Turning Point Brands, Inc. $TPB is Harspring Capital Management LLC’s 9th Largest Position

Harspring Capital Management LLC reduced its position in Turning Point Brands, Inc. (NYSE:TPB) by 30.1% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 126,808 shares of the company’s stock after selling 54,692 shares during the period. Turning Point Brands comprises about 5.8% of Harspring Capital Management LLC’s holdings, making the stock its 9th largest position. Harspring Capital Management LLC owned approximately 0.65% of Turning Point Brands worth $11,006,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in shares of Turning Point Brands by 4.4% in the 4th quarter. Vanguard Group Inc. now owns 1,451,394 shares of the company’s stock valued at $157,331,000 after buying an additional 61,311 shares in the last quarter. ArrowMark Colorado Holdings LLC increased its holdings in Turning Point Brands by 28.9% in the fourth quarter. ArrowMark Colorado Holdings LLC now owns 869,747 shares of the company’s stock worth $94,281,000 after buying an additional 194,938 shares during the last quarter. Thrivent Financial for Lutherans raised its position in Turning Point Brands by 4.8% during the fourth quarter. Thrivent Financial for Lutherans now owns 847,050 shares of the company’s stock valued at $91,820,000 after acquiring an additional 38,437 shares in the last quarter. First Trust Advisors LP raised its position in Turning Point Brands by 39.6% during the first quarter. First Trust Advisors LP now owns 689,905 shares of the company’s stock valued at $59,877,000 after acquiring an additional 195,643 shares in the last quarter. Finally, Geode Capital Management LLC lifted its stake in Turning Point Brands by 5.5% in the fourth quarter. Geode Capital Management LLC now owns 541,667 shares of the company’s stock valued at $58,728,000 after acquiring an additional 28,463 shares during the last quarter. 96.12% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Turning Point Brands news, CAO Brian Wigginton sold 4,000 shares of the business’s stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $91.67, for a total transaction of $366,680.00. Following the completion of the transaction, the chief accounting officer owned 9,230 shares of the company’s stock, valued at $846,114.10. The trade was a 30.23% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 5.40% of the stock is owned by company insiders.

Analyst Ratings Changes

Several analysts have commented on TPB shares. BTIG Research began coverage on shares of Turning Point Brands in a research report on Tuesday. They issued a “buy” rating and a $103.00 target price for the company. Weiss Ratings downgraded shares of Turning Point Brands from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, June 2nd. Compass Point set a $103.00 price objective on shares of Turning Point Brands in a research note on Tuesday. Wall Street Zen upgraded shares of Turning Point Brands from a “strong sell” rating to a “sell” rating in a report on Saturday, June 6th. Finally, Needham & Company LLC raised shares of Turning Point Brands from a “hold” rating to a “buy” rating and set a $125.00 target price on the stock in a research report on Friday, May 8th. 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 stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $113.50.

Turning Point Brands Stock Down 1.7%

TPB opened at $78.18 on Thursday. The firm has a market cap of $1.51 billion, a P/E ratio of 26.59 and a beta of 0.92. The company has a debt-to-equity ratio of 0.76, a quick ratio of 4.05 and a current ratio of 5.87. The business has a 50 day moving average price of $84.78 and a 200 day moving average price of $95.88. Turning Point Brands, Inc. has a twelve month low of $65.80 and a twelve month high of $146.90.

Turning Point Brands (NYSE:TPB) last released its quarterly earnings results on Thursday, May 7th. The company reported $0.76 EPS for the quarter, beating analysts’ consensus estimates of $0.68 by $0.08. Turning Point Brands had a net margin of 11.53% and a return on equity of 16.54%. The company had revenue of $124.28 million for the quarter, compared to analyst estimates of $115.67 million. During the same quarter last year, the firm posted $0.91 earnings per share. The company’s quarterly revenue was up 16.8% compared to the same quarter last year. Research analysts forecast that Turning Point Brands, Inc. will post 1.39 EPS for the current year.

Turning Point Brands Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, July 10th. Investors of record on Friday, June 19th were paid a $0.08 dividend. The ex-dividend date was Thursday, June 18th. This represents a $0.32 dividend on an annualized basis and a yield of 0.4%. Turning Point Brands’s dividend payout ratio (DPR) 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.