Geode Capital Management LLC Acquires 7,104 Shares of Turning Point Brands, Inc. $TPB

Geode Capital Management LLC grew its stake in Turning Point Brands, Inc. (NYSE:TPB) by 1.4% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 509,743 shares of the company’s stock after purchasing an additional 7,104 shares during the quarter. Geode Capital Management LLC owned approximately 2.85% of Turning Point Brands worth $38,629,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in TPB. GAMMA Investing LLC grew its stake in Turning Point Brands by 90.7% in the 2nd quarter. GAMMA Investing LLC now owns 328 shares of the company’s stock valued at $25,000 after purchasing an additional 156 shares during the period. Briaud Financial Planning Inc purchased a new position in shares of Turning Point Brands in the second quarter valued at $31,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in shares of Turning Point Brands during the second quarter valued at about $235,000. Longboard Asset Management LP purchased a new stake in Turning Point Brands in the 2nd quarter worth approximately $236,000. Finally, Sentry Investment Management LLC bought a new stake in Turning Point Brands during the second quarter valued at $329,000. 96.12% of the stock is owned by institutional investors.

Insider Activity

In other Turning Point Brands news, Director Stephen Usher sold 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 19th. The shares were sold at an average price of $101.00, for a total transaction of $101,000.00. Following the sale, the director owned 5,175 shares in the company, valued at approximately $522,675. This trade represents a 16.19% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Lawrence Wexler sold 10,401 shares of the firm’s stock in a transaction on Thursday, November 13th. The shares were sold at an average price of $99.03, for a total transaction of $1,030,011.03. Following the sale, the director owned 280,368 shares in the company, valued at $27,764,843.04. The trade was a 3.58% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 64,220 shares of company stock valued at $6,434,342. 6.60% of the stock is owned by insiders.

Turning Point Brands Stock Up 1.0%

Shares of Turning Point Brands stock opened at $99.79 on Thursday. Turning Point Brands, Inc. has a twelve month low of $51.48 and a twelve month high of $110.55. The company’s 50 day moving average is $94.95 and its 200 day moving average is $87.27. The company has a quick ratio of 3.98, a current ratio of 5.56 and a debt-to-equity ratio of 0.82. The company has a market cap of $1.90 billion, a price-to-earnings ratio of 35.14 and a beta of 0.85.

Turning Point Brands (NYSE:TPB) last released its quarterly earnings results on Wednesday, November 5th. The company reported $1.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.81 by $0.46. The business had revenue of $118.98 million during the quarter, compared to the consensus estimate of $111.42 million. Turning Point Brands had a return on equity of 24.44% and a net margin of 12.02%.The business’s quarterly revenue was up 12.7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.68 EPS. Research analysts anticipate that Turning Point Brands, Inc. will post 2.59 EPS for the current year.

Turning Point Brands Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, January 9th. Shareholders of record on Friday, December 19th will be issued a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a yield of 0.3%. The ex-dividend date of this dividend is Friday, December 19th. Turning Point Brands’s payout ratio is currently 10.56%.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Industrial Alliance Securities set a $110.00 price target on shares of Turning Point Brands in a research note on Wednesday, November 5th. Needham & Company LLC began coverage on shares of Turning Point Brands in a report on Friday, August 1st. They issued a “hold” rating on the stock. Zacks Research upgraded Turning Point Brands from a “hold” rating to a “strong-buy” rating in a report on Wednesday, November 12th. Wall Street Zen upgraded shares of Turning Point Brands from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. Finally, Alliance Global Partners boosted their target price on shares of Turning Point Brands from $103.00 to $110.00 and gave the company a “buy” rating in a report on Wednesday, November 5th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, Turning Point Brands has an average rating of “Buy” and a consensus price target of $97.00.

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.