Sentry Investment Management LLC purchased a new position in shares of Turning Point Brands, Inc. (NYSE:TPB – Free Report) during the second quarter, Holdings Channel reports. The institutional investor purchased 4,606 shares of the company’s stock, valued at approximately $329,000.
A number of other hedge funds and other institutional investors have also made changes to their positions in the company. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of Turning Point Brands during the 2nd quarter worth $235,000. Ritholtz Wealth Management grew its position in shares of Turning Point Brands by 52.8% during the 2nd quarter. Ritholtz Wealth Management now owns 23,579 shares of the company’s stock worth $1,787,000 after buying an additional 8,151 shares in the last quarter. IFP Advisors Inc grew its position in shares of Turning Point Brands by 53.2% during the 2nd quarter. IFP Advisors Inc now owns 5,966 shares of the company’s stock worth $458,000 after buying an additional 2,072 shares in the last quarter. Counterpoint Mutual Funds LLC bought a new position in shares of Turning Point Brands during the 2nd quarter worth $412,000. Finally, GAMMA Investing LLC grew its position in shares of Turning Point Brands by 90.7% during the 2nd quarter. GAMMA Investing LLC now owns 328 shares of the company’s stock worth $25,000 after buying an additional 156 shares in the last quarter. Institutional investors own 96.12% of the company’s stock.
Analyst Upgrades and Downgrades
A number of brokerages recently weighed in on TPB. Needham & Company LLC began coverage on Turning Point Brands in a research note on Friday, August 1st. They set a “hold” rating for the company. Zacks Research cut Turning Point Brands from a “strong-buy” rating to a “hold” rating in a research note on Friday, September 12th. Weiss Ratings restated a “buy (b-)” rating on shares of Turning Point Brands in a research note on Wednesday, October 8th. Oppenheimer upped their price objective on Turning Point Brands from $85.00 to $98.00 and gave the stock an “outperform” rating in a research note on Thursday, August 7th. Finally, Wall Street Zen cut Turning Point Brands from a “buy” rating to a “hold” rating in a research note on Saturday, July 26th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, Turning Point Brands has an average rating of “Moderate Buy” and a consensus target price of $78.83.
Turning Point Brands Stock Performance
TPB opened at $90.95 on Monday. Turning Point Brands, Inc. has a 52-week low of $42.47 and a 52-week high of $104.76. The company has a quick ratio of 2.67, a current ratio of 4.22 and a debt-to-equity ratio of 1.30. The company has a market cap of $1.64 billion, a P/E ratio of 38.05 and a beta of 0.74. The firm’s 50-day moving average price is $97.10 and its 200-day moving average price is $80.43.
Turning Point Brands (NYSE:TPB – Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $0.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.79 by $0.19. Turning Point Brands had a net margin of 10.34% and a return on equity of 25.32%. The firm had revenue of $116.63 million for the quarter, compared to the consensus estimate of $107.30 million. During the same quarter in the prior year, the company posted $0.68 earnings per share. The company’s revenue for the quarter was up 25.1% compared to the same quarter last year. As a group, equities analysts anticipate that Turning Point Brands, Inc. will post 2.59 EPS for the current fiscal year.
Turning Point Brands Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Friday, October 10th. Stockholders of record on Friday, September 19th were paid a $0.075 dividend. This represents a $0.30 annualized dividend and a dividend yield of 0.3%. The ex-dividend date was Friday, September 19th. Turning Point Brands’s dividend payout ratio (DPR) is presently 12.55%.
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.
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