Turning Point Brands, Inc. $TPB is Cannell Capital LLC’s 5th Largest Position

Cannell Capital LLC boosted its holdings in shares of Turning Point Brands, Inc. (NYSE:TPB) by 198.8% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 180,100 shares of the company’s stock after buying an additional 119,821 shares during the period. Turning Point Brands makes up about 2.7% of Cannell Capital LLC’s holdings, making the stock its 5th largest holding. Cannell Capital LLC owned 0.94% of Turning Point Brands worth $17,805,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of TPB. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Turning Point Brands by 4.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,198 shares of the company’s stock worth $606,000 after acquiring an additional 459 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in Turning Point Brands by 2.4% during the second quarter. Bank of New York Mellon Corp now owns 91,741 shares of the company’s stock worth $6,951,000 after purchasing an additional 2,135 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Turning Point Brands in the 2nd quarter worth about $1,068,000. Geode Capital Management LLC boosted its holdings in shares of Turning Point Brands by 1.4% in the 2nd quarter. Geode Capital Management LLC now owns 509,743 shares of the company’s stock worth $38,629,000 after purchasing an additional 7,104 shares in the last quarter. Finally, Police & Firemen s Retirement System of New Jersey increased its position in shares of Turning Point Brands by 12.1% during the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 4,004 shares of the company’s stock valued at $303,000 after purchasing an additional 432 shares during the last quarter. 96.12% of the stock is currently owned by institutional investors.

Turning Point Brands Price Performance

Shares of NYSE:TPB opened at $90.71 on Friday. Turning Point Brands, Inc. has a 1-year low of $51.48 and a 1-year high of $146.90. The business has a fifty day moving average price of $117.75 and a 200-day moving average price of $105.38. The company has a market capitalization of $1.74 billion, a PE ratio of 28.98 and a beta of 0.85. The company has a debt-to-equity ratio of 0.79, a current ratio of 5.56 and a quick ratio of 4.12.

Turning Point Brands Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 10th. Shareholders 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 represents a $0.32 annualized dividend and a yield of 0.4%. This is a positive change from Turning Point Brands’s previous quarterly dividend of $0.08. Turning Point Brands’s dividend payout ratio (DPR) is 9.58%.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. Oppenheimer restated an “outperform” rating and set a $130.00 price target on shares of Turning Point Brands in a research report on Wednesday, January 14th. Zacks Research downgraded shares of Turning Point Brands from a “hold” rating to a “strong sell” rating in a research note on Monday, March 2nd. Wall Street Zen lowered shares of Turning Point Brands from a “buy” rating to a “hold” rating in a report on Saturday, January 17th. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of Turning Point Brands in a report on Tuesday, December 23rd. Three investment 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. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $116.67.

Insider Buying and Selling

In other Turning Point Brands news, CFO Andrew Flynn sold 2,000 shares of Turning Point Brands stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $97.57, for a total value of $195,140.00. Following the completion of the sale, the chief financial officer owned 9,443 shares of the company’s stock, valued at approximately $921,353.51. The trade was a 17.48% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director H.C. Charles Diao sold 2,000 shares of the firm’s stock in a transaction on Monday, December 15th. The stock was sold at an average price of $108.20, for a total value of $216,400.00. Following the completion of the transaction, the director owned 9,804 shares in the company, valued at approximately $1,060,792.80. This trade represents a 16.94% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 34,000 shares of company stock worth $3,719,340. 6.60% of the stock is owned by corporate insiders.

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.