Turning Point Brands, Inc. $TPB Stock Position Decreased by HighTower Advisors LLC

HighTower Advisors LLC cut its holdings in Turning Point Brands, Inc. (NYSE:TPB) by 70.0% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 10,991 shares of the company’s stock after selling 25,628 shares during the quarter. HighTower Advisors LLC’s holdings in Turning Point Brands were worth $932,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new stake in shares of Turning Point Brands in the second quarter worth about $137,273,000. First Trust Advisors LP increased its holdings in shares of Turning Point Brands by 39.6% during the 1st 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 during the last quarter. Maple Rock Capital Partners Inc. raised its stake in shares of Turning Point Brands by 57.5% in the 2nd quarter. Maple Rock Capital Partners Inc. now owns 686,800 shares of the company’s stock valued at $58,248,000 after acquiring an additional 250,800 shares in the last quarter. Bank of America Corp DE bought a new position in shares of Turning Point Brands in the 2nd quarter valued at approximately $47,278,000. Finally, Copeland Capital Management LLC lifted its holdings in Turning Point Brands by 99.4% in the 1st quarter. Copeland Capital Management LLC now owns 407,208 shares of the company’s stock worth $35,342,000 after purchasing an additional 203,020 shares during the last quarter. 96.12% of the stock is owned by institutional investors.

Turning Point Brands Price Performance

NYSE:TPB opened at $72.09 on Tuesday. The company has a quick ratio of 4.16, a current ratio of 5.67 and a debt-to-equity ratio of 0.65. The firm has a market cap of $1.40 billion, a PE ratio of 30.94 and a beta of 0.94. Turning Point Brands, Inc. has a 12 month low of $65.80 and a 12 month high of $146.90. The company’s 50-day moving average price is $81.43 and its two-hundred day moving average price is $84.97.

Turning Point Brands (NYSE:TPB) last announced its earnings results on Tuesday, August 4th. The company reported $0.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.12 by $0.11. Turning Point Brands had a net margin of 8.78% and a return on equity of 11.35%. The company had revenue of $142.96 million for the quarter, compared to analyst estimates of $129.56 million. During the same period in the prior year, the business earned $0.98 earnings per share. Turning Point Brands’s quarterly revenue was up 22.6% on a year-over-year basis. On average, equities analysts anticipate that Turning Point Brands, Inc. will post 1.23 EPS for the current fiscal year.

Turning Point Brands Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Shareholders of record on Friday, September 18th will be issued a dividend of $0.08 per share. The ex-dividend date is Friday, September 18th. This represents a $0.32 annualized dividend and a yield of 0.4%. Turning Point Brands’s payout ratio is currently 13.73%.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the company. BTIG Research reiterated a “buy” rating on shares of Turning Point Brands in a report on Monday, August 10th. Wall Street Zen upgraded shares of Turning Point Brands from a “strong sell” rating to a “sell” rating in a research note on Monday, August 10th. Compass Point set a $116.00 price objective on shares of Turning Point Brands in a report on Monday, August 10th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Turning Point Brands in a research note on Friday, August 28th. Four investment 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. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $115.67.

Turning Point Brands Profile

Turning Point Brands, Inc is a consumer-products company focused on branded products for the tobacco, smoking-accessory and modern oral categories. Its portfolio includes rolling papers, wraps, smokeless tobacco, nicotine pouches and related products marketed under established brands.

The company’s principal brands include Zig-Zag, which offers rolling papers, cones, wraps and smoking accessories; Stoker’s, known for smokeless tobacco products; and FRE, a brand of nicotine pouches. Turning Point Brands also develops and distributes other alternative and specialty products through its brand portfolio.

Turning Point Brands sells its products primarily through convenience stores, tobacco and vape retailers, specialty retailers, distributors, e-commerce channels and other consumer outlets in the United States, with some products available internationally.