Access Investment Management LLC Sells 41,255 Shares of Turning Point Brands, Inc. $TPB

Key Points

• Access Investment Management LLC cut its Turning Point Brands stake by 56.1%, selling 41,255 shares and retaining 32,335 shares valued at approximately $2.8 million. Institutional investors collectively own 96.12% of the company.
• Chief Accounting Officer Brian Wigginton sold 4,000 shares for about $366,680, reducing his holdings by 30.23%; insiders own 5.40% of the stock.
• Turning Point Brands exceeded quarterly earnings and revenue estimates, reporting EPS of $0.76 and revenue of $124.28 million, up 16.8% year over year. Analysts maintain a “Moderate Buy” consensus with a $113.50 target price, while the stock recently opened at $74.90.

Access Investment Management LLC reduced its stake in Turning Point Brands, Inc. (NYSE:TPB - Free Report) by 56.1% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 32,335 shares of the company's stock after selling 41,255 shares during the quarter. Access Investment Management LLC owned about 0.17% of Turning Point Brands worth $2,806,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the stock. Covestor Ltd raised its holdings in Turning Point Brands by 16.3% during the 4th quarter. Covestor Ltd now owns 663 shares of the company's stock worth $72,000 after purchasing an additional 93 shares during the last quarter. Osaic Holdings Inc. boosted its stake in shares of Turning Point Brands by 5.5% in the 4th quarter. Osaic Holdings Inc. now owns 1,888 shares of the company's stock valued at $205,000 after purchasing an additional 98 shares during the last quarter. CWM LLC increased its position in shares of Turning Point Brands by 6.2% during the fourth quarter. CWM LLC now owns 2,706 shares of the company's stock worth $293,000 after buying an additional 157 shares during the period. Boston Partners increased its position in shares of Turning Point Brands by 1.5% during the third quarter. Boston Partners now owns 13,712 shares of the company's stock worth $1,356,000 after buying an additional 206 shares during the period. Finally, First Horizon Corp raised its stake in Turning Point Brands by 96.0% during the fourth quarter. First Horizon Corp now owns 492 shares of the company's stock worth $53,000 after buying an additional 241 shares during the last quarter. 96.12% of the stock is currently owned by institutional investors.

Insider Activity at Turning Point Brands

In other news, CAO Brian Wigginton sold 4,000 shares of the firm's stock in a transaction that occurred 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 transaction, the chief accounting officer owned 9,230 shares in the company, valued at $846,114.10. This trade represents a 30.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 5.40% of the stock is currently owned by company insiders.

Turning Point Brands Price Performance

TPB stock opened at $74.90 on Friday. The company's 50-day moving average is $82.88 and its 200-day moving average is $94.50. Turning Point Brands, Inc. has a 1 year low of $65.80 and a 1 year high of $146.90. 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 stock has a market capitalization of $1.45 billion, a PE ratio of 25.48 and a beta of 0.92.

Turning Point Brands (NYSE:TPB - Get Free Report) last announced its quarterly earnings results on Thursday, May 7th. The company reported $0.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.68 by $0.08. Turning Point Brands had a return on equity of 16.54% and a net margin of 11.53%.The business had revenue of $124.28 million for the quarter, compared to analyst estimates of $115.67 million. During the same quarter in the prior year, the company earned $0.91 earnings per share. The company's quarterly revenue was up 16.8% on a year-over-year basis. Equities research analysts expect that Turning Point Brands, Inc. will post 1.39 EPS for the current fiscal year.

Turning Point Brands Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Investors of record on Friday, September 18th will be given a $0.08 dividend. The ex-dividend date of this dividend is Friday, September 18th. This represents a $0.32 annualized dividend and a yield of 0.4%. Turning Point Brands's dividend payout ratio (DPR) is presently 10.88%.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. Needham & Company LLC upgraded shares of Turning Point Brands from a "hold" rating to a "buy" rating and set a $125.00 target price on the stock in a report on Friday, May 8th. Wall Street Zen upgraded Turning Point Brands from a "strong sell" rating to a "sell" rating in a report on Saturday, July 25th. Weiss Ratings lowered Turning Point Brands from a "hold (c+)" rating to a "hold (c)" rating in a research report on Tuesday, June 2nd. BTIG Research started coverage on Turning Point Brands in a research note on Tuesday, July 21st. They issued a "buy" rating and a $103.00 price objective on the stock. Finally, Compass Point set a $103.00 target price on Turning Point Brands in a research report on Tuesday, July 21st. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $113.50.

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.

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