Balyasny Asset Management L.P. Buys New Stake in Turning Point Brands, Inc. (NYSE:TPB)

Balyasny Asset Management L.P. bought a new position in shares of Turning Point Brands, Inc. (NYSE:TPB - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 15,691 shares of the company's stock, valued at approximately $943,000. Balyasny Asset Management L.P. owned about 0.09% of Turning Point Brands at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of TPB. Northern Right Capital Management L.P. grew its holdings in Turning Point Brands by 356.6% in the 4th quarter. Northern Right Capital Management L.P. now owns 134,354 shares of the company's stock valued at $8,075,000 after buying an additional 104,931 shares during the period. Arrowstreet Capital Limited Partnership grew its stake in shares of Turning Point Brands by 36.1% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 318,552 shares of the company's stock worth $19,145,000 after purchasing an additional 84,552 shares in the last quarter. Invesco Ltd. grew its stake in shares of Turning Point Brands by 205.8% in the fourth quarter. Invesco Ltd. now owns 97,261 shares of the company's stock worth $5,845,000 after purchasing an additional 65,457 shares in the last quarter. Portolan Capital Management LLC bought a new position in Turning Point Brands during the fourth quarter valued at about $3,817,000. Finally, Charles Schwab Investment Management Inc. boosted its stake in Turning Point Brands by 40.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 203,706 shares of the company's stock valued at $12,243,000 after buying an additional 58,425 shares in the last quarter. Institutional investors and hedge funds own 96.12% of the company's stock.

Insider Buying and Selling

In related news, Director Gregory H.A. Baxter sold 1,500 shares of the company's stock in a transaction that occurred on Friday, May 9th. The stock was sold at an average price of $73.64, for a total value of $110,460.00. Following the sale, the director now owns 40,419 shares in the company, valued at $2,976,455.16. This represents a 3.58% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Brian Wigginton sold 3,500 shares of the stock in a transaction on Thursday, May 8th. The shares were sold at an average price of $75.75, for a total value of $265,125.00. Following the sale, the chief accounting officer now owns 10,171 shares in the company, valued at approximately $770,453.25. This trade represents a 25.60% decrease in their position. The disclosure for this sale can be found here. 6.60% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms have recently weighed in on TPB. Oppenheimer raised their price target on Turning Point Brands from $65.00 to $85.00 and gave the stock an "outperform" rating in a research note on Thursday, May 8th. Industrial Alliance Securities set a $85.00 price objective on Turning Point Brands in a report on Thursday, March 6th. StockNews.com raised Turning Point Brands from a "hold" rating to a "buy" rating in a report on Wednesday, May 14th. Finally, Alliance Global Partners assumed coverage on Turning Point Brands in a report on Monday, March 3rd. They issued a "buy" rating and a $80.00 target price on the stock. Six research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $76.67.

Turning Point Brands Stock Down 0.7%

Shares of TPB stock traded down $0.51 during mid-day trading on Monday, hitting $73.14. The company's stock had a trading volume of 58,452 shares, compared to its average volume of 218,584. Turning Point Brands, Inc. has a 52-week low of $30.61 and a 52-week high of $81.05. The business has a 50-day moving average price of $60.98 and a 200 day moving average price of $60.92. The company has a debt-to-equity ratio of 1.33, a quick ratio of 1.78 and a current ratio of 4.21. The stock has a market cap of $1.31 billion, a price-to-earnings ratio of 29.02 and a beta of 0.69.

Turning Point Brands (NYSE:TPB - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The company reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.75 by $0.16. The business had revenue of $106.44 million during the quarter, compared to analysts' expectations of $95.75 million. Turning Point Brands had a return on equity of 33.14% and a net margin of 11.63%. The firm's revenue for the quarter was up 28.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.63 EPS. Research analysts predict that Turning Point Brands, Inc. will post 2.59 EPS for the current fiscal year.

Turning Point Brands Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Friday, June 20th will be issued a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.41%. The ex-dividend date of this dividend is Friday, June 20th. Turning Point Brands's dividend payout ratio is presently 13.16%.

Turning Point Brands Company Profile

Turning Point Brands, Inc, together with its subsidiaries, manufactures, markets, and distributes branded consumer products. The company operates through three segments: Zig-Zag Products, Stoker's Products, and Creative Distribution Solutions. Zig-Zag Products segment markets and distributes rolling papers, tubes, finished cigars, make-your-own cigar wraps, and related products, as well as lighters and other accessories under the Zig-Zag brand.