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

Millennium Management LLC trimmed its holdings in Turning Point Brands, Inc. (NYSE:TPB - Free Report) by 36.6% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 221,677 shares of the company's stock after selling 128,148 shares during the period. Millennium Management LLC owned approximately 1.25% of Turning Point Brands worth $13,323,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the business. Sei Investments Co. raised its stake in shares of Turning Point Brands by 0.4% in the fourth quarter. Sei Investments Co. now owns 78,087 shares of the company's stock valued at $4,693,000 after acquiring an additional 283 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Turning Point Brands by 3.5% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,739 shares of the company's stock worth $585,000 after buying an additional 330 shares during the last quarter. Principal Financial Group Inc. lifted its position in Turning Point Brands by 7.1% in the fourth quarter. Principal Financial Group Inc. now owns 7,247 shares of the company's stock valued at $436,000 after purchasing an additional 482 shares during the period. Tower Research Capital LLC TRC lifted its position in Turning Point Brands by 29.0% in the fourth quarter. Tower Research Capital LLC TRC now owns 2,364 shares of the company's stock valued at $142,000 after purchasing an additional 532 shares during the period. Finally, Access Investment Management LLC lifted its position in shares of Turning Point Brands by 0.4% during the 4th quarter. Access Investment Management LLC now owns 122,125 shares of the company's stock valued at $7,340,000 after acquiring an additional 540 shares during the period. 96.12% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

TPB has been the subject of several research reports. Alliance Global Partners began coverage on shares of Turning Point Brands in a research note on Monday, March 3rd. They set a "buy" rating and a $80.00 price objective for the company. Oppenheimer upped their target price on shares of Turning Point Brands from $65.00 to $85.00 and gave the company an "outperform" rating in a research note on Thursday, May 8th. Wall Street Zen upgraded shares of Turning Point Brands from a "hold" rating to a "buy" rating in a research note on Wednesday, May 14th. Finally, Industrial Alliance Securities set a $85.00 price objective on shares of Turning Point Brands in a report on Thursday, March 6th. Six equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $76.67.

Insider Buying and Selling at Turning Point Brands

In related news, Director Gregory H.A. Baxter sold 1,500 shares of the firm's stock in a transaction that occurred on Friday, May 9th. The shares were sold at an average price of $73.64, for a total transaction of $110,460.00. Following the completion of the sale, the director now owns 40,419 shares of the company's stock, valued at $2,976,455.16. This trade represents a 3.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Brian Wigginton sold 3,500 shares of the firm's stock in a transaction that occurred on Thursday, May 8th. The shares were sold at an average price of $75.75, for a total transaction of $265,125.00. Following the sale, the chief accounting officer now directly owns 10,171 shares of the company's stock, valued at $770,453.25. This trade represents 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 Price Performance

TPB stock traded down $0.17 during midday trading on Tuesday, reaching $73.20. 171,955 shares of the stock were exchanged, compared to its average volume of 170,326. The company has a debt-to-equity ratio of 1.33, a current ratio of 4.21 and a quick ratio of 1.78. Turning Point Brands, Inc. has a 52 week low of $30.61 and a 52 week high of $81.05. The company has a fifty day moving average price of $62.79 and a 200 day moving average price of $62.01. The stock has a market capitalization of $1.31 billion, a PE ratio of 29.05 and a beta of 0.69.

Turning Point Brands (NYSE:TPB - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The company reported $0.91 earnings per share for the quarter, topping 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 firm had revenue of $106.44 million during 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 EPS for the current fiscal year.

Turning Point Brands Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Friday, June 20th will be given a $0.075 dividend. The ex-dividend date is Friday, June 20th. This represents a $0.30 annualized dividend and a yield of 0.41%. Turning Point Brands's dividend payout ratio (DPR) is presently 13.16%.

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.