Turning Point Brands, Inc. (NYSE:TPB) Shares Sold by Federated Hermes Inc.

Key Points

• Federated Hermes Inc. reduced its stake in Turning Point Brands by 2.8%, now owning approximately 0.86% of the company, valued at $9.1 million.
• Analysts have mixed ratings on TPB, with Oppenheimer raising its price target from $65 to $85, while others downgraded the stock to a "hold" rating, resulting in an average rating of "Moderate Buy."
• Turning Point Brands reported a 28.2% year-over-year revenue increase, with quarterly earnings of $0.91 per share, exceeding analyst expectations.

Federated Hermes Inc. lowered its stake in shares of Turning Point Brands, Inc. (NYSE:TPB - Free Report) by 2.8% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 153,155 shares of the company's stock after selling 4,463 shares during the quarter. Federated Hermes Inc. owned approximately 0.86% of Turning Point Brands worth $9,104,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in Turning Point Brands by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 1,524,640 shares of the company's stock worth $91,631,000 after acquiring an additional 18,440 shares during the period. D. E. Shaw & Co. Inc. boosted its position in Turning Point Brands by 1.1% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 243,691 shares of the company's stock worth $14,646,000 after acquiring an additional 2,667 shares during the period. Nuveen Asset Management LLC boosted its position in Turning Point Brands by 21.2% during the 4th quarter. Nuveen Asset Management LLC now owns 189,083 shares of the company's stock worth $11,364,000 after acquiring an additional 33,080 shares during the period. Northern Trust Corp boosted its position in Turning Point Brands by 7.9% during the 4th quarter. Northern Trust Corp now owns 160,386 shares of the company's stock worth $9,639,000 after acquiring an additional 11,808 shares during the period. Finally, JPMorgan Chase & Co. raised its stake in shares of Turning Point Brands by 15.6% in the 4th quarter. JPMorgan Chase & Co. now owns 142,251 shares of the company's stock worth $8,549,000 after buying an additional 19,172 shares in the last quarter. Institutional investors and hedge funds own 96.12% of the company's stock.

Analyst Upgrades and Downgrades

TPB has been the topic of a number of research reports. Oppenheimer boosted their price objective on Turning Point Brands from $65.00 to $85.00 and gave the stock an "outperform" rating in a research note on Thursday, May 8th. Needham & Company LLC initiated coverage on Turning Point Brands in a research note on Friday. They issued a "hold" rating on the stock. Finally, Wall Street Zen downgraded Turning Point Brands from a "buy" rating to a "hold" rating in a research note on Saturday, July 26th. Two investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Turning Point Brands presently has an average rating of "Moderate Buy" and an average price target of $76.67.

Insider Buying and Selling at Turning Point Brands

In other news, Director Lawrence Wexler sold 25,000 shares of the firm's stock in a transaction on Tuesday, June 17th. The stock was sold at an average price of $75.94, for a total value of $1,898,500.00. Following the transaction, the director directly owned 330,186 shares in the company, valued at $25,074,324.84. This trade represents a 7.04% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Brittani Cushman sold 7,500 shares of the firm's stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $74.36, for a total value of $557,700.00. Following the completion of the transaction, the senior vice president owned 34,687 shares in the company, valued at $2,579,325.32. This represents a 17.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 115,300 shares of company stock worth $8,666,867 over the last 90 days. Company insiders own 6.60% of the company's stock.

Turning Point Brands Price Performance

NYSE TPB opened at $80.96 on Friday. Turning Point Brands, Inc. has a twelve month low of $34.78 and a twelve month high of $84.05. The company has a debt-to-equity ratio of 1.44, a quick ratio of 2.64 and a current ratio of 4.42. The stock has a market capitalization of $1.45 billion, a PE ratio of 35.51 and a beta of 0.66. The stock has a 50-day simple moving average of $75.64 and a 200 day simple moving average of $67.42.

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

Turning Point Brands Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Friday, June 20th were given a dividend of $0.075 per share. The ex-dividend date was Friday, June 20th. This represents a $0.30 dividend on an annualized basis and a yield of 0.4%. Turning Point Brands's dividend payout ratio is 13.16%.

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.

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