Turning Point Brands, Inc. $TPB Shares Acquired by Maverick Capital Ltd.

Key Points

• Maverick Capital increased its Turning Point Brands stake by 79.2% in the first quarter, acquiring 17,157 additional shares for a total holding of 38,832 shares valued at approximately $3.37 million. Institutional investors and hedge funds collectively own 96.12% of the company.
• Analyst sentiment is broadly positive, with the stock carrying a consensus “Moderate Buy” rating and an average price target of $113.50. Recent ratings included buy recommendations from BTIG Research and Needham.
• Turning Point Brands exceeded quarterly expectations, reporting adjusted EPS of $0.76 versus the $0.68 consensus and revenue of $124.28 million, up 16.8% year over year. The company also maintains a quarterly dividend of $0.08 per share, or a 0.4% annualized yield.

Maverick Capital Ltd. lifted its position in shares of Turning Point Brands, Inc. (NYSE:TPB - Free Report) by 79.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 38,832 shares of the company's stock after acquiring an additional 17,157 shares during the quarter. Maverick Capital Ltd. owned 0.20% of Turning Point Brands worth $3,370,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the business. Apis Capital Advisors LLC grew its holdings in Turning Point Brands by 186.2% in the fourth quarter. Apis Capital Advisors LLC now owns 164,377 shares of the company's stock valued at $17,818,000 after purchasing an additional 106,948 shares during the period. Copeland Capital Management LLC lifted its position in shares of Turning Point Brands by 29,795.8% during the 4th quarter. Copeland Capital Management LLC now owns 204,188 shares of the company's stock valued at $22,134,000 after buying an additional 203,505 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Turning Point Brands by 73.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 49,970 shares of the company's stock valued at $4,940,000 after buying an additional 21,131 shares in the last quarter. Bronte Capital Management Pty Ltd. acquired a new stake in Turning Point Brands in the 4th quarter valued at $2,642,000. Finally, M&T Bank Corp grew its stake in Turning Point Brands by 712.5% in the 4th quarter. M&T Bank Corp now owns 19,499 shares of the company's stock valued at $2,114,000 after acquiring an additional 17,099 shares during the period. 96.12% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Weiss Ratings cut shares of Turning Point Brands from a "hold (c+)" rating to a "hold (c)" rating in a research report on Tuesday, June 2nd. BTIG Research initiated coverage on shares of Turning Point Brands in a research report on Tuesday, July 21st. They issued a "buy" rating and a $103.00 target price on the stock. Wall Street Zen raised shares of Turning Point Brands from a "strong sell" rating to a "sell" rating in a research note on Saturday. Compass Point set a $103.00 price target on shares of Turning Point Brands in a research report on Tuesday, July 21st. Finally, Needham & Company LLC raised shares of Turning Point Brands from a "hold" rating to a "buy" rating and set a $125.00 price target on the stock in a research note on Friday, May 8th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $113.50.

Turning Point Brands Trading Up 3.3%

Shares of TPB stock opened at $78.67 on Tuesday. Turning Point Brands, Inc. has a fifty-two week low of $65.80 and a fifty-two week high of $146.90. The company has a debt-to-equity ratio of 0.76, a quick ratio of 4.05 and a current ratio of 5.87. The stock's fifty day moving average is $83.94 and its two-hundred day moving average is $95.22. The firm has a market capitalization of $1.52 billion, a P/E ratio of 26.76 and a beta of 0.92.

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

Turning Point Brands Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, July 10th. Shareholders of record on Friday, June 19th were paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date of this dividend was Thursday, June 18th. Turning Point Brands's dividend payout ratio (DPR) is 10.88%.

Insiders Place Their Bets

In other news, CAO Brian Wigginton sold 4,000 shares of the business's stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $91.67, for a total transaction of $366,680.00. Following the transaction, the chief accounting officer directly owned 9,230 shares in the company, valued at $846,114.10. The trade was a 30.23% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 5.40% of the stock is owned by company insiders.

Turning Point Brands 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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