Renaissance Technologies LLC Lowers Stock Holdings in Turning Point Brands, Inc. (NYSE:TPB)

Renaissance Technologies LLC reduced its position in Turning Point Brands, Inc. (NYSE:TPB - Free Report) by 7.1% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 285,452 shares of the company's stock after selling 21,845 shares during the period. Renaissance Technologies LLC owned 1.61% of Turning Point Brands worth $17,156,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. USA Financial Formulas purchased a new position in Turning Point Brands in the fourth quarter worth $73,000. Levin Capital Strategies L.P. purchased a new position in Turning Point Brands during the 4th quarter worth $212,000. Entropy Technologies LP acquired a new position in Turning Point Brands during the 4th quarter valued at about $234,000. AlphaQuest LLC raised its stake in Turning Point Brands by 56.4% in the fourth quarter. AlphaQuest LLC now owns 4,131 shares of the company's stock valued at $248,000 after buying an additional 1,490 shares during the last quarter. Finally, Semanteon Capital Management LP acquired a new stake in Turning Point Brands in the fourth quarter worth about $271,000. 96.12% of the stock is currently owned by institutional investors.

Turning Point Brands Stock Performance

Shares of NYSE TPB traded up $0.43 during trading on Friday, reaching $57.72. 113,731 shares of the company traded hands, compared to its average volume of 160,038. Turning Point Brands, Inc. has a 12-month low of $27.48 and a 12-month high of $72.54. The company has a current ratio of 4.21, a quick ratio of 1.78 and a debt-to-equity ratio of 1.33. The stock has a market cap of $1.03 billion, a P/E ratio of 22.90 and a beta of 0.70. The firm's fifty day simple moving average is $61.56 and its 200 day simple moving average is $57.93.

Turning Point Brands Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Friday, March 21st were issued a $0.075 dividend. The ex-dividend date was Friday, March 21st. This is an increase from Turning Point Brands's previous quarterly dividend of $0.07. This represents a $0.30 dividend on an annualized basis and a yield of 0.52%. Turning Point Brands's payout ratio is presently 14.15%.

Analyst Ratings Changes

Several research firms have recently issued reports on TPB. Roth Mkm restated a "buy" rating and set a $70.00 price objective on shares of Turning Point Brands in a report on Friday, January 10th. StockNews.com raised shares of Turning Point Brands from a "hold" rating to a "buy" rating in a report on Friday. Alliance Global Partners assumed coverage on shares of Turning Point Brands in a research note on Monday, March 3rd. They set a "buy" rating and a $80.00 price objective for the company. Finally, Industrial Alliance Securities set a $85.00 target price on Turning Point Brands in a research report on Thursday, March 6th. Six equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $73.33.

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.