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

Allspring Global Investments Holdings LLC lifted its position in Turning Point Brands, Inc. (NYSE:TPB - Free Report) by 53.9% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 13,693 shares of the company's stock after purchasing an additional 4,797 shares during the period. Allspring Global Investments Holdings LLC owned about 0.08% of Turning Point Brands worth $819,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Ameriprise Financial Inc. bought a new position in shares of Turning Point Brands in the fourth quarter worth approximately $957,000. ProShare Advisors LLC purchased a new stake in Turning Point Brands in the fourth quarter worth $290,000. Rhumbline Advisers lifted its stake in Turning Point Brands by 1.9% in the first quarter. Rhumbline Advisers now owns 24,531 shares of the company's stock worth $1,458,000 after acquiring an additional 464 shares during the period. Northern Trust Corp lifted its stake in Turning Point Brands by 7.9% in the fourth 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, GAMMA Investing LLC lifted its stake in Turning Point Brands by 14,100.0% in the first quarter. GAMMA Investing LLC now owns 10,224 shares of the company's stock worth $608,000 after acquiring an additional 10,152 shares during the period. Institutional investors own 96.12% of the company's stock.

Wall Street Analysts Forecast Growth

TPB has been the subject of a number of research analyst reports. Oppenheimer raised their price target 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. Wall Street Zen raised 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's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $76.67.

Insider Buying and Selling

In related news, Director Lawrence Wexler sold 25,000 shares of Turning Point Brands stock in a transaction dated 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 completion of the sale, the director directly owned 330,186 shares in the company, valued at approximately $25,074,324.84. This trade represents a 7.04% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Stephen Usher sold 600 shares of Turning Point Brands stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $75.25, for a total value of $45,150.00. Following the completion of the sale, the director owned 6,175 shares of the company's stock, valued at $464,668.75. The trade was a 8.86% 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 in the last three months. 6.60% of the stock is currently owned by company insiders.

Turning Point Brands Stock Down 0.5%

Turning Point Brands stock traded down $0.39 on Friday, hitting $72.28. 160,317 shares of the stock traded hands, compared to its average volume of 194,068. Turning Point Brands, Inc. has a 1 year low of $34.78 and a 1 year high of $81.25. 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 business's fifty day simple moving average is $73.58 and its 200 day simple moving average is $65.25. The firm has a market cap of $1.29 billion, a P/E ratio of 31.70 and a beta of 0.75.

Turning Point Brands (NYSE:TPB - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The company reported $0.91 earnings per share 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 the consensus estimate of $95.75 million. During the same period last year, the company earned $0.63 earnings per share. The company's revenue was up 28.2% on a year-over-year basis. As a group, sell-side analysts forecast that Turning Point Brands, Inc. will post 2.59 earnings per share for the current year.

Turning Point Brands Announces Dividend

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

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.