Jupiter Asset Management Ltd. Makes New Investment in Turning Point Brands, Inc. (NYSE:TPB)

Key Points

• Jupiter Asset Management Ltd. acquired 65,972 shares of Turning Point Brands, Inc. valued at approximately $3,921,000, representing about 0.37% ownership of the company.
• Turning Point Brands reported a 12-month revenue increase of 28.2% year-over-year, with earnings per share of $0.91 that exceeded analysts' estimates by $0.16.
• Brokerages have mixed ratings for Turning Point Brands, with Oppenheimer raising their target price to $85.00 while Wall Street Zen changed their rating to "hold"; overall, the stock has a consensus rating of "Moderate Buy."

Jupiter Asset Management Ltd. purchased a new position in shares of Turning Point Brands, Inc. (NYSE:TPB - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 65,972 shares of the company's stock, valued at approximately $3,921,000. Jupiter Asset Management Ltd. owned 0.37% of Turning Point Brands at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC grew its position in Turning Point Brands by 53.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 13,693 shares of the company's stock worth $819,000 after purchasing an additional 4,797 shares during the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in shares of Turning Point Brands in the 1st quarter valued at approximately $325,000. Teacher Retirement System of Texas lifted its position in shares of Turning Point Brands by 122.3% in the 1st quarter. Teacher Retirement System of Texas now owns 121,804 shares of the company's stock valued at $7,240,000 after acquiring an additional 67,005 shares in the last quarter. Ameriprise Financial Inc. purchased a new stake in shares of Turning Point Brands in the fourth quarter worth approximately $957,000. Finally, ProShare Advisors LLC purchased a new stake in Turning Point Brands in the 4th quarter worth approximately $290,000. Hedge funds and other institutional investors own 96.12% of the company's stock.

Insider Activity

In other news, Director Lawrence Wexler sold 25,000 shares of the company's stock in a transaction that occurred on Tuesday, June 17th. The shares were sold at an average price of $75.94, for a total value of $1,898,500.00. Following the completion of the transaction, the director owned 330,186 shares in the company, valued at $25,074,324.84. This represents a 7.04% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Brian Wigginton sold 10,800 shares of the stock in a transaction on Monday, June 16th. The stock was sold at an average price of $75.67, for a total transaction of $817,236.00. Following the transaction, the chief accounting officer owned 10,171 shares of the company's stock, valued at $769,639.57. The trade was a 51.50% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 111,800 shares of company stock valued at $8,401,742. 6.60% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Needham & Company LLC initiated coverage on shares of Turning Point Brands in a research report on Friday, August 1st. They issued a "hold" rating for the company. Wall Street Zen lowered shares of Turning Point Brands from a "buy" rating to a "hold" rating in a research note on Saturday, July 26th. Finally, Oppenheimer raised their price target on shares of Turning Point Brands from $85.00 to $98.00 and gave the stock an "outperform" rating in a research report on Thursday. Two equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $78.83.

Turning Point Brands Price Performance

Shares of NYSE TPB traded up $0.76 during trading on Thursday, reaching $93.44. The company had a trading volume of 278,967 shares, compared to its average volume of 260,214. Turning Point Brands, Inc. has a 52 week low of $36.35 and a 52 week high of $94.40. The stock has a market cap of $1.67 billion, a PE ratio of 40.78 and a beta of 0.66. The company has a debt-to-equity ratio of 1.44, a quick ratio of 2.64 and a current ratio of 4.42. The business's 50 day moving average price is $76.39 and its 200-day moving average price is $67.93.

Turning Point Brands (NYSE:TPB - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported $0.98 EPS for the quarter, topping analysts' consensus estimates of $0.79 by $0.19. Turning Point Brands had a net margin of 10.19% and a return on equity of 27.70%. The firm had revenue of $116.63 million during the quarter, compared to analyst estimates of $107.30 million. During the same quarter in the previous year, the business earned $0.68 EPS. The business's quarterly revenue was up 25.1% compared to the same quarter last year. Analysts expect that Turning Point Brands, Inc. will post 2.59 earnings per share for the current year.

Turning Point Brands Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Friday, September 19th will be issued a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a yield of 0.3%. Turning Point Brands's dividend payout ratio is currently 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.