Lord Abbett & CO. LLC Decreases Holdings in Turning Point Brands, Inc. $TPB

Key Points

• Lord Abbett & CO. LLC sold 45,373 shares of Turning Point Brands, reducing its holdings by 50.6% and now owns 44,220 shares valued at approximately $2.63 million.
• Several institutional investors, including Wells Fargo and Russell Investments, have made significant adjustments to their positions in Turning Point Brands, with ownership among institutional investors now at 96.12%.
• Turning Point Brands has received mixed ratings from analysts, with target prices ranging from $78.83 to $98.00, indicating strong while maintaining an average rating of "Moderate Buy."

Lord Abbett & CO. LLC trimmed its stake in shares of Turning Point Brands, Inc. (NYSE:TPB - Free Report) by 50.6% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 44,220 shares of the company's stock after selling 45,373 shares during the period. Lord Abbett & CO. LLC owned approximately 0.25% of Turning Point Brands worth $2,628,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in TPB. Allspring Global Investments Holdings LLC grew its position in Turning Point Brands by 53.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 13,693 shares of the company's stock worth $819,000 after purchasing an additional 4,797 shares during the period. Y Intercept Hong Kong Ltd bought a new position in shares of Turning Point Brands in the first quarter worth about $325,000. Teacher Retirement System of Texas lifted its position in shares of Turning Point Brands by 122.3% during the 1st quarter. Teacher Retirement System of Texas now owns 121,804 shares of the company's stock valued at $7,240,000 after buying an additional 67,005 shares in the last quarter. Ameriprise Financial Inc. bought a new position in shares of Turning Point Brands during the 4th quarter valued at approximately $957,000. Finally, ProShare Advisors LLC bought a new position in shares of Turning Point Brands during the 4th quarter valued at approximately $290,000. Institutional investors own 96.12% of the company's stock.

Insider Buying and Selling at Turning Point Brands

In other Turning Point Brands news, CEO Graham Purdy sold 21,400 shares of the stock in a transaction 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 owned 227,466 shares of the company's stock, valued at approximately $17,034,928.74. This trade represents a 8.60% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Brian Wigginton sold 10,800 shares of the business's stock in a transaction 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 approximately $769,639.57. The trade was a 51.50% 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 worth $8,291,282 over the last quarter. Insiders own 6.60% of the company's stock.

Turning Point Brands Trading Up 1.9%

NYSE TPB traded up $1.8570 during trading on Thursday, hitting $99.3370. The stock had a trading volume of 555,339 shares, compared to its average volume of 270,755. Turning Point Brands, Inc. has a one year low of $38.08 and a one year high of $102.90. The stock has a 50 day simple moving average of $81.02 and a 200 day simple moving average of $70.58. The stock has a market capitalization of $1.79 billion, a price-to-earnings ratio of 41.53 and a beta of 0.66. 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 (NYSE:TPB - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $0.98 EPS for the quarter, topping 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 company had revenue of $116.63 million for the quarter, compared to the consensus estimate of $107.30 million. During the same quarter last year, the firm posted $0.68 EPS. The firm's revenue was up 25.1% compared to the same quarter last year. Sell-side analysts predict that Turning Point Brands, Inc. will post 2.59 earnings per share for the current year.

Turning Point Brands Dividend Announcement

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

Analysts Set New Price Targets

Several brokerages recently weighed in on TPB. Zacks Research raised shares of 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 research note on Saturday, July 26th. Needham & Company LLC initiated coverage on Turning Point Brands in a research report on Friday, August 1st. They set a "hold" rating for the company. Finally, Oppenheimer boosted their price target 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 given a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, Turning Point Brands currently has an average rating of "Buy" and a consensus price target 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.