Goldman Sachs Group Inc. Sells 143,999 Shares of Turning Point Brands, Inc. $TPB

Key Points

• Goldman Sachs Group Inc. has significantly reduced its investment in Turning Point Brands, cutting its holdings by 67.3% during the first quarter, now owning approximately 0.39% of the company.
• Turning Point Brands reported better-than-expected earnings for the last quarter, achieving $0.98 EPS against a consensus estimate of $0.79, and a revenue increase of 25.1% year-over-year.
• The company has announced a quarterly dividend of $0.075 per share, set to be paid on October 10th, with an annualized yield of 0.3%.

Goldman Sachs Group Inc. reduced its position in Turning Point Brands, Inc. (NYSE:TPB - Free Report) by 67.3% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 70,034 shares of the company's stock after selling 143,999 shares during the quarter. Goldman Sachs Group Inc. owned about 0.39% of Turning Point Brands worth $4,163,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Voya Investment Management LLC boosted its position in shares of Turning Point Brands by 20.2% in the first quarter. Voya Investment Management LLC now owns 18,933 shares of the company's stock valued at $1,125,000 after acquiring an additional 3,187 shares during the period. Militia Capital Partners LP boosted its position in shares of Turning Point Brands by 100.0% in the first quarter. Militia Capital Partners LP now owns 14,000 shares of the company's stock valued at $832,000 after acquiring an additional 7,000 shares during the period. Rhumbline Advisers boosted its position in shares of Turning Point Brands by 1.9% in the first quarter. Rhumbline Advisers now owns 24,531 shares of the company's stock valued at $1,458,000 after acquiring an additional 464 shares during the period. 1060 Capital LLC bought a new position in shares of Turning Point Brands in the first quarter valued at approximately $2,114,000. Finally, Dynamic Technology Lab Private Ltd bought a new position in shares of Turning Point Brands in the first quarter valued at approximately $877,000. 96.12% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

TPB has been the subject of several research analyst reports. Zacks Research lowered shares of Turning Point Brands from a "strong-buy" rating to a "hold" rating in a research report on Friday, September 12th. Needham & Company LLC initiated coverage on shares of Turning Point Brands in a research report on Friday, August 1st. They set a "hold" rating for the company. Oppenheimer lifted their target price on shares of Turning Point Brands from $85.00 to $98.00 and gave the company an "outperform" rating in a research report on Thursday, August 7th. Finally, Wall Street Zen downgraded shares of Turning Point Brands from a "buy" rating to a "hold" rating in a research note on Saturday, July 26th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, Turning Point Brands currently has a consensus rating of "Moderate Buy" and a consensus price target of $78.83.

Turning Point Brands Trading Up 0.3%

Shares of NYSE TPB traded up $0.35 during mid-day trading on Friday, hitting $102.36. The stock had a trading volume of 839,873 shares, compared to its average volume of 308,961. The company has a debt-to-equity ratio of 1.30, a quick ratio of 2.67 and a current ratio of 4.22. Turning Point Brands, Inc. has a 1 year low of $40.35 and a 1 year high of $104.76. The business has a 50 day moving average price of $92.37 and a two-hundred day moving average price of $75.57. The firm has a market cap of $1.85 billion, a P/E ratio of 42.83 and a beta of 0.76.

Turning Point Brands (NYSE:TPB - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported $0.98 EPS for the quarter, topping the consensus estimate of $0.79 by $0.19. The company had revenue of $116.63 million for the quarter, compared to the consensus estimate of $107.30 million. Turning Point Brands had a net margin of 10.34% and a return on equity of 25.32%. The firm's revenue for the quarter was up 25.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.68 earnings per share. On average, equities analysts anticipate that Turning Point Brands, Inc. will post 2.59 EPS for the current fiscal year.

Turning Point Brands Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Friday, September 19th will be issued a $0.075 dividend. The ex-dividend date is Friday, September 19th. This represents a $0.30 annualized dividend and a yield of 0.3%. Turning Point Brands's payout ratio is 12.55%.

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.