Turning Point Brands, Inc. $TPB Position Reduced by Wellington Management Group LLP

Wellington Management Group LLP reduced its position in Turning Point Brands, Inc. (NYSE:TPB – Free Report) by 35.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 149,267 shares of the company’s stock after selling 80,555 shares during the period. Wellington Management Group LLP owned about 0.77% of Turning Point Brands worth $12,659,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. BlackRock Inc. acquired a new stake in Turning Point Brands during the 2nd quarter valued at $137,273,000. Bank of America Corp DE purchased a new position in shares of Turning Point Brands during the second quarter valued at $47,278,000. Lord Abbett & CO. LLC acquired a new position in Turning Point Brands during the fourth quarter valued at $28,454,000. Madison Avenue Partners LP purchased a new stake in Turning Point Brands in the 4th quarter worth about $26,853,000. Finally, First Trust Advisors LP lifted its stake in Turning Point Brands by 72.4% in 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. Hedge funds and other institutional investors own 96.12% of the company’s stock.

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Turning Point Brands Trading Up 0.4%

Shares of NYSE:TPB opened at $75.49 on Tuesday. The company has a current ratio of 5.67, a quick ratio of 4.16 and a debt-to-equity ratio of 0.65. The stock has a market capitalization of $1.46 billion, a PE ratio of 32.40 and a beta of 0.94. Turning Point Brands, Inc. has a 1 year low of $65.80 and a 1 year high of $146.90. The firm has a fifty day moving average price of $82.75 and a 200 day moving average price of $87.15.

Turning Point Brands (NYSE:TPB – Get Free Report) last posted its earnings results on Tuesday, August 4th. The company reported $0.23 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.11. The company had revenue of $142.96 million for the quarter, compared to analyst estimates of $129.56 million. Turning Point Brands had a return on equity of 11.35% and a net margin of 8.78%.The business’s revenue was up 22.6% compared to the same quarter last year. During the same period last year, the company earned $0.98 earnings per share. Analysts expect that Turning Point Brands, Inc. will post 1.23 EPS for the current fiscal year.

Turning Point Brands Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Investors of record on Friday, September 18th will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 0.4%. The ex-dividend date is Friday, September 18th. Turning Point Brands’s payout ratio is 13.73%.

Analysts Set New Price Targets

Several research firms have weighed in on TPB. BTIG Research reaffirmed a “buy” rating on shares of Turning Point Brands in a research note on Monday, August 10th. Weiss Ratings restated a “hold (c)” rating on shares of Turning Point Brands in a report on Friday, August 28th. Wall Street Zen upgraded shares of Turning Point Brands from a “strong sell” rating to a “sell” rating in a research note on Monday, August 10th. Finally, Compass Point set a $116.00 target price on shares of Turning Point Brands in a research report on Monday, August 10th. Four analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Turning Point Brands has an average rating of “Moderate Buy” and a consensus target price of $115.67.

View Our Latest Analysis on Turning Point Brands

Turning Point Brands Profile

(Free Report)

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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