65,972 Shares in Turning Point Brands, Inc. (NYSE:TPB) Acquired by Jupiter Asset Management Ltd.

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 stake in Turning Point Brands, Inc. (NYSE:TPB - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 65,972 shares of the company's stock, valued at approximately $3,921,000. Jupiter Asset Management Ltd. owned about 0.37% of Turning Point Brands as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Virtus Fund Advisers LLC purchased a new position in Turning Point Brands during the 4th quarter worth $48,000. Sunbelt Securities Inc. acquired a new stake in shares of Turning Point Brands during the fourth quarter worth about $96,000. Tower Research Capital LLC TRC grew its holdings in shares of Turning Point Brands by 29.0% during the fourth quarter. Tower Research Capital LLC TRC now owns 2,364 shares of the company's stock worth $142,000 after buying an additional 532 shares during the last quarter. Baird Financial Group Inc. acquired a new position in Turning Point Brands in the 4th quarter valued at about $201,000. Finally, Prescott General Partners LLC purchased a new stake in Turning Point Brands during the 4th quarter valued at approximately $210,000. Institutional investors and hedge funds own 96.12% of the company's stock.

Turning Point Brands Price Performance

TPB stock opened at $80.96 on Monday. The firm has a 50 day moving average of $75.64 and a 200-day moving average of $67.49. The company has a market cap of $1.45 billion, a price-to-earnings ratio of 35.51 and a beta of 0.66. The company has a current ratio of 4.42, a quick ratio of 2.64 and a debt-to-equity ratio of 1.44. Turning Point Brands, Inc. has a 12-month low of $34.78 and a 12-month high of $84.05.

Turning Point Brands (NYSE:TPB - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The company reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.75 by $0.16. Turning Point Brands had a return on equity of 27.70% and a net margin of 10.19%. The firm had revenue of $106.44 million during the quarter, compared to analysts' expectations of $95.75 million. During the same period in the previous year, the firm posted $0.63 earnings per share. Turning Point Brands's revenue was up 28.2% on a year-over-year basis. As a group, equities analysts expect that Turning Point Brands, Inc. will post 2.59 EPS for the current fiscal year.

Turning Point Brands Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Friday, June 20th were paid a $0.075 dividend. The ex-dividend date of this dividend was Friday, June 20th. This represents a $0.30 dividend on an annualized basis and a yield of 0.4%. Turning Point Brands's dividend payout ratio is presently 13.16%.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on TPB. Oppenheimer lifted their target price on Turning Point Brands from $65.00 to $85.00 and gave the company an "outperform" rating in a research note on Thursday, May 8th. Wall Street Zen cut shares of Turning Point Brands from a "buy" rating to a "hold" rating in a research note on Saturday, July 26th. Finally, Needham & Company LLC started coverage on shares of Turning Point Brands in a research note on Friday. They issued a "hold" rating for the company. Two investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $76.67.

Insider Transactions at Turning Point Brands

In related news, CAO Brian Wigginton sold 10,800 shares of the business's stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $75.67, for a total value of $817,236.00. Following the completion of the transaction, the chief accounting officer owned 10,171 shares of the company's stock, valued at approximately $769,639.57. The trade was a 51.50% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Lawrence Wexler sold 25,000 shares of the company's stock in a transaction dated Tuesday, June 17th. The shares were sold at an average price of $75.94, for a total transaction of $1,898,500.00. Following the completion of the transaction, the director owned 330,186 shares in the company, valued at approximately $25,074,324.84. This trade represents a 7.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 115,300 shares of company stock worth $8,666,867 in the last quarter. Insiders own 6.60% of the company's stock.

Turning Point Brands 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.

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