Turning Point Brands, Inc. $TPB is Prospect Capital Advisors LLC's 9th Largest Position

Key Points

• Prospect Capital Advisors reduced its Turning Point Brands stake by 12.7% in the first quarter, but the stock remains its ninth-largest holding at 5% of the portfolio. Institutional investors collectively own 96.12% of TPB.
• Analyst sentiment is mixed but leans positive: Turning Point Brands has a “Moderate Buy” consensus rating and a $113.50 average price target, despite some recent rating downgrades.
• TPB reported quarterly EPS of $0.76 and revenue of $124.28 million, exceeding estimates, while revenue rose 16.8% year over year. Shares opened at $74.90, and the company declared a quarterly dividend of $0.08, yielding approximately 0.4%.

Prospect Capital Advisors LLC decreased its stake in shares of Turning Point Brands, Inc. (NYSE:TPB - Free Report) by 12.7% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 104,480 shares of the company's stock after selling 15,250 shares during the period. Turning Point Brands accounts for 5.0% of Prospect Capital Advisors LLC's portfolio, making the stock its 9th largest position. Prospect Capital Advisors LLC owned about 0.54% of Turning Point Brands worth $9,068,000 as of its most recent filing with the SEC.

Other large investors also recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in shares of Turning Point Brands by 4.4% during the 4th quarter. Vanguard Group Inc. now owns 1,451,394 shares of the company's stock valued at $157,331,000 after buying an additional 61,311 shares during the period. ArrowMark Colorado Holdings LLC raised its position in shares of Turning Point Brands by 28.9% in the 4th quarter. ArrowMark Colorado Holdings LLC now owns 869,747 shares of the company's stock worth $94,281,000 after buying an additional 194,938 shares during the period. Thrivent Financial for Lutherans raised its position in shares of Turning Point Brands by 4.8% in the 4th quarter. Thrivent Financial for Lutherans now owns 847,050 shares of the company's stock worth $91,820,000 after buying an additional 38,437 shares during the period. First Trust Advisors LP boosted its holdings in Turning Point Brands by 39.6% in the first quarter. First Trust Advisors LP now owns 689,905 shares of the company's stock valued at $59,877,000 after acquiring an additional 195,643 shares during the last quarter. Finally, Geode Capital Management LLC boosted its holdings in Turning Point Brands by 5.5% in the fourth quarter. Geode Capital Management LLC now owns 541,667 shares of the company's stock valued at $58,728,000 after acquiring an additional 28,463 shares during the last quarter. Hedge funds and other institutional investors own 96.12% of the company's stock.

Wall Street Analyst Weigh In

TPB has been the subject of several research analyst reports. Compass Point set a $103.00 price target on Turning Point Brands in a research note on Tuesday, July 21st. Needham & Company LLC raised Turning Point Brands from a "hold" rating to a "buy" rating and set a $125.00 price objective on the stock in a research note on Friday, May 8th. Weiss Ratings cut Turning Point Brands from a "hold (c+)" rating to a "hold (c)" rating in a report on Tuesday, June 2nd. Wall Street Zen cut Turning Point Brands from a "sell" rating to a "strong sell" rating in a report on Sunday. Finally, BTIG Research assumed coverage on shares of Turning Point Brands in a research report on Tuesday, July 21st. They set a "buy" rating and a $103.00 target price for the company. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Turning Point Brands has a consensus rating of "Moderate Buy" and a consensus price target of $113.50.

Insider Activity

In related news, CAO Brian Wigginton sold 4,000 shares of the firm's stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $91.67, for a total transaction of $366,680.00. Following the sale, the chief accounting officer directly owned 9,230 shares in the company, valued at approximately $846,114.10. This trade represents a 30.23% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 5.40% of the company's stock.

Turning Point Brands Stock Down 1.5%

Shares of Turning Point Brands stock opened at $74.90 on Friday. The company has a fifty day moving average price of $82.88 and a 200 day moving average price of $94.50. The company has a current ratio of 5.87, a quick ratio of 4.05 and a debt-to-equity ratio of 0.76. Turning Point Brands, Inc. has a twelve month low of $65.80 and a twelve month high of $146.90. The stock has a market cap of $1.45 billion, a price-to-earnings ratio of 25.48 and a beta of 0.92.

Turning Point Brands (NYSE:TPB - Get Free Report) last announced its quarterly earnings results on Thursday, May 7th. The company reported $0.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.68 by $0.08. Turning Point Brands had a return on equity of 16.54% and a net margin of 11.53%.The firm had revenue of $124.28 million during the quarter, compared to the consensus estimate of $115.67 million. During the same period in the prior year, the firm earned $0.91 EPS. The firm's quarterly revenue was up 16.8% compared to the same quarter last year. Equities research analysts forecast that Turning Point Brands, Inc. will post 1.39 earnings per share for the current fiscal year.

Turning Point Brands Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Friday, September 18th will be paid a $0.08 dividend. The ex-dividend date is Friday, September 18th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.4%. Turning Point Brands's dividend payout ratio (DPR) is 10.88%.

Turning Point Brands Company Profile

Turning Point Brands, Inc NYSE: TPB is a U.S.-based consumer products company focused on the manufacture, marketing and distribution of smokeless tobacco, vaping and cigar products. Headquartered in Old Hickory, Tennessee, the company serves retail outlets across all 50 states through a direct-store-delivery network and select third-party distributors. Turning Point Brands operates two reporting segments—Smokeless Products and Cigar—and leverages its logistics capabilities to offer a broad portfolio of brands and SKUs.

In its Smokeless Products segment, Turning Point Brands produces moist smokeless tobacco under leading brand names such as Grizzly, Kodiak and Stoker's.

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