Northern Trust Corp Has $9.11 Million Position 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 lessened its stake in Turning Point Brands, Inc. (NYSE:TPB - Free Report) by 4.5% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 153,244 shares of the company's stock after selling 7,142 shares during the quarter. Northern Trust Corp owned 0.86% of Turning Point Brands worth $9,109,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. D. E. Shaw & Co. Inc. boosted its holdings 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 boosted its holdings 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 boosted its holdings 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 boosted its holdings in Turning Point Brands by 6.6% during the fourth quarter. Two Sigma Investments LP now owns 108,927 shares of the company's stock worth $6,547,000 after purchasing an additional 6,726 shares during the last quarter. Finally, Invesco Ltd. boosted its holdings in Turning Point Brands by 5.8% during the first quarter. Invesco Ltd. now owns 102,868 shares of the company's stock worth $6,114,000 after purchasing an additional 5,607 shares during the last quarter. Institutional investors and hedge funds own 96.12% of the company's stock.

Wall Street Analysts Forecast Growth

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

Turning Point Brands Stock Performance

NYSE:TPB traded down $2.43 during mid-day trading on Monday, reaching $98.47. 209,552 shares of the company's stock were exchanged, compared to its average volume of 369,500. Turning Point Brands, Inc. has a one year low of $38.08 and a one year high of $102.90. The firm has a market capitalization of $1.77 billion, a PE ratio of 41.20 and a beta of 0.76. The business's fifty day simple moving average is $87.22 and its two-hundred day simple moving average is $73.46. 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 released its quarterly earnings results on Wednesday, August 6th. The company reported $0.98 EPS for the quarter, topping analysts' consensus estimates 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 business had revenue of $116.63 million for the quarter, compared to analyst estimates of $107.30 million. During the same period last year, the firm earned $0.68 earnings per share. Turning Point Brands's revenue for the quarter was up 25.1% compared to the same quarter last year. Analysts anticipate that Turning Point Brands, Inc. will post 2.59 earnings per share for the current fiscal year.

Turning Point Brands Dividend Announcement

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

Insider Activity

In other Turning Point Brands news, CAO Brian Wigginton sold 10,800 shares of the stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $75.67, for a total transaction of $817,236.00. Following the sale, the chief accounting officer directly owned 10,171 shares in the company, valued at $769,639.57. This represents a 51.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Brittani Cushman sold 7,500 shares of the stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $74.36, for a total transaction of $557,700.00. Following the sale, the senior vice president owned 34,687 shares in the company, valued at $2,579,325.32. The trade was a 17.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 94,700 shares of company stock valued at $7,126,982. Corporate insiders own 6.60% of the company's stock.

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.