages have issued reports on TPB. Needham & Company LLC upgraded shares of Turning Point Brands from a “hold” rating to a “buy” rating and set a $125.00 price target on the stock in a report on Friday, May 8th. Weiss Ratings lowered Turning Point Brands from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, June 2nd. Compass Point set a $116.00 price objective on Turning Point Brands in a report on Monday, August 10th. BTIG Research reissued a “buy” rating on shares of Turning Point Brands in a research report on Monday, August 10th. Finally, Wall Street Zen upgraded Turning Point Brands from a “strong sell” rating to a “sell” rating in a research note on Monday, August 10th. Four research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $115.67.
Get Our Latest Research Report on TPB
About Turning Point Brands
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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