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. reduced its position in Turning Point Brands, Inc. (NYSE:TPB - Free Report) by 2.8% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund 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 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of the company. Virtus Fund Advisers LLC purchased a new stake in Turning Point Brands during the 4th quarter valued at about $48,000. Sunbelt Securities Inc. bought a new position in Turning Point Brands during the 4th quarter valued at approximately $96,000. Tower Research Capital LLC TRC raised its position 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 worth $142,000 after acquiring an additional 532 shares in the last quarter. Baird Financial Group Inc. bought a new position in shares of Turning Point Brands in the 4th quarter worth approximately $201,000. Finally, Prescott General Partners LLC bought a new position in shares of Turning Point Brands in the 4th quarter worth approximately $210,000. 96.12% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on TPB. Needham & Company LLC began coverage on Turning Point Brands in a research report on Friday, August 1st. They issued a "hold" rating for the company. Oppenheimer increased their target price on Turning Point Brands from $65.00 to $85.00 and gave the company an "outperform" rating in a research note on Thursday, May 8th. 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 analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $76.67.

Turning Point Brands Trading Up 16.0%

Shares of NYSE TPB traded up $12.96 during trading hours on Wednesday, reaching $94.10. The stock had a trading volume of 434,657 shares, compared to its average volume of 256,202. The business's fifty day moving average price is $75.97 and its two-hundred day moving average price is $67.75. The company has a current ratio of 4.42, a quick ratio of 2.64 and a debt-to-equity ratio of 1.44. The firm has a market cap of $1.68 billion, a price-to-earnings ratio of 41.09 and a beta of 0.66. Turning Point Brands, Inc. has a 52-week low of $36.00 and a 52-week high of $94.37.

Turning Point Brands (NYSE:TPB - Get Free Report) last issued its quarterly earnings data 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 analyst estimates of $95.75 million. During the same quarter in the prior year, the business posted $0.63 EPS. The business's revenue for the quarter was up 28.2% compared to the same quarter last year. Analysts expect that Turning Point Brands, Inc. will post 2.59 EPS for the current fiscal year.

Insider Transactions at Turning Point Brands

In other Turning Point Brands news, Director Lawrence Wexler sold 25,000 shares of the stock in a transaction dated Tuesday, June 17th. The stock was sold at an average price of $75.94, for a total transaction of $1,898,500.00. Following the sale, the director directly owned 330,186 shares of the company's stock, valued at approximately $25,074,324.84. This trade represents a 7.04% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Brittani Cushman sold 7,500 shares of the firm's stock in a transaction dated Tuesday, June 10th. The shares were sold at an average price of $74.36, for a total value of $557,700.00. Following the sale, the senior vice president owned 34,687 shares in the company, valued at $2,579,325.32. This trade 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. Insiders own 6.60% of the company's stock.

Turning Point Brands Company 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.