BlackRock Inc. Invests $137.27 Million in Turning Point Brands, Inc. $TPB

Key Points

• BlackRock acquired 1.62 million Turning Point Brands shares worth approximately $137.3 million, giving it an 8.36% stake. Institutional investors collectively own 96.12% of the company.
• Turning Point Brands exceeded quarterly expectations, reporting $0.23 in EPS versus a $0.12 consensus estimate and $142.96 million in revenue, up 22.6% year over year.
• Analysts maintain a generally positive outlook, with a “Moderate Buy” consensus rating and an average price target of $115.67 versus the stock’s reported $84.34 price. The company also declared a quarterly dividend of $0.08 per share.

BlackRock Inc. purchased a new position in Turning Point Brands, Inc. (NYSE:TPB - Free Report) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 1,618,598 shares of the company's stock, valued at approximately $137,273,000. BlackRock Inc. owned approximately 8.36% of Turning Point Brands as of its most recent filing with the Securities & Exchange Commission.

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

Turning Point Brands Price Performance

Shares of TPB opened at $84.34 on Friday. Turning Point Brands, Inc. has a one year low of $65.80 and a one year high of $146.90. The stock's fifty day moving average is $83.41 and its 200-day moving average is $89.64. 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 firm has a market capitalization of $1.63 billion, a price-to-earnings ratio of 36.20 and a beta of 0.91.

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

Turning Point Brands Announces Dividend

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

Analyst Ratings Changes

A number of analysts have weighed in on the stock. Compass Point set a $116.00 target price on shares of Turning Point Brands in a report on Monday, August 10th. BTIG Research reaffirmed a "buy" rating on shares of Turning Point Brands in a report on Monday, August 10th. Wall Street Zen raised shares of Turning Point Brands from a "strong sell" rating to a "sell" rating in a research report on Monday, August 10th. Weiss Ratings downgraded shares of Turning Point Brands from a "hold (c+)" rating to a "hold (c)" rating in a research report on Tuesday, June 2nd. Finally, Needham & Company LLC upgraded shares of Turning Point Brands from a "hold" rating to a "buy" rating and set a $125.00 price objective on the stock in a research note on Friday, May 8th. Four investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $115.67.

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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