Bank of New York Mellon Corp Makes New Investment in Turning Point Brands, Inc. $TPB

Key Points

• Bank of New York Mellon initiated a position in Turning Point Brands, purchasing 82,046 shares valued at approximately $6.96 million. Institutional investors now own 96.12% of the company.
• Turning Point Brands reported quarterly EPS of $0.23, beating estimates of $0.12, while revenue rose 22.6% year over year to $142.96 million. The company also declared a quarterly dividend of $0.08 per share, or $0.32 annually.
• TPB shares opened at $76.67, well below their 52-week high of $146.90. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $115.67.

Bank of New York Mellon Corp bought a new position in Turning Point Brands, Inc. (NYSE:TPB - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 82,046 shares of the company's stock, valued at approximately $6,958,000. Bank of New York Mellon Corp owned about 0.42% of Turning Point Brands at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in shares of Turning Point Brands by 4.4% in the fourth quarter. Vanguard Group Inc. now owns 1,451,394 shares of the company's stock worth $157,331,000 after buying an additional 61,311 shares in the last quarter. ArrowMark Colorado Holdings LLC increased its position in shares of Turning Point Brands by 28.9% during the fourth quarter. ArrowMark Colorado Holdings LLC now owns 869,747 shares of the company's stock valued at $94,281,000 after acquiring an additional 194,938 shares in the last quarter. Thrivent Financial for Lutherans raised its holdings in Turning Point Brands by 4.8% in the 4th quarter. Thrivent Financial for Lutherans now owns 847,050 shares of the company's stock worth $91,820,000 after acquiring an additional 38,437 shares during the last quarter. First Trust Advisors LP raised its holdings in Turning Point Brands by 39.6% in the 1st quarter. First Trust Advisors LP now owns 689,905 shares of the company's stock worth $59,877,000 after acquiring an additional 195,643 shares during the last quarter. Finally, Geode Capital Management LLC lifted its position in Turning Point Brands by 5.5% in the 4th quarter. Geode Capital Management LLC now owns 541,667 shares of the company's stock valued at $58,728,000 after acquiring an additional 28,463 shares in the last quarter. 96.12% of the stock is currently owned by institutional investors.

Turning Point Brands Stock Down 0.2%

TPB stock opened at $76.67 on Friday. Turning Point Brands, Inc. has a fifty-two week low of $65.80 and a fifty-two week high of $146.90. The business's 50-day moving average is $83.17 and its two-hundred day moving average is $87.95. The company has a debt-to-equity ratio of 0.65, a quick ratio of 4.16 and a current ratio of 5.67. The company has a market cap of $1.49 billion, a price-to-earnings ratio of 32.91 and a beta of 0.94.

Turning Point Brands (NYSE:TPB - Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The company reported $0.23 EPS for the quarter, beating the consensus estimate of $0.12 by $0.11. The firm had revenue of $142.96 million during the quarter, compared to analyst estimates of $129.56 million. Turning Point Brands had a net margin of 8.78% and a return on equity of 11.35%. The business's revenue for the quarter was up 22.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.98 EPS. As a group, analysts forecast that Turning Point Brands, Inc. will post 1.23 earnings per share for the current year.

Turning Point Brands Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Investors of record on Friday, September 18th will be issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date of this dividend is Friday, September 18th. Turning Point Brands's dividend payout ratio (DPR) is currently 13.73%.

Analyst Upgrades and Downgrades

TPB has been the topic of a number of research analyst reports. Wall Street Zen raised Turning Point Brands from a "strong sell" rating to a "sell" rating in a report on Monday, August 10th. Needham & Company LLC raised Turning Point Brands from a "hold" rating to a "buy" rating and set a $125.00 target price for the company in a research report on Friday, May 8th. BTIG Research restated a "buy" rating on shares of Turning Point Brands in a research note on Monday, August 10th. Compass Point set a $116.00 price target on shares of Turning Point Brands in a report on Monday, August 10th. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of Turning Point Brands in a research note on Friday, August 28th. Four analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Turning Point Brands has a consensus rating of "Moderate Buy" and a consensus price target of $115.67.

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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