Millennium Management LLC Reduces Stock Position in Turning Point Brands, Inc. (NYSE:TPB)

Millennium Management LLC reduced its holdings in shares of Turning Point Brands, Inc. (NYSE:TPB - Free Report) by 36.6% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 221,677 shares of the company's stock after selling 128,148 shares during the period. Millennium Management LLC owned about 1.25% of Turning Point Brands worth $13,323,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Turning Point Brands by 3.5% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,739 shares of the company's stock worth $585,000 after acquiring an additional 330 shares during the last quarter. Jacobs Levy Equity Management Inc. bought a new stake in Turning Point Brands during the 4th quarter valued at $1,406,000. Guardian Point Capital LP bought a new stake in Turning Point Brands during the 4th quarter valued at $3,005,000. Emmett Investment Management LP bought a new stake in Turning Point Brands during the 4th quarter valued at $2,182,000. Finally, Deutsche Bank AG raised its position in Turning Point Brands by 49.6% during the 4th quarter. Deutsche Bank AG now owns 16,305 shares of the company's stock valued at $980,000 after purchasing an additional 5,405 shares in the last quarter. 96.12% of the stock is owned by institutional investors.

Turning Point Brands Stock Up 0.7%

Shares of NYSE:TPB traded up $0.52 on Thursday, reaching $72.05. The company had a trading volume of 41,072 shares, compared to its average volume of 215,069. Turning Point Brands, Inc. has a 52-week low of $30.61 and a 52-week high of $81.05. The firm's 50 day simple moving average is $63.37 and its 200-day simple moving average is $62.15. The firm has a market capitalization of $1.29 billion, a PE ratio of 28.59 and a beta of 0.69. The company has a current ratio of 4.21, a quick ratio of 1.78 and a debt-to-equity ratio of 1.33.

Turning Point Brands (NYSE:TPB - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The company reported $0.91 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.75 by $0.16. Turning Point Brands had a return on equity of 33.14% and a net margin of 11.63%. The business had revenue of $106.44 million for the quarter, compared to the consensus estimate of $95.75 million. During the same period last year, the business posted $0.63 EPS. The business's revenue was up 28.2% compared to the same quarter last year. As a group, analysts expect 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 Tuesday, July 1st. Stockholders of record on Friday, June 20th will be issued a $0.075 dividend. The ex-dividend date is Friday, June 20th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.42%. Turning Point Brands's dividend payout ratio is presently 13.16%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on TPB. Industrial Alliance Securities set a $85.00 target price on Turning Point Brands in a research report on Thursday, March 6th. Alliance Global Partners began coverage on Turning Point Brands in a research report on Monday, March 3rd. They set a "buy" rating and a $80.00 target price for the company. Wall Street Zen raised Turning Point Brands from a "hold" rating to a "buy" rating in a research report on Wednesday, May 14th. Finally, Oppenheimer lifted their target price on Turning Point Brands from $65.00 to $85.00 and gave the company an "outperform" rating in a research report on Thursday, May 8th. Six research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of $76.67.

Insider Activity

In related news, Director Gregory H.A. Baxter sold 1,500 shares of the business's stock in a transaction on Friday, May 9th. The stock was sold at an average price of $73.64, for a total transaction of $110,460.00. Following the transaction, the director now directly owns 40,419 shares in the company, valued at $2,976,455.16. The trade was a 3.58% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Brian Wigginton sold 3,500 shares of the business's stock in a transaction dated Thursday, May 8th. The shares were sold at an average price of $75.75, for a total value of $265,125.00. Following the sale, the chief accounting officer now owns 10,171 shares in the company, valued at approximately $770,453.25. The trade was a 25.60% decrease in their position. The disclosure for this sale can be found here. Company insiders own 6.60% of the company's stock.

Turning Point Brands Company 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.