Corsair Capital Management L.P. Sells 5,158 Shares of Turning Point Brands, Inc. $TPB

Key Points

• Corsair Capital Management L.P. has reduced its stake in Turning Point Brands by 17.4%, selling 5,158 shares and now holding 24,497 shares, which represents approximately 0.4% of its portfolio.
• Turning Point Brands recently announced a quarterly dividend of $0.075 per share, with the ex-dividend date set for September 19.
• The company's stock has seen a 52-week range between $38.08 and $102.90, and analysts currently have a consensus rating of "Buy" with a target price of $78.83.

Corsair Capital Management L.P. cut its holdings in Turning Point Brands, Inc. (NYSE:TPB - Free Report) by 17.4% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 24,497 shares of the company's stock after selling 5,158 shares during the period. Turning Point Brands makes up approximately 0.4% of Corsair Capital Management L.P.'s portfolio, making the stock its 26th biggest position. Corsair Capital Management L.P. owned approximately 0.14% of Turning Point Brands worth $1,456,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the business. Martingale Asset Management L P raised its position in shares of Turning Point Brands by 0.6% in the 1st quarter. Martingale Asset Management L P now owns 26,370 shares of the company's stock worth $1,567,000 after acquiring an additional 162 shares in the last quarter. Arizona State Retirement System raised its position in shares of Turning Point Brands by 4.1% in the 1st quarter. Arizona State Retirement System now owns 5,083 shares of the company's stock worth $302,000 after acquiring an additional 199 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Turning Point Brands by 3.5% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,739 shares of the company's stock worth $585,000 after acquiring an additional 330 shares in the last quarter. Rhumbline Advisers raised its position in shares of Turning Point Brands by 1.9% in the 1st quarter. Rhumbline Advisers now owns 24,531 shares of the company's stock worth $1,458,000 after acquiring an additional 464 shares in the last quarter. Finally, Tower Research Capital LLC TRC raised its position in shares of Turning Point Brands by 29.0% in the 4th quarter. Tower Research Capital LLC TRC now owns 2,364 shares of the company's stock worth $142,000 after acquiring an additional 532 shares in the last quarter. 96.12% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, CAO Brian Wigginton sold 10,800 shares of the company's stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $75.67, for a total value of $817,236.00. Following the completion of the transaction, the chief accounting officer directly owned 10,171 shares of the company's stock, valued at $769,639.57. This represents a 51.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Lawrence Wexler sold 25,000 shares of the company's stock in a transaction that occurred on Tuesday, June 17th. The shares were sold at an average price of $75.94, for a total value of $1,898,500.00. Following the completion of the transaction, the director directly owned 330,186 shares of the company's stock, valued at approximately $25,074,324.84. This represents a 7.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 110,300 shares of company stock valued at $8,291,282 over the last quarter. Corporate insiders own 6.60% of the company's stock.

Turning Point Brands Stock Performance

Shares of TPB opened at $99.93 on Friday. The company has a debt-to-equity ratio of 1.30, a quick ratio of 2.67 and a current ratio of 4.22. The stock has a 50 day moving average price of $83.84 and a two-hundred day moving average price of $71.98. The firm has a market capitalization of $1.80 billion, a P/E ratio of 41.81 and a beta of 0.66. Turning Point Brands, Inc. has a 52 week low of $38.08 and a 52 week high of $102.90.

Turning Point Brands (NYSE:TPB - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported $0.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.79 by $0.19. The company had revenue of $116.63 million during the quarter, compared to analyst estimates of $107.30 million. Turning Point Brands had a return on equity of 25.32% and a net margin of 10.34%.Turning Point Brands's quarterly revenue was up 25.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.68 earnings per share. Equities analysts forecast that Turning Point Brands, Inc. will post 2.59 earnings per share for the current fiscal year.

Turning Point Brands Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Friday, September 19th will be issued a $0.075 dividend. The ex-dividend date of this dividend is Friday, September 19th. This represents a $0.30 annualized dividend and a dividend yield of 0.3%. Turning Point Brands's dividend payout ratio is currently 12.55%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on TPB shares. Oppenheimer lifted their price objective on Turning Point Brands from $85.00 to $98.00 and gave the stock an "outperform" rating in a research report on Thursday, August 7th. Zacks Research raised Turning Point Brands from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 14th. Wall Street Zen lowered Turning Point Brands from a "buy" rating to a "hold" rating in a report on Saturday, July 26th. Finally, Needham & Company LLC assumed coverage on Turning Point Brands in a report on Friday, August 1st. They set a "hold" rating for the company. Two equities research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $78.83.

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.

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