State of Wyoming decreased its holdings in shares of Turning Point Brands, Inc. (NYSE:TPB - Free Report) by 60.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,435 shares of the company's stock after selling 9,718 shares during the period. State of Wyoming's holdings in Turning Point Brands were worth $387,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Entropy Technologies LP purchased a new position in Turning Point Brands in the 4th quarter valued at $234,000. Northern Trust Corp increased its holdings in Turning Point Brands by 7.9% in the 4th quarter. Northern Trust Corp now owns 160,386 shares of the company's stock valued at $9,639,000 after purchasing an additional 11,808 shares during the last quarter. Legato Capital Management LLC purchased a new stake in shares of Turning Point Brands in the 4th quarter valued at $278,000. Principal Financial Group Inc. lifted its position in shares of Turning Point Brands by 7.1% during the fourth quarter. Principal Financial Group Inc. now owns 7,247 shares of the company's stock worth $436,000 after purchasing an additional 482 shares in the last quarter. Finally, Russell Investments Group Ltd. boosted its position in Turning Point Brands by 2,339.9% in the 4th quarter. Russell Investments Group Ltd. now owns 24,985 shares of the company's stock valued at $1,502,000 after buying an additional 23,961 shares during the period. Hedge funds and other institutional investors own 96.12% of the company's stock.
Insider Buying and Selling
In other Turning Point Brands news, CAO Brian Wigginton sold 3,500 shares of the firm's stock in a transaction dated Thursday, May 8th. The shares were sold at an average price of $75.75, for a total transaction of $265,125.00. Following the completion of the transaction, the chief accounting officer now directly owns 10,171 shares in the company, valued at approximately $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 can be accessed through this link. Also, Director Gregory H.A. Baxter sold 1,500 shares of the stock in a transaction that occurred on Friday, May 9th. The shares were sold at an average price of $73.64, for a total transaction of $110,460.00. Following the completion of the sale, the director now owns 40,419 shares in the company, valued at $2,976,455.16. This represents a 3.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. 6.60% of the stock is currently owned by insiders.
Analyst Ratings Changes
TPB has been the subject of several analyst reports. Oppenheimer boosted their price target on shares of Turning Point Brands from $65.00 to $85.00 and gave the stock an "outperform" rating in a report on Thursday, May 8th. Alliance Global Partners started coverage on shares of Turning Point Brands in a research report on Monday, March 3rd. They set a "buy" rating and a $80.00 price objective on the stock. Industrial Alliance Securities set a $85.00 price target on Turning Point Brands in a research note on Thursday, March 6th. Finally, Wall Street Zen upgraded shares of Turning Point Brands from a "hold" rating to a "buy" rating in a research 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. Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and an average price target of $76.67.
Read Our Latest Research Report on TPB
Turning Point Brands Price Performance
Shares of NYSE TPB traded up $0.99 during midday trading on Monday, hitting $73.33. The company had a trading volume of 129,425 shares, compared to its average volume of 170,320. The firm has a market capitalization of $1.31 billion, a price-to-earnings ratio of 29.10 and a beta of 0.69. Turning Point Brands, Inc. has a twelve month low of $30.61 and a twelve month high of $81.05. The business has a 50-day simple moving average of $62.48 and a two-hundred day simple moving average of $61.86. The company has a quick ratio of 1.78, a current ratio of 4.21 and a debt-to-equity ratio of 1.33.
Turning Point Brands (NYSE:TPB - Get Free Report) last issued its earnings results 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. Turning Point Brands had a net margin of 11.63% and a return on equity of 33.14%. The company had revenue of $106.44 million during the quarter, compared to analysts' expectations of $95.75 million. During the same period last year, the company posted $0.63 earnings per share. The firm's quarterly revenue was up 28.2% compared to the same quarter last year. Equities research analysts anticipate that Turning Point Brands, Inc. will post 2.59 earnings per share for the current year.
Turning Point Brands Dividend Announcement
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 paid a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 0.41%. The ex-dividend date is Friday, June 20th. Turning Point Brands's payout ratio is currently 13.16%.
About Turning Point Brands
(
Free Report)
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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