Madison Avenue Partners LP Purchases New Holdings in Turning Point Brands, Inc. $TPB

Key Points

• Madison Avenue Partners LP disclosed a new stake in Turning Point Brands during the fourth quarter, buying 247,723 shares valued at about $26.9 million. The position represents roughly 1.2% of its portfolio and about 1.3% of Turning Point Brands.
• Several other hedge funds also increased their positions, and institutional investors now own 96.12% of the stock, underscoring strong institutional interest.
• Turning Point Brands recently beat quarterly expectations, reporting $0.76 EPS on revenue of $124.28 million, and it also announced a quarterly dividend of $0.08 per share.

Madison Avenue Partners LP acquired a new stake in Turning Point Brands, Inc. (NYSE:TPB - Free Report) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor acquired 247,723 shares of the company's stock, valued at approximately $26,853,000. Turning Point Brands accounts for approximately 1.2% of Madison Avenue Partners LP's investment portfolio, making the stock its 17th largest holding. Madison Avenue Partners LP owned approximately 1.30% of Turning Point Brands as of its most recent filing with the SEC.

Other hedge funds have also modified their holdings of the company. Man Group plc lifted its position in shares of Turning Point Brands by 28.2% during the 4th quarter. Man Group plc now owns 21,348 shares of the company's stock worth $2,314,000 after buying an additional 4,700 shares during the period. Findell Capital Management LLC lifted its position in shares of Turning Point Brands by 41.1% during the 4th quarter. Findell Capital Management LLC now owns 127,000 shares of the company's stock worth $13,767,000 after buying an additional 37,000 shares during the period. Balyasny Asset Management L.P. lifted its position in shares of Turning Point Brands by 75.4% during the 4th quarter. Balyasny Asset Management L.P. now owns 31,390 shares of the company's stock worth $3,403,000 after buying an additional 13,498 shares during the period. Apis Capital Advisors LLC lifted its position in shares of Turning Point Brands by 186.2% during the 4th quarter. Apis Capital Advisors LLC now owns 164,377 shares of the company's stock worth $17,818,000 after buying an additional 106,948 shares during the period. Finally, Aristeia Capital L.L.C. bought a new position in shares of Turning Point Brands during the 4th quarter worth approximately $353,000. 96.12% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Weiss Ratings downgraded Turning Point Brands from a "hold (c+)" rating to a "hold (c)" rating in a research report on Tuesday, June 2nd. Needham & Company LLC upgraded Turning Point Brands from a "hold" rating to a "buy" rating and set a $125.00 price target on the stock in a research report on Friday, May 8th. Wall Street Zen upgraded Turning Point Brands from a "strong sell" rating to a "sell" rating in a research report on Saturday, June 6th. Finally, Zacks Research lowered Turning Point Brands from a "hold" rating to a "strong sell" rating in a research report on Monday, March 2nd. Three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Turning Point Brands has an average rating of "Hold" and an average target price of $118.75.

Turning Point Brands Stock Performance

Shares of Turning Point Brands stock opened at $79.55 on Thursday. The company has a market capitalization of $1.54 billion, a PE ratio of 27.06 and a beta of 0.92. Turning Point Brands, Inc. has a 12 month low of $65.80 and a 12 month high of $146.90. The company has a current ratio of 5.87, a quick ratio of 4.05 and a debt-to-equity ratio of 0.76. The stock's fifty day simple moving average is $83.78 and its 200 day simple moving average is $99.67.

Turning Point Brands (NYSE:TPB - Get Free Report) last issued its quarterly earnings data on Thursday, May 7th. The company reported $0.76 EPS for the quarter, topping the consensus estimate of $0.68 by $0.08. The business had revenue of $124.28 million for the quarter, compared to the consensus estimate of $115.67 million. Turning Point Brands had a return on equity of 16.54% and a net margin of 11.53%.The firm's revenue was up 16.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.91 EPS. On average, research analysts predict that Turning Point Brands, Inc. will post 1.43 EPS for the current year.

Turning Point Brands Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Shareholders of record on Friday, June 19th will be issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date is Thursday, June 18th. Turning Point Brands's dividend payout ratio is 10.88%.

Insider Transactions at Turning Point Brands

In other Turning Point Brands news, CAO Brian Wigginton sold 4,000 shares of the stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $91.67, for a total transaction of $366,680.00. Following the completion of the transaction, the chief accounting officer owned 9,230 shares in the company, valued at approximately $846,114.10. This represents a 30.23% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 5.40% of the company's stock.

Turning Point Brands Profile

Turning Point Brands, Inc NYSE: TPB is a U.S.-based consumer products company focused on the manufacture, marketing and distribution of smokeless tobacco, vaping and cigar products. Headquartered in Old Hickory, Tennessee, the company serves retail outlets across all 50 states through a direct-store-delivery network and select third-party distributors. Turning Point Brands operates two reporting segments—Smokeless Products and Cigar—and leverages its logistics capabilities to offer a broad portfolio of brands and SKUs.

In its Smokeless Products segment, Turning Point Brands produces moist smokeless tobacco under leading brand names such as Grizzly, Kodiak and Stoker's.

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