Northern Trust Corp Decreases Stake in Turning Point Brands, Inc. $TPB

Key Points

• Northern Trust Corp has reduced its stake in Turning Point Brands, Inc. by 4.5%, selling 7,142 shares to own 0.86% of the company valued at approximately $9.1 million.
• Turning Point Brands reported a quarterly earnings per share of $0.98, exceeding analyst estimates of $0.79, with a revenue of $116.63 million, showing a 25.1% increase year-over-year.
• The company announced a quarterly dividend of $0.075 per share, with a yield of 0.3%, set to be paid on October 10th to investors of record as of September 19th.

Northern Trust Corp reduced its position in shares of Turning Point Brands, Inc. (NYSE:TPB - Free Report) by 4.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 153,244 shares of the company's stock after selling 7,142 shares during the period. Northern Trust Corp owned 0.86% of Turning Point Brands worth $9,109,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. D. E. Shaw & Co. Inc. increased its position in Turning Point Brands by 1.1% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 243,691 shares of the company's stock worth $14,646,000 after purchasing an additional 2,667 shares during the last quarter. Nuveen Asset Management LLC increased its position in Turning Point Brands by 21.2% during the fourth quarter. Nuveen Asset Management LLC now owns 189,083 shares of the company's stock worth $11,364,000 after purchasing an additional 33,080 shares during the last quarter. Teacher Retirement System of Texas increased 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 worth $7,240,000 after purchasing an additional 67,005 shares during the last quarter. Two Sigma Investments LP increased its position in shares of Turning Point Brands by 6.6% during the fourth quarter. Two Sigma Investments LP now owns 108,927 shares of the company's stock valued at $6,547,000 after acquiring an additional 6,726 shares during the last quarter. Finally, Invesco Ltd. increased its position in shares of Turning Point Brands by 5.8% during the first quarter. Invesco Ltd. now owns 102,868 shares of the company's stock valued at $6,114,000 after acquiring an additional 5,607 shares during the last quarter. 96.12% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Lawrence Wexler sold 25,000 shares of Turning Point Brands stock in a transaction that occurred on Tuesday, June 17th. The shares were sold at an average price of $75.94, for a total value of $1,898,500.00. Following the completion of the transaction, the director owned 330,186 shares in the company, valued at approximately $25,074,324.84. The trade was a 7.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Brian Wigginton sold 10,800 shares of Turning Point Brands stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $75.67, for a total transaction of $817,236.00. Following the completion of the transaction, the chief accounting officer owned 10,171 shares of the company's stock, valued at $769,639.57. This trade represents a 51.50% decrease in their position. The disclosure for this sale can be found here. Insiders own 6.60% of the company's stock.

Turning Point Brands Stock Up 2.7%

Shares of TPB stock traded up $2.64 during trading on Thursday, reaching $100.82. The company's stock had a trading volume of 200,848 shares, compared to its average volume of 316,003. The company has a debt-to-equity ratio of 1.30, a current ratio of 4.22 and a quick ratio of 2.67. The company has a market capitalization of $1.82 billion, a price-to-earnings ratio of 42.18 and a beta of 0.76. The stock's 50-day moving average price is $88.80 and its 200 day moving average price is $74.04. Turning Point Brands, Inc. has a 1-year low of $38.16 and a 1-year high of $102.90.

Turning Point Brands (NYSE:TPB - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $0.98 earnings per share for the quarter, beating analysts' consensus estimates of $0.79 by $0.19. The firm had revenue of $116.63 million during the quarter, compared to analysts' expectations of $107.30 million. Turning Point Brands had a net margin of 10.34% and a return on equity of 25.32%. The business's quarterly revenue was up 25.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.68 earnings per share. On average, research analysts anticipate that Turning Point Brands, Inc. will post 2.59 EPS for the current year.

Turning Point Brands Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on TPB shares. Wall Street Zen cut shares of Turning Point Brands from a "buy" rating to a "hold" rating in a research report on Saturday, July 26th. Zacks Research upgraded shares of Turning Point Brands from a "hold" rating to a "strong-buy" rating in a research report on Thursday, August 14th. Needham & Company LLC started coverage on shares of Turning Point Brands in a research report on Friday, August 1st. They set a "hold" rating for the company. Finally, Oppenheimer lifted their price target on shares of Turning Point Brands from $85.00 to $98.00 and gave the company an "outperform" rating in a research report on Thursday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, Turning Point Brands currently has an average rating of "Buy" and a consensus target price of $78.83.

Turning Point Brands 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.