BNP Paribas Financial Markets Sells 22,260 Shares of Turning Point Brands, Inc. (NYSE:TPB)

BNP Paribas Financial Markets cut its holdings in Turning Point Brands, Inc. (NYSE:TPB - Free Report) by 57.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 16,311 shares of the company's stock after selling 22,260 shares during the quarter. BNP Paribas Financial Markets owned about 0.09% of Turning Point Brands worth $980,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. raised its position in shares of Turning Point Brands by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 1,524,640 shares of the company's stock valued at $91,631,000 after purchasing an additional 18,440 shares during the period. Arrowstreet Capital Limited Partnership increased its holdings in Turning Point Brands by 36.1% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 318,552 shares of the company's stock valued at $19,145,000 after buying an additional 84,552 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in Turning Point Brands by 40.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 203,706 shares of the company's stock valued at $12,243,000 after buying an additional 58,425 shares during the period. Northern Trust Corp increased its holdings in Turning Point Brands by 7.9% in the 4th quarter. Northern Trust Corp now owns 160,386 shares of the company's stock valued at $9,639,000 after buying an additional 11,808 shares during the period. Finally, Federated Hermes Inc. boosted its stake in shares of Turning Point Brands by 1.8% in the 4th quarter. Federated Hermes Inc. now owns 157,618 shares of the company's stock valued at $9,473,000 after purchasing an additional 2,802 shares in the last quarter. Institutional investors own 96.12% of the company's stock.

Insider Transactions at Turning Point Brands

In related news, CAO Brian Wigginton sold 3,500 shares of the firm's stock in a transaction on Thursday, May 8th. The stock was sold at an average price of $75.75, for a total value of $265,125.00. Following the transaction, the chief accounting officer now owns 10,171 shares in the company, valued at approximately $770,453.25. This trade represents a 25.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Gregory H.A. Baxter sold 1,500 shares of the firm's stock in a transaction on Friday, May 9th. The stock was sold at an average price of $73.64, for a total value of $110,460.00. Following the completion of the transaction, the director now owns 40,419 shares in the company, valued at $2,976,455.16. The trade was a 3.58% decrease in their position. The disclosure for this sale can be found here. Insiders own 6.60% of the company's stock.

Turning Point Brands Stock Up 1.4%

Shares of NYSE TPB traded up $0.99 during trading hours on Monday, hitting $73.33. The company had a trading volume of 129,425 shares, compared to its average volume of 170,320. The stock has a market capitalization of $1.31 billion, a P/E ratio of 29.10 and a beta of 0.69. The company has a quick ratio of 1.78, a current ratio of 4.21 and a debt-to-equity ratio of 1.33. Turning Point Brands, Inc. has a 1-year low of $30.61 and a 1-year high of $81.05. The firm's 50 day moving average is $62.79 and its 200-day moving average is $62.01.

Turning Point Brands (NYSE:TPB - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The company reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.75 by $0.16. Turning Point Brands had a return on equity of 33.14% and a net margin of 11.63%. The business had revenue of $106.44 million during the quarter, compared to the consensus estimate of $95.75 million. During the same quarter last year, the firm posted $0.63 EPS. The company's quarterly revenue was up 28.2% on a year-over-year basis. On average, analysts expect that Turning Point Brands, Inc. will post 2.59 earnings per share for the current fiscal year.

Turning Point Brands Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 20th will be issued a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a yield of 0.41%. The ex-dividend date of this dividend is Friday, June 20th. Turning Point Brands's dividend payout ratio is 13.16%.

Analysts Set New Price Targets

TPB has been the topic of several research reports. Wall Street Zen upgraded shares of Turning Point Brands from a "hold" rating to a "buy" rating in a research report on Wednesday, May 14th. Alliance Global Partners initiated coverage on Turning Point Brands in a research note on Monday, March 3rd. They issued a "buy" rating and a $80.00 price target for the company. Oppenheimer upped their price target 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. Finally, Industrial Alliance Securities set a $85.00 target price on Turning Point Brands in a research note on Thursday, March 6th. Six research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Buy" and a consensus target price of $76.67.

About Turning Point Brands

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.