CenterBook Partners LP Takes Position in Turning Point Brands, Inc. $TPB

CenterBook Partners LP bought a new position in Turning Point Brands, Inc. (NYSE:TPB) during the fourth quarter, according to its most recent filing with the SEC. The firm bought 11,371 shares of the company’s stock, valued at approximately $1,233,000.

Several other hedge funds have also bought and sold shares of TPB. Vanguard Group Inc. increased its stake in Turning Point Brands by 4.4% during the 4th quarter. Vanguard Group Inc. now owns 1,451,394 shares of the company’s stock valued at $157,331,000 after purchasing an additional 61,311 shares in the last quarter. Divisadero Street Capital Management LP lifted its stake in shares of Turning Point Brands by 3.2% in the third quarter. Divisadero Street Capital Management LP now owns 974,066 shares of the company’s stock valued at $96,296,000 after buying an additional 30,282 shares in the last quarter. Thrivent Financial for Lutherans grew its holdings in shares of Turning Point Brands by 4.8% during the fourth quarter. Thrivent Financial for Lutherans now owns 847,050 shares of the company’s stock valued at $91,820,000 after buying an additional 38,437 shares during the last quarter. ArrowMark Colorado Holdings LLC grew its holdings in shares of Turning Point Brands by 24.9% during the third quarter. ArrowMark Colorado Holdings LLC now owns 674,809 shares of the company’s stock valued at $66,712,000 after buying an additional 134,401 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in shares of Turning Point Brands by 5.5% during the fourth quarter. Geode Capital Management LLC now owns 541,667 shares of the company’s stock worth $58,728,000 after acquiring an additional 28,463 shares in the last quarter. Institutional investors and hedge funds own 96.12% of the company’s stock.

Analyst Ratings Changes

TPB has been the topic of several recent research reports. Needham & Company LLC raised shares of Turning Point Brands from a “hold” rating to a “buy” rating and set a $125.00 price target on the stock in a research report on Friday, May 8th. Weiss Ratings downgraded Turning Point Brands from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, June 2nd. Wall Street Zen upgraded Turning Point Brands from a “strong sell” rating to a “sell” rating in a report on Saturday, June 6th. Finally, Zacks Research cut Turning Point Brands from a “hold” rating to a “strong sell” rating in a research report on Monday, March 2nd. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $118.75.

Turning Point Brands Stock Performance

Shares of TPB stock opened at $80.15 on Thursday. The company has a debt-to-equity ratio of 0.76, a current ratio of 5.87 and a quick ratio of 4.05. The firm has a 50-day moving average of $83.21 and a 200-day moving average of $100.27. Turning Point Brands, Inc. has a one year low of $65.80 and a one year high of $146.90. The company has a market cap of $1.55 billion, a P/E ratio of 27.26 and a beta of 0.92.

Turning Point Brands (NYSE:TPB) last issued its quarterly earnings data on Thursday, May 7th. The company reported $0.76 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.68 by $0.08. The business had revenue of $124.28 million during the quarter, compared to the consensus estimate of $115.67 million. Turning Point Brands had a net margin of 11.53% and a return on equity of 16.54%. The firm’s quarterly revenue was up 16.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.91 EPS. Equities research analysts forecast that Turning Point Brands, Inc. will post 1.43 EPS for the current fiscal year.

Turning Point Brands Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 10th. Investors of record on Friday, June 19th will be given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date of this dividend is Thursday, June 18th. Turning Point Brands’s dividend payout ratio (DPR) is presently 10.88%.

Insider Transactions at Turning Point Brands

In other Turning Point Brands news, CAO Brian Wigginton sold 4,000 shares of the company’s stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $91.67, for a total value of $366,680.00. Following the completion of the transaction, the chief accounting officer owned 9,230 shares in the company, valued at $846,114.10. This represents a 30.23% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 5.40% of the stock is owned by company insiders.

About Turning Point Brands

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.