Allspring Global Investments Holdings LLC Acquires 4,797 Shares of Turning Point Brands, Inc. (NYSE:TPB)

Allspring Global Investments Holdings LLC lifted its holdings in Turning Point Brands, Inc. (NYSE:TPB - Free Report) by 53.9% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 13,693 shares of the company's stock after buying an additional 4,797 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.08% of Turning Point Brands worth $819,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of TPB. Charles Schwab Investment Management Inc. increased its holdings in shares of Turning Point Brands by 40.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 203,706 shares of the company's stock worth $12,243,000 after acquiring an additional 58,425 shares during the period. AlphaQuest LLC increased its stake in Turning Point Brands by 56.4% during the 4th quarter. AlphaQuest LLC now owns 4,131 shares of the company's stock valued at $248,000 after buying an additional 1,490 shares during the period. Moran Wealth Management LLC increased its stake in Turning Point Brands by 16.4% during the 4th quarter. Moran Wealth Management LLC now owns 6,368 shares of the company's stock valued at $383,000 after buying an additional 897 shares during the period. King Luther Capital Management Corp acquired a new position in Turning Point Brands during the 4th quarter valued at about $1,374,000. Finally, Thompson Siegel & Walmsley LLC acquired a new position in Turning Point Brands during the 4th quarter valued at about $361,000. 96.12% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Turning Point Brands

In other Turning Point Brands news, CAO Brian Wigginton sold 10,800 shares of Turning Point Brands stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $75.67, for a total value of $817,236.00. Following the completion of the sale, the chief accounting officer directly owned 10,171 shares in the company, valued at $769,639.57. The trade was a 51.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Brittani Cushman sold 7,500 shares of Turning Point Brands stock in a transaction that occurred on Tuesday, June 10th. The shares were sold at an average price of $74.36, for a total transaction of $557,700.00. Following the completion of the transaction, the senior vice president directly owned 34,687 shares in the company, valued at approximately $2,579,325.32. This represents a 17.78% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 115,300 shares of company stock valued at $8,666,867 in the last 90 days. Corporate insiders own 6.60% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have commented on TPB. Oppenheimer raised their target price on shares of Turning Point Brands from $65.00 to $85.00 and gave the company an "outperform" rating in a research note on Thursday, May 8th. Wall Street Zen raised shares of Turning Point Brands from a "hold" rating to a "buy" rating in a research note on Wednesday, May 14th. Six equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of "Buy" and a consensus target price of $76.67.

Turning Point Brands Stock Down 0.5%

Shares of TPB stock traded down $0.39 during trading on Friday, hitting $72.28. 160,317 shares of the company were exchanged, compared to its average volume of 194,023. 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 firm has a market capitalization of $1.29 billion, a price-to-earnings ratio of 31.70 and a beta of 0.75. The business's 50-day simple moving average is $73.58 and its 200 day simple moving average is $65.17. Turning Point Brands, Inc. has a twelve month low of $34.78 and a twelve month high of $81.25.

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, topping the consensus estimate of $0.75 by $0.16. The business 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 firm's quarterly revenue was up 28.2% compared to the same quarter last year. During the same period last year, the company posted $0.63 earnings per share. As a group, analysts forecast that Turning Point Brands, Inc. will post 2.59 EPS for the current fiscal year.

Turning Point Brands Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Friday, June 20th were issued a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a dividend yield of 0.42%. The ex-dividend date of this dividend was Friday, June 20th. Turning Point Brands's dividend payout ratio is currently 13.16%.

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.