Cubist Systematic Strategies LLC Sells 15,699 Shares of Turning Point Brands, Inc. $TPB

Key Points

• Cubist Systematic Strategies LLC has reduced its holdings in Turning Point Brands, Inc. by 37.2% during the first quarter, now owning 26,547 shares valued at approximately $1.58 million.
• Several institutional investors have significantly increased their stakes in Turning Point Brands, with Northern Right Capital Management L.P. growing its holdings by 63.9%, bringing its total to 220,178 shares worth nearly $13.1 million.
• Turning Point Brands announced a quarterly dividend of $0.075 per share, which will be paid on October 10th, reflecting an annualized yield of 0.3%.

Cubist Systematic Strategies LLC cut its holdings in shares of Turning Point Brands, Inc. (NYSE:TPB - Free Report) by 37.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 26,547 shares of the company's stock after selling 15,699 shares during the period. Cubist Systematic Strategies LLC owned approximately 0.15% of Turning Point Brands worth $1,578,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in TPB. Northern Right Capital Management L.P. boosted its position in shares of Turning Point Brands by 63.9% during the first quarter. Northern Right Capital Management L.P. now owns 220,178 shares of the company's stock worth $13,087,000 after buying an additional 85,824 shares during the period. Teacher Retirement System of Texas boosted its position in shares of Turning Point Brands by 122.3% during the first quarter. Teacher Retirement System of Texas now owns 121,804 shares of the company's stock worth $7,240,000 after buying an additional 67,005 shares during the period. Jupiter Asset Management Ltd. acquired a new position in shares of Turning Point Brands during the first quarter worth approximately $3,921,000. King Luther Capital Management Corp boosted its position in shares of Turning Point Brands by 280.7% during the first quarter. King Luther Capital Management Corp now owns 87,049 shares of the company's stock worth $5,174,000 after buying an additional 64,181 shares during the period. Finally, Nuveen LLC acquired a new position in shares of Turning Point Brands during the first quarter worth approximately $3,775,000. 96.12% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling at Turning Point Brands

In other news, CAO Brian Wigginton sold 10,800 shares of the business's stock in a transaction on Monday, June 16th. The shares were sold at an average price of $75.67, for a total transaction of $817,236.00. Following the transaction, the chief accounting officer directly owned 10,171 shares in the company, valued at $769,639.57. The trade was a 51.50% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Lawrence Wexler sold 25,000 shares of the business's stock in a transaction on Tuesday, June 17th. The shares were sold at an average price of $75.94, for a total transaction of $1,898,500.00. Following the transaction, the director owned 330,186 shares in the company, 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 own 6.60% of the company's stock.

Turning Point Brands Price Performance

Shares of NYSE TPB traded up $1.71 during trading on Friday, hitting $102.39. The company had a trading volume of 307,712 shares, compared to its average volume of 308,570. The business's 50-day moving average is $89.37 and its 200 day moving average is $74.27. The company has a debt-to-equity ratio of 1.30, a quick ratio of 2.67 and a current ratio of 4.22. Turning Point Brands, Inc. has a 52 week low of $38.50 and a 52 week high of $102.90. The company has a market cap of $1.85 billion, a P/E ratio of 42.84 and a beta of 0.76.

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

Turning Point Brands Dividend Announcement

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

Turning Point Brands Profile

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.