24,372 Shares in Turning Point Brands, Inc. $TPB Bought by Bronte Capital Management Pty Ltd.

Key Points

• Bronte Capital Management Pty Ltd. bought a new Q4 position of 24,372 shares of Turning Point Brands (NYSE:TPB), worth about $2.64 million, equal to ~0.3% of Bronte’s portfolio and roughly 0.13% ownership of TPB.
• Turning Point Brands declared a quarterly dividend of $0.08 per share (annualized $0.32, yield 0.4%), payable July 10 with an ex-dividend date of June 18 and record date of June 19.
• Analyst coverage is mixed: MarketBeat shows a consensus "Hold" rating with a $116.67 target, while recent notes range from Oppenheimer’s outperform ($130) to Zacks’ strong sell.

Bronte Capital Management Pty Ltd. purchased a new position in Turning Point Brands, Inc. (NYSE:TPB - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 24,372 shares of the company's stock, valued at approximately $2,642,000. Turning Point Brands makes up about 0.3% of Bronte Capital Management Pty Ltd.'s portfolio, making the stock its 25th biggest holding. Bronte Capital Management Pty Ltd. owned approximately 0.13% of Turning Point Brands at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Arizona State Retirement System increased its holdings in Turning Point Brands by 2.2% in the 3rd quarter. Arizona State Retirement System now owns 5,297 shares of the company's stock worth $524,000 after acquiring an additional 114 shares in the last quarter. GAMMA Investing LLC increased its holdings in Turning Point Brands by 33.4% in the 4th quarter. GAMMA Investing LLC now owns 491 shares of the company's stock worth $53,000 after acquiring an additional 123 shares in the last quarter. CWM LLC increased its holdings in Turning Point Brands by 6.2% in the 4th quarter. CWM LLC now owns 2,706 shares of the company's stock worth $293,000 after acquiring an additional 157 shares in the last quarter. Huntington National Bank increased its holdings in Turning Point Brands by 54.9% in the 3rd quarter. Huntington National Bank now owns 457 shares of the company's stock worth $45,000 after acquiring an additional 162 shares in the last quarter. Finally, Boston Partners increased its holdings in Turning Point Brands by 1.5% in the 3rd quarter. Boston Partners now owns 13,712 shares of the company's stock worth $1,356,000 after acquiring an additional 206 shares in the last quarter. Hedge funds and other institutional investors own 96.12% of the company's stock.

Turning Point Brands Trading Down 0.7%

Shares of TPB opened at $81.06 on Wednesday. Turning Point Brands, Inc. has a 52-week low of $64.37 and a 52-week high of $146.90. The company has a quick ratio of 4.12, a current ratio of 5.56 and a debt-to-equity ratio of 0.79. The firm's fifty day moving average is $89.67 and its two-hundred day moving average is $101.51. The stock has a market cap of $1.57 billion, a PE ratio of 25.90 and a beta of 0.93.

Turning Point Brands Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Shareholders of record on Friday, June 19th will be paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend is Thursday, June 18th. Turning Point Brands's payout ratio is 10.22%.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. Weiss Ratings lowered shares of Turning Point Brands from a "buy (b)" rating to a "buy (b-)" rating in a report on Tuesday, April 21st. Zacks Research cut 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 cut shares of Turning Point Brands from a "buy" rating to a "hold" rating in a research note on Saturday, January 17th. Finally, Oppenheimer reaffirmed an "outperform" rating and set a $130.00 target price on shares of Turning Point Brands in a research note on Wednesday, January 14th. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $116.67.

Insider Transactions 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 on Wednesday, March 4th. The shares were sold at an average price of $97.57, for a total transaction of $195,140.00. Following the sale, the chief financial officer 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 document filed with the SEC, which is available through this hyperlink. 5.40% of the stock is currently owned by company insiders.

Turning Point Brands 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.

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