HighTower Advisors LLC Lowers Stock Holdings in Turning Point Brands, Inc. $TPB

Key Points

• HighTower Advisors cut its Turning Point Brands stake by 70% in the second quarter, selling 25,628 shares and retaining 10,991 shares. Despite this, institutional investors collectively own 96.12% of the company.
• Analyst sentiment remains positive overall, with four Buy ratings, one Hold and one Sell, resulting in a “Moderate Buy” consensus and an average price target of $115.67 versus the reported $72.09 share price.
• Turning Point Brands exceeded quarterly expectations, posting adjusted EPS of $0.23 versus $0.12 expected and revenue of $142.96 million, up 22.6% year over year. The company also declared a quarterly dividend of $0.08 per share, yielding approximately 0.4%.

HighTower Advisors LLC reduced its position in Turning Point Brands, Inc. (NYSE:TPB - Free Report) by 70.0% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 10,991 shares of the company's stock after selling 25,628 shares during the quarter. HighTower Advisors LLC owned about 0.06% of Turning Point Brands worth $932,000 as of its most recent filing with the SEC.

Other large investors also recently bought and sold shares of the company. BlackRock Inc. bought a new position in Turning Point Brands during the 2nd quarter worth approximately $137,273,000. Bank of America Corp DE bought a new stake in shares of Turning Point Brands in the 2nd quarter valued at approximately $47,278,000. Maple Rock Capital Partners Inc. raised its position in shares of Turning Point Brands by 57.5% during the 2nd quarter. Maple Rock Capital Partners Inc. now owns 686,800 shares of the company's stock valued at $58,248,000 after acquiring an additional 250,800 shares in the last quarter. Madison Avenue Partners LP acquired a new stake in shares of Turning Point Brands during the 4th quarter valued at approximately $26,853,000. Finally, Copeland Capital Management LLC lifted its stake in Turning Point Brands by 99.4% during the first quarter. Copeland Capital Management LLC now owns 407,208 shares of the company's stock worth $35,342,000 after purchasing an additional 203,020 shares during the last quarter. Hedge funds and other institutional investors own 96.12% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on TPB. Wall Street Zen upgraded shares of Turning Point Brands from a "strong sell" rating to a "sell" rating in a research report on Monday, August 10th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Turning Point Brands in a research report on Friday, August 28th. BTIG Research reiterated a "buy" rating on shares of Turning Point Brands in a research note on Monday, August 10th. Finally, Compass Point set a $116.00 target price on shares of Turning Point Brands in a report on Monday, August 10th. Four analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $115.67.

Turning Point Brands Trading Up 0.8%

Shares of NYSE:TPB opened at $72.09 on Tuesday. The company has a 50 day moving average of $81.43 and a 200-day moving average of $84.97. The firm has a market cap of $1.40 billion, a P/E ratio of 30.94 and a beta of 0.94. Turning Point Brands, Inc. has a twelve month low of $65.80 and a twelve month high of $146.90. The company has a current ratio of 5.67, a quick ratio of 4.16 and a debt-to-equity ratio of 0.65.

Turning Point Brands (NYSE:TPB - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The company reported $0.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.11. The company had revenue of $142.96 million for the quarter, compared to analysts' expectations of $129.56 million. Turning Point Brands had a return on equity of 11.35% and a net margin of 8.78%.The firm's revenue for the quarter was up 22.6% on a year-over-year basis. During the same period last year, the firm earned $0.98 EPS. As a group, analysts anticipate that Turning Point Brands, Inc. will post 1.23 earnings per share for the current fiscal year.

Turning Point Brands Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Investors of record on Friday, September 18th will be given a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.4%. The ex-dividend date is Friday, September 18th. Turning Point Brands's dividend payout ratio is 13.73%.

Turning Point Brands Profile

Turning Point Brands, Inc is a consumer-products company focused on branded products for the tobacco, smoking-accessory and modern oral categories. Its portfolio includes rolling papers, wraps, smokeless tobacco, nicotine pouches and related products marketed under established brands.

The company's principal brands include Zig-Zag, which offers rolling papers, cones, wraps and smoking accessories; Stoker's, known for smokeless tobacco products; and FRE, a brand of nicotine pouches. Turning Point Brands also develops and distributes other alternative and specialty products through its brand portfolio.

Turning Point Brands sells its products primarily through convenience stores, tobacco and vape retailers, specialty retailers, distributors, e-commerce channels and other consumer outlets in the United States, with some products available internationally.

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