Turning Point Brands, Inc. (NYSE:TPB) Shares Sold by Lord Abbett & CO. LLC

Lord Abbett & CO. LLC lowered its holdings in Turning Point Brands, Inc. (NYSE:TPB - Free Report) by 63.4% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 89,593 shares of the company's stock after selling 154,876 shares during the quarter. Lord Abbett & CO. LLC owned about 0.51% of Turning Point Brands worth $5,385,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. USA Financial Formulas acquired a new position in shares of Turning Point Brands in the 4th quarter valued at $73,000. Tower Research Capital LLC TRC grew its position in shares of Turning Point Brands by 29.0% during the fourth quarter. Tower Research Capital LLC TRC now owns 2,364 shares of the company's stock worth $142,000 after acquiring an additional 532 shares during the last quarter. Levin Capital Strategies L.P. acquired a new position in shares of Turning Point Brands in the 4th quarter valued at $212,000. Entropy Technologies LP acquired a new stake in Turning Point Brands during the 4th quarter worth $234,000. Finally, AlphaQuest LLC grew its position in Turning Point Brands by 56.4% during the 4th quarter. AlphaQuest LLC now owns 4,131 shares of the company's stock worth $248,000 after purchasing an additional 1,490 shares during the last quarter. Institutional investors and hedge funds own 96.12% of the company's stock.

Turning Point Brands Price Performance

Shares of TPB traded up $1.43 during trading hours on Friday, reaching $63.53. 190,035 shares of the company traded hands, compared to its average volume of 161,484. The company has a quick ratio of 1.78, a current ratio of 4.21 and a debt-to-equity ratio of 1.33. The stock has a market capitalization of $1.13 billion, a PE ratio of 25.21 and a beta of 0.70. The stock has a fifty day simple moving average of $59.77 and a 200 day simple moving average of $58.82. Turning Point Brands, Inc. has a fifty-two week low of $30.59 and a fifty-two week high of $72.54.

Turning Point Brands Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Friday, March 21st were paid a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 0.47%. This is a positive change from Turning Point Brands's previous quarterly dividend of $0.07. The ex-dividend date was Friday, March 21st. Turning Point Brands's dividend payout ratio (DPR) is presently 14.15%.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Industrial Alliance Securities set a $85.00 price target on Turning Point Brands in a research report on Thursday, March 6th. StockNews.com raised Turning Point Brands from a "hold" rating to a "buy" rating in a report on Friday, April 18th. Alliance Global Partners began coverage on shares of Turning Point Brands in a research note on Monday, March 3rd. They issued a "buy" rating and a $80.00 target price for the company. Finally, Roth Mkm restated a "buy" rating and issued a $70.00 price objective on shares of Turning Point Brands in a research report on Friday, January 10th. Six investment 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 price target of $73.33.

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.