Globeflex Capital L P grew its holdings in Turning Point Brands Inc (NYSE:TPB) by 138.8% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 61,457 shares of the company’s stock after purchasing an additional 35,723 shares during the quarter. Globeflex Capital L P owned about 0.32% of Turning Point Brands worth $2,548,000 as of its most recent filing with the SEC.
Several other large investors have also modified their holdings of TPB. Harvest Fund Management Co. Ltd acquired a new stake in Turning Point Brands during the third quarter worth about $109,000. First Quadrant L P CA acquired a new stake in Turning Point Brands during the third quarter worth about $130,000. OppenheimerFunds Inc. acquired a new stake in Turning Point Brands during the second quarter worth about $200,000. Stone Ridge Asset Management LLC acquired a new stake in Turning Point Brands during the third quarter worth about $236,000. Finally, Rhumbline Advisers acquired a new stake in Turning Point Brands during the second quarter worth about $239,000. 30.53% of the stock is currently owned by institutional investors.
In other Turning Point Brands news, VP James Michael Murray sold 1,000 shares of Turning Point Brands stock in a transaction that occurred on Wednesday, September 19th. The stock was sold at an average price of $41.56, for a total transaction of $41,560.00. Following the sale, the vice president now directly owns 28,546 shares of the company’s stock, valued at $1,186,371.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Thomas F. Jr. Helms sold 25,000 shares of Turning Point Brands stock in a transaction that occurred on Monday, September 10th. The shares were sold at an average price of $42.04, for a total value of $1,051,000.00. The disclosure for this sale can be found here. Insiders have sold 36,200 shares of company stock worth $1,490,080 over the last ninety days. Company insiders own 6.90% of the company’s stock.
Turning Point Brands (NYSE:TPB) last released its quarterly earnings data on Wednesday, November 7th. The company reported $0.47 earnings per share for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.05). The company had revenue of $83.30 million for the quarter, compared to analyst estimates of $84.10 million. Turning Point Brands had a net margin of 7.64% and a return on equity of 48.99%. The firm’s revenue for the quarter was up 13.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.38 earnings per share. On average, sell-side analysts predict that Turning Point Brands Inc will post 1.94 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 11th. Shareholders of record on Friday, December 21st will be issued a dividend of $0.045 per share. This represents a $0.18 dividend on an annualized basis and a yield of 0.61%. This is an increase from Turning Point Brands’s previous quarterly dividend of $0.04. The ex-dividend date of this dividend is Thursday, December 20th. Turning Point Brands’s payout ratio is presently 14.81%.
A number of research firms recently weighed in on TPB. B. Riley lifted their target price on Turning Point Brands from $35.00 to $45.00 and gave the stock a “buy” rating in a research report on Monday, October 8th. Zacks Investment Research raised Turning Point Brands from a “hold” rating to a “buy” rating and set a $47.00 target price on the stock in a research report on Wednesday, November 7th. Finally, Cowen reaffirmed a “buy” rating on shares of Turning Point Brands in a report on Friday, August 10th.
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About Turning Point Brands
Turning Point Brands, Inc, together with its subsidiaries, provides other tobacco products primarily in the United States. It operates through three segments: Smokeless Products, Smoking Products, and NewGen Products. The Smokeless Products segment manufactures and markets moist snuff; and contracts for and markets loose leaf chewing tobacco products.
Further Reading: Buyback
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