Parthenon LLC Reduces Holdings in Turning Point Brands, Inc. $TPB

Parthenon LLC lowered its stake in Turning Point Brands, Inc. (NYSE:TPB) by 36.9% during the third quarter, Holdings Channel.com reports. The institutional investor owned 30,770 shares of the company’s stock after selling 18,000 shares during the period. Parthenon LLC’s holdings in Turning Point Brands were worth $3,042,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Turning Point Brands by 4.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,198 shares of the company’s stock worth $606,000 after purchasing an additional 459 shares in the last quarter. GAMMA Investing LLC boosted its position in Turning Point Brands by 90.7% during the second quarter. GAMMA Investing LLC now owns 328 shares of the company’s stock worth $25,000 after acquiring an additional 156 shares during the last quarter. IFP Advisors Inc grew its stake in Turning Point Brands by 53.2% in the 2nd quarter. IFP Advisors Inc now owns 5,966 shares of the company’s stock worth $458,000 after acquiring an additional 2,072 shares during the period. Ritholtz Wealth Management raised its holdings in Turning Point Brands by 52.8% in the 2nd quarter. Ritholtz Wealth Management now owns 23,579 shares of the company’s stock valued at $1,787,000 after acquiring an additional 8,151 shares during the last quarter. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of Turning Point Brands during the second quarter worth $235,000. 96.12% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Turning Point Brands news, Director Gregory H.A. Baxter sold 1,500 shares of the firm’s stock in a transaction that occurred on Friday, November 21st. The stock was sold at an average price of $98.23, for a total transaction of $147,345.00. Following the completion of the sale, the director owned 38,919 shares in the company, valued at $3,823,013.37. This trade represents a 3.71% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Lawrence Wexler sold 21,069 shares of Turning Point Brands stock in a transaction that occurred on Wednesday, November 12th. The stock was sold at an average price of $100.02, for a total value of $2,107,321.38. Following the sale, the director owned 290,765 shares in the company, valued at $29,082,315.30. This represents a 6.76% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 96,220 shares of company stock worth $9,958,542 over the last quarter. Company insiders own 6.60% of the company’s stock.

Turning Point Brands Price Performance

Shares of NYSE TPB opened at $117.69 on Monday. The company has a debt-to-equity ratio of 0.82, a current ratio of 5.56 and a quick ratio of 3.98. Turning Point Brands, Inc. has a 1-year low of $51.48 and a 1-year high of $119.25. The company has a market capitalization of $2.24 billion, a price-to-earnings ratio of 41.44 and a beta of 0.86. The business has a 50-day moving average of $106.42 and a 200-day moving average of $97.41.

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

Turning Point Brands Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 9th. Shareholders of record on Friday, December 19th were issued a $0.075 dividend. The ex-dividend date was Friday, December 19th. This represents a $0.30 dividend on an annualized basis and a yield of 0.3%. Turning Point Brands’s payout ratio is currently 10.56%.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. Industrial Alliance Securities set a $110.00 target price on Turning Point Brands in a research note on Wednesday, November 5th. Oppenheimer reissued an “outperform” rating and issued a $130.00 target price on shares of Turning Point Brands in a research report on Wednesday, January 14th. Alliance Global Partners upped their price target on shares of Turning Point Brands from $103.00 to $110.00 and gave the stock a “buy” rating in a research report on Wednesday, November 5th. Zacks Research cut shares of Turning Point Brands from a “strong-buy” rating to a “hold” rating in a research note on Monday, January 5th. Finally, Wall Street Zen lowered Turning Point Brands from a “buy” rating to a “hold” rating in a research report on Saturday, January 17th. Three analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, Turning Point Brands has an average rating of “Moderate Buy” and an average price target of $116.67.

Turning Point Brands 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.