Turning Point Brands (NYSE:TPB) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research note issued on Wednesday.
According to Zacks, “Turning Point Brands, Inc. provides tobacco products. The Company’s product consists of moist snuff, loose leaf chewing tobacco, cigarette papers, make-your-own cigar wraps and cigar smoking tobacco, cigars and liquid and tobacco vapour. Its portfolio of brands includes Zig-Zag(R), Beech-Nut(R) and Stoker’s(R). Turning Point Brands, Inc. is based in Louisville, Kentucky. “
Shares of Turning Point Brands (TPB) traded down $0.08 during mid-day trading on Wednesday, reaching $21.41. The company’s stock had a trading volume of 13,455 shares, compared to its average volume of 58,666. The company has a quick ratio of 0.42, a current ratio of 2.08 and a debt-to-equity ratio of 3.49. Turning Point Brands has a one year low of $13.82 and a one year high of $22.99. The firm has a market cap of $414.36, a price-to-earnings ratio of 20.73 and a beta of 0.47.
In other news, major shareholder General L.P. Standard acquired 150,000 shares of the business’s stock in a transaction dated Wednesday, January 3rd. The stock was acquired at an average price of $20.80 per share, for a total transaction of $3,120,000.00. Following the completion of the acquisition, the insider now directly owns 2,500 shares in the company, valued at approximately $52,000. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider James Wells Dobbins sold 10,000 shares of the company’s stock in a transaction on Monday, January 8th. The shares were sold at an average price of $20.94, for a total value of $209,400.00. Following the completion of the sale, the insider now owns 94,041 shares of the company’s stock, valued at approximately $1,969,218.54. The disclosure for this sale can be found here. Corporate insiders own 14.20% of the company’s stock.
Several institutional investors have recently made changes to their positions in TPB. Teachers Advisors LLC lifted its holdings in shares of Turning Point Brands by 25.6% in the second quarter. Teachers Advisors LLC now owns 10,249 shares of the company’s stock valued at $157,000 after buying an additional 2,087 shares during the period. OxFORD Asset Management LLP acquired a new stake in shares of Turning Point Brands in the third quarter valued at $197,000. Brandywine Global Investment Management LLC acquired a new stake in shares of Turning Point Brands in the fourth quarter valued at $381,000. Bank of New York Mellon Corp lifted its holdings in shares of Turning Point Brands by 11.1% in the third quarter. Bank of New York Mellon Corp now owns 42,473 shares of the company’s stock valued at $722,000 after buying an additional 4,256 shares during the period. Finally, Martingale Asset Management L P lifted its holdings in shares of Turning Point Brands by 20.8% in the fourth quarter. Martingale Asset Management L P now owns 34,803 shares of the company’s stock valued at $736,000 after buying an additional 6,000 shares during the period. Institutional investors and hedge funds own 19.83% of the company’s stock.
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Turning Point Brands Company Profile
Turning Point Brands, Inc is an independent provider of Other Tobacco Products (OTP) in the United States. The Company operates in three segments smokeless products, smoking products and NewGen products. The smokeless products segment manufactures and markets moist snuff; and contracts for and markets chewing tobacco products.
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