Mangrove Partners IM LLC Boosts Holdings in Turning Point Brands, Inc. $TPB

Mangrove Partners IM LLC lifted its holdings in Turning Point Brands, Inc. (NYSE:TPB) by 162.9% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 260,991 shares of the company’s stock after purchasing an additional 161,732 shares during the period. Turning Point Brands makes up 2.1% of Mangrove Partners IM LLC’s holdings, making the stock its 20th biggest holding. Mangrove Partners IM LLC’s holdings in Turning Point Brands were worth $25,802,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the business. First Horizon Corp acquired a new stake in Turning Point Brands during the 3rd quarter worth approximately $25,000. Huntington National Bank boosted its position in Turning Point Brands by 54.9% in the 3rd quarter. Huntington National Bank now owns 457 shares of the company’s stock valued at $45,000 after buying an additional 162 shares during the period. State of Alaska Department of Revenue acquired a new position in shares of Turning Point Brands in the third quarter worth $74,000. Canada Pension Plan Investment Board purchased a new stake in shares of Turning Point Brands during the second quarter worth $129,000. Finally, Lazard Asset Management LLC increased its position in shares of Turning Point Brands by 33.5% during the second quarter. Lazard Asset Management LLC now owns 1,842 shares of the company’s stock worth $139,000 after acquiring an additional 462 shares during the period. 96.12% of the stock is owned by hedge funds and other institutional investors.

Turning Point Brands Trading Up 2.0%

Shares of NYSE:TPB opened at $90.71 on Friday. Turning Point Brands, Inc. has a 52 week low of $51.48 and a 52 week high of $146.90. The company’s 50 day moving average is $117.75 and its two-hundred day moving average is $105.34. The company has a market cap of $1.74 billion, a PE ratio of 28.98 and a beta of 0.85. The company has a current ratio of 5.56, a quick ratio of 4.12 and a debt-to-equity ratio of 0.79.

Turning Point Brands Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, April 10th. Investors of record on Friday, March 20th will be paid a dividend of $0.08 per share. The ex-dividend date is Friday, March 20th. This is an increase from Turning Point Brands’s previous quarterly dividend of $0.08. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.4%. Turning Point Brands’s payout ratio is presently 9.58%.

Insider Activity at Turning Point Brands

In other Turning Point Brands news, CFO Andrew Flynn sold 2,000 shares of Turning Point Brands stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $97.57, for a total transaction of $195,140.00. Following the completion of the sale, the chief financial officer directly owned 9,443 shares of the company’s stock, valued at $921,353.51. The trade was a 17.48% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director H.C. Charles Diao sold 2,000 shares of the company’s stock in a transaction dated Monday, December 15th. The stock was sold at an average price of $108.20, for a total value of $216,400.00. Following the transaction, the director directly owned 9,804 shares of the company’s stock, valued at approximately $1,060,792.80. This represents a 16.94% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 34,000 shares of company stock valued at $3,719,340 over the last quarter. 6.60% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Weiss Ratings reiterated a “buy (b-)” rating on shares of Turning Point Brands in a report on Tuesday, December 23rd. Zacks Research downgraded Turning Point Brands from a “hold” rating to a “strong sell” rating in a report on Monday, March 2nd. Oppenheimer reaffirmed an “outperform” rating and issued a $130.00 price target on shares of Turning Point Brands in a research report on Wednesday, January 14th. Finally, Wall Street Zen cut Turning Point Brands from a “buy” rating to a “hold” rating in a research note on Saturday, January 17th. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $116.67.

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.