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King Luther Capital Management Corp Acquires 64,181 Shares of Turning Point Brands, Inc. (NYSE:TPB)

Turning Point Brands logo with Consumer Staples background

Key Points

  • King Luther Capital Management Corp increased its stake in Turning Point Brands by 280.7%, acquiring an additional 64,181 shares to hold a total of 87,049 shares, valued at approximately $5.17 million.
  • Turning Point Brands announced a quarterly dividend of $0.075 per share, which will be paid on October 10th, representing an annualized yield of 0.3%.
  • Oppenheimer raised Turning Point Brands' target price from $85.00 to $98.00, maintaining an "outperform" rating, while Wall Street analysts generally hold a consensus rating of "Moderate Buy" for the stock.
  • Looking to export and analyze Turning Point Brands data? Unlock 5 Weeks of MarketBeat All Access for Just $5. Claim Your Limited-Time Discount.

King Luther Capital Management Corp increased its position in Turning Point Brands, Inc. (NYSE:TPB - Free Report) by 280.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 87,049 shares of the company's stock after acquiring an additional 64,181 shares during the period. King Luther Capital Management Corp owned about 0.49% of Turning Point Brands worth $5,174,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Allspring Global Investments Holdings LLC grew its holdings in shares of Turning Point Brands by 53.9% in the first quarter. Allspring Global Investments Holdings LLC now owns 13,693 shares of the company's stock worth $819,000 after acquiring an additional 4,797 shares during the period. Y Intercept Hong Kong Ltd purchased a new position in Turning Point Brands during the first quarter valued at $325,000. Teacher Retirement System of Texas lifted its position in 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 valued at $7,240,000 after purchasing an additional 67,005 shares in the last quarter. Ameriprise Financial Inc. purchased a new position in Turning Point Brands during the fourth quarter valued at $957,000. Finally, ProShare Advisors LLC purchased a new position in Turning Point Brands during the fourth quarter valued at $290,000. Institutional investors own 96.12% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on TPB. Oppenheimer lifted their target price on Turning Point Brands from $85.00 to $98.00 and gave the company an "outperform" rating in a research report on Thursday, August 7th. Needham & Company LLC began coverage on Turning Point Brands in a research report on Friday, August 1st. They set a "hold" rating on the stock. Finally, Wall Street Zen downgraded Turning Point Brands from a "buy" rating to a "hold" rating in a research report on Saturday, July 26th. Two investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $78.83.

Check Out Our Latest Analysis on TPB

Insider Activity at Turning Point Brands

In other Turning Point Brands news, CEO Graham Purdy sold 21,400 shares of the business's stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $74.89, for a total transaction of $1,602,646.00. Following the sale, the chief executive officer directly owned 227,466 shares of the company's stock, valued at $17,034,928.74. The trade was a 8.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Brittani Cushman sold 7,500 shares of the business's stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $74.36, for a total value of $557,700.00. Following the sale, the senior vice president directly owned 34,687 shares in the company, valued at $2,579,325.32. The trade was a 17.78% 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 ninety days. 6.60% of the stock is currently owned by company insiders.

Turning Point Brands Price Performance

Shares of Turning Point Brands stock traded up $1.12 during trading hours on Wednesday, hitting $100.10. The company's stock had a trading volume of 564,561 shares, compared to its average volume of 460,426. The company has a debt-to-equity ratio of 1.30, a quick ratio of 2.64 and a current ratio of 4.22. The company has a market cap of $1.80 billion, a PE ratio of 41.88 and a beta of 0.66. Turning Point Brands, Inc. has a 12-month low of $37.67 and a 12-month high of $101.00. The business has a 50 day moving average price of $78.71 and a two-hundred day moving average price of $69.31.

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

Turning Point Brands Announces Dividend

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

About Turning Point Brands

(Free Report)

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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Institutional Ownership by Quarter for Turning Point Brands (NYSE:TPB)

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