Capelight Capital Asset Management LP Invests $1.95 Million in Turning Point Brands, Inc. $TPB

Key Points

• Capelight Capital bought 18,000 shares of Turning Point Brands in Q4—about $1.95 million—making it the firm's 18th-largest holding and equal to roughly 0.09% of TPB.
• Multiple large managers (Divisadero, Thrivent, ArrowMark, Arrowstreet, Two Sigma) recently increased stakes, leaving institutional investors with approximately 96.12% ownership of the company.
• Analyst views are mixed: the consensus rating is Hold with a $116.67 target (three Buys, one Hold, one Sell), while Oppenheimer is more bullish at $130 and Zacks downgraded to a "Strong Sell".

Capelight Capital Asset Management LP acquired a new position in Turning Point Brands, Inc. (NYSE:TPB - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 18,000 shares of the company's stock, valued at approximately $1,951,000. Turning Point Brands accounts for approximately 1.6% of Capelight Capital Asset Management LP's portfolio, making the stock its 18th largest holding. Capelight Capital Asset Management LP owned 0.09% of Turning Point Brands at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the business. Divisadero Street Capital Management LP boosted its stake in shares of Turning Point Brands by 3.2% in the third quarter. Divisadero Street Capital Management LP now owns 974,066 shares of the company's stock worth $96,296,000 after acquiring an additional 30,282 shares during the period. Thrivent Financial for Lutherans boosted its stake in shares of Turning Point Brands by 11.9% in the third quarter. Thrivent Financial for Lutherans now owns 808,613 shares of the company's stock worth $79,940,000 after acquiring an additional 85,716 shares during the period. ArrowMark Colorado Holdings LLC boosted its stake in shares of Turning Point Brands by 24.9% in the third quarter. ArrowMark Colorado Holdings LLC now owns 674,809 shares of the company's stock worth $66,712,000 after acquiring an additional 134,401 shares during the period. Arrowstreet Capital Limited Partnership boosted its stake in shares of Turning Point Brands by 33.8% in the third quarter. Arrowstreet Capital Limited Partnership now owns 441,772 shares of the company's stock worth $43,674,000 after acquiring an additional 111,590 shares during the period. Finally, Two Sigma Investments LP boosted its stake in shares of Turning Point Brands by 80.2% in the third quarter. Two Sigma Investments LP now owns 311,874 shares of the company's stock worth $30,832,000 after acquiring an additional 138,825 shares during the period. Institutional investors own 96.12% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. Oppenheimer reaffirmed an "outperform" rating and issued a $130.00 price objective on shares of Turning Point Brands in a research note on Wednesday, January 14th. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Turning Point Brands in a research note on Tuesday, December 23rd. Zacks Research lowered Turning Point Brands from a "hold" rating to a "strong sell" rating in a research note on Monday, March 2nd. Finally, Wall Street Zen lowered Turning Point Brands from a "buy" rating to a "hold" rating in a research note on Saturday, January 17th. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Turning Point Brands currently has a consensus rating of "Hold" and a consensus price target of $116.67.

Insider Activity

In other news, CFO Andrew Flynn sold 2,000 shares of the firm's stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $97.57, for a total value of $195,140.00. Following the completion of the sale, the chief financial officer directly owned 9,443 shares of the company's stock, valued at $921,353.51. This trade represents a 17.48% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 5.40% of the stock is owned by insiders.

Turning Point Brands Price Performance

Shares of Turning Point Brands stock opened at $81.48 on Wednesday. The stock has a 50 day moving average of $103.05 and a 200 day moving average of $102.71. Turning Point Brands, Inc. has a 12 month low of $56.03 and a 12 month high of $146.90. The firm has a market cap of $1.58 billion, a PE ratio of 26.03 and a beta of 1.02. The company has a current ratio of 5.56, a quick ratio of 4.12 and a debt-to-equity ratio of 0.79.

Turning Point Brands Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 10th. Stockholders of record on Friday, March 20th were paid a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.4%. The ex-dividend date of this dividend was Friday, March 20th. This is a positive change from Turning Point Brands's previous quarterly dividend of $0.08. Turning Point Brands's dividend payout ratio is 10.22%.

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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