Ritholtz Wealth Management Makes New Investment in Turning Point Brands, Inc. (NYSE:TPB)

Ritholtz Wealth Management bought a new position in Turning Point Brands, Inc. (NYSE:TPB - Free Report) in the first quarter, according to its most recent disclosure 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 about 0.09% of Turning Point Brands at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the stock. Virtus Fund Advisers LLC acquired a new stake in shares of Turning Point Brands in the fourth quarter valued at approximately $48,000. Sunbelt Securities Inc. bought a new position in Turning Point Brands in the 4th quarter valued at $96,000. Tower Research Capital LLC TRC increased its stake in shares of Turning Point Brands by 29.0% in the 4th quarter. Tower Research Capital LLC TRC now owns 2,364 shares of the company's stock valued at $142,000 after buying an additional 532 shares during the period. Baird Financial Group Inc. acquired a new stake in shares of Turning Point Brands in the 4th quarter valued at $201,000. Finally, Prescott General Partners LLC bought a new stake in shares of Turning Point Brands during the fourth quarter worth $210,000. 96.12% of the stock is currently owned by institutional investors and hedge funds.

Turning Point Brands Trading Down 1.3%

Shares of TPB stock traded down $0.99 on Thursday, reaching $74.49. The company had a trading volume of 220,601 shares, compared to its average volume of 183,581. The stock has a market cap of $1.33 billion, a PE ratio of 32.67 and a beta of 0.76. The company has a 50-day moving average of $68.47 and a 200-day moving average of $63.71. The company has a current ratio of 4.42, a quick ratio of 2.64 and a debt-to-equity ratio of 1.44. Turning Point Brands, Inc. has a 12 month low of $31.45 and a 12 month high of $81.16.

Turning Point Brands (NYSE:TPB - Get Free Report) last issued its quarterly earnings data 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. The firm had revenue of $106.44 million during the quarter, compared to analysts' expectations of $95.75 million. Turning Point Brands had a net margin of 10.19% and a return on equity of 27.70%. The business's revenue for the quarter was up 28.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.63 earnings per share. On average, equities analysts forecast that Turning Point Brands, Inc. will post 2.59 earnings per share for the current year.

Turning Point Brands Announces Dividend

The company also recently disclosed 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. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.40%. 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 Turning Point Brands news, CEO Graham Purdy sold 30,000 shares of the business's stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $75.03, for a total value of $2,250,900.00. Following the completion of the transaction, the chief executive officer now directly owns 227,466 shares of the company's stock, valued at approximately $17,066,773.98. The trade was a 11.65% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Brian Wigginton sold 10,800 shares of Turning Point Brands stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $75.67, for a total value of $817,236.00. Following the transaction, the chief accounting officer now owns 10,171 shares in the company, 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 sold a total of 115,300 shares of company stock worth $8,666,867 in the last quarter. Corporate insiders own 6.60% of the company's stock.

Analyst Ratings Changes

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

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.