Divisadero Street Capital Management LP Has $71.51 Million Position in Turning Point Brands, Inc. $TPB

Divisadero Street Capital Management LP increased its holdings in shares of Turning Point Brands, Inc. (NYSE:TPB) by 187.5% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 943,784 shares of the company’s stock after purchasing an additional 615,521 shares during the period. Turning Point Brands accounts for 4.6% of Divisadero Street Capital Management LP’s holdings, making the stock its 5th biggest holding. Divisadero Street Capital Management LP owned about 5.24% of Turning Point Brands worth $71,511,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the business. Baird Financial Group Inc. purchased a new stake in Turning Point Brands during the second quarter worth $220,000. First Trust Advisors LP increased its holdings in shares of Turning Point Brands by 150.8% in the 2nd quarter. First Trust Advisors LP now owns 141,995 shares of the company’s stock valued at $10,759,000 after acquiring an additional 85,378 shares during the period. Arrowstreet Capital Limited Partnership raised its position in shares of Turning Point Brands by 15.4% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 330,182 shares of the company’s stock worth $25,018,000 after acquiring an additional 44,179 shares in the last quarter. Level Four Advisory Services LLC purchased a new stake in shares of Turning Point Brands during the 2nd quarter worth $214,000. Finally, Grantham Mayo Van Otterloo & Co. LLC purchased a new stake in shares of Turning Point Brands during the 2nd quarter worth $233,000. 96.12% of the stock is owned by hedge funds and other institutional investors.

Turning Point Brands Stock Performance

TPB opened at $100.77 on Monday. The company has a market cap of $1.92 billion, a P/E ratio of 35.48 and a beta of 0.89. The company has a quick ratio of 3.98, a current ratio of 5.56 and a debt-to-equity ratio of 0.82. The firm’s 50-day moving average price is $94.78 and its 200-day moving average price is $88.71. Turning Point Brands, Inc. has a 52-week low of $51.48 and a 52-week high of $110.55.

Turning Point Brands (NYSE:TPB) last released its earnings results on Wednesday, November 5th. The company reported $1.27 EPS for the quarter, topping analysts’ consensus estimates of $0.81 by $0.46. The company had revenue of $118.98 million during the quarter, compared to analysts’ expectations of $111.42 million. Turning Point Brands had a net margin of 12.02% and a return on equity of 24.44%. Turning Point Brands’s revenue for the quarter was up 12.7% on a year-over-year basis. During the same period last year, the business earned $0.68 EPS. As a group, equities analysts anticipate that Turning Point Brands, Inc. will post 2.59 EPS for the current fiscal year.

Turning Point Brands Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 9th. Stockholders of record on Friday, December 19th will be issued a dividend of $0.075 per share. The ex-dividend date of this dividend is Friday, December 19th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.3%. Turning Point Brands’s payout ratio is 10.56%.

Insider Activity at Turning Point Brands

In other Turning Point Brands news, Director Gregory H.A. Baxter sold 1,500 shares of the business’s stock in a transaction dated Friday, November 21st. The stock was sold at an average price of $98.23, for a total transaction of $147,345.00. Following the sale, the director owned 38,919 shares in the company, valued at approximately $3,823,013.37. The trade was a 3.71% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Brittani Cushman sold 15,250 shares of the stock in a transaction dated Wednesday, November 19th. The shares were sold at an average price of $101.66, for a total value of $1,550,315.00. Following the completion of the transaction, the senior vice president directly owned 34,687 shares in the company, valued at $3,526,280.42. This represents a 30.54% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 64,220 shares of company stock valued at $6,434,342 over the last three months. 6.60% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

TPB has been the topic of several analyst reports. Zacks Research upgraded Turning Point Brands from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, November 12th. Industrial Alliance Securities set a $110.00 price target on shares of Turning Point Brands in a report on Wednesday, November 5th. Wall Street Zen raised shares of Turning Point Brands from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. Alliance Global Partners increased their target price on shares of Turning Point Brands from $103.00 to $110.00 and gave the company a “buy” rating in a research report on Wednesday, November 5th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Turning Point Brands in a research note on Thursday, October 30th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $102.50.

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.