Ritholtz Wealth Management Invests $917,000 in Turning Point Brands, Inc. (NYSE:TPB)

Ritholtz Wealth Management bought a new position in shares of Turning Point Brands, Inc. (NYSE:TPB - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 15,428 shares of the company's stock, valued at approximately $917,000. Ritholtz Wealth Management owned approximately 0.09% of Turning Point Brands as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of TPB. Virtus Fund Advisers LLC purchased a new stake in Turning Point Brands during the fourth quarter worth $48,000. Sunbelt Securities Inc. purchased a new stake in Turning Point Brands during the fourth quarter worth $96,000. Tower Research Capital LLC TRC lifted its position in shares of 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 acquiring an additional 532 shares in the last quarter. Baird Financial Group Inc. purchased a new stake in shares of Turning Point Brands in the fourth quarter valued at $201,000. Finally, Prescott General Partners LLC purchased a new stake in shares of Turning Point Brands in the fourth quarter valued at $210,000. 96.12% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

Turning Point Brands Stock Down 1.1%

TPB traded down $0.83 on Friday, reaching $73.67. The company's stock had a trading volume of 359,207 shares, compared to its average volume of 185,072. The company has a debt-to-equity ratio of 1.44, a current ratio of 4.42 and a quick ratio of 2.64. The stock has a market cap of $1.32 billion, a price-to-earnings ratio of 32.31 and a beta of 0.76. Turning Point Brands, Inc. has a 1 year low of $31.45 and a 1 year high of $81.25. The business's 50 day moving average is $69.19 and its 200 day moving average is $63.90.

Turning Point Brands (NYSE:TPB - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The company reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.75 by $0.16. The business had revenue of $106.44 million for the quarter, compared to analyst estimates of $95.75 million. Turning Point Brands had a return on equity of 27.70% and a net margin of 10.19%. The business's revenue was up 28.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.63 EPS. As a group, research analysts forecast that Turning Point Brands, Inc. will post 2.59 EPS for the current fiscal year.

Turning Point Brands Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Friday, June 20th will be given a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a dividend yield of 0.41%. The ex-dividend date of this dividend is Friday, June 20th. Turning Point Brands's dividend payout ratio is currently 13.16%.

Insider Activity at Turning Point Brands

In other news, CAO Brian Wigginton sold 3,500 shares of the firm's stock in a transaction on Thursday, May 8th. The stock was sold at an average price of $75.75, for a total transaction of $265,125.00. Following the completion of 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 transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Stephen Usher sold 600 shares of the firm's stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $75.25, for a total value of $45,150.00. Following the sale, the director now directly owns 6,175 shares of the company's stock, valued at approximately $464,668.75. This represents a 8.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 115,300 shares of company stock valued at $8,666,867. 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.