JPMorgan Chase & Co. Purchases 21,131 Shares of Turning Point Brands, Inc. $TPB

JPMorgan Chase & Co. boosted its holdings in shares of Turning Point Brands, Inc. (NYSE:TPB) by 73.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 49,970 shares of the company’s stock after buying an additional 21,131 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.26% of Turning Point Brands worth $4,940,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of TPB. Divisadero Street Capital Management LP grew its stake in Turning Point Brands by 187.5% in the 2nd quarter. Divisadero Street Capital Management LP now owns 943,784 shares of the company’s stock valued at $71,511,000 after buying an additional 615,521 shares during the last quarter. Maple Rock Capital Partners Inc. acquired a new stake in Turning Point Brands during the second quarter worth approximately $18,458,000. Wellington Management Group LLP bought a new stake in shares of Turning Point Brands during the third quarter worth approximately $20,788,000. Millennium Management LLC boosted its holdings in shares of Turning Point Brands by 912.1% during the third quarter. Millennium Management LLC now owns 214,401 shares of the company’s stock worth $21,196,000 after acquiring an additional 193,218 shares during the period. Finally, Mangrove Partners IM LLC grew its position in shares of Turning Point Brands by 162.9% in the third quarter. Mangrove Partners IM LLC now owns 260,991 shares of the company’s stock valued at $25,802,000 after purchasing an additional 161,732 shares during the last quarter. Institutional investors own 96.12% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. Zacks Research lowered shares of Turning Point Brands from a “hold” rating to a “strong sell” rating in a research report on Monday, March 2nd. Oppenheimer reissued an “outperform” rating and issued a $130.00 price objective on shares of Turning Point Brands in a report on Wednesday, January 14th. Weiss Ratings restated a “buy (b-)” rating on shares of Turning Point Brands in a research report on Tuesday, December 23rd. Finally, Wall Street Zen downgraded shares of Turning Point Brands from a “buy” rating to a “hold” rating in a research report on Saturday, January 17th. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Turning Point Brands currently has a consensus rating of “Hold” and a consensus price target of $116.67.

Turning Point Brands Trading Down 3.0%

Shares of TPB stock opened at $72.04 on Friday. Turning Point Brands, Inc. has a fifty-two week low of $51.48 and a fifty-two week high of $146.90. The stock’s fifty day moving average price is $110.20 and its two-hundred day moving average price is $103.98. The company has a debt-to-equity ratio of 0.79, a quick ratio of 4.12 and a current ratio of 5.56. The company has a market cap of $1.39 billion, a PE ratio of 23.02 and a beta of 1.02.

Turning Point Brands Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 10th. Investors of record on Friday, March 20th will be paid a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 0.4%. This is a boost from Turning Point Brands’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend is Friday, March 20th. Turning Point Brands’s payout ratio is 10.22%.

Insider Transactions at Turning Point Brands

In other news, CFO Andrew Flynn sold 2,000 shares of the stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $97.57, for a total value of $195,140.00. Following the completion of the transaction, the chief financial officer owned 9,443 shares of the company’s stock, valued at approximately $921,353.51. This represents a 17.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 6.60% of the stock is currently owned by corporate insiders.

About Turning Point Brands

Turning Point Brands, Inc (NYSE: TPB) is a U.S.-based consumer products company focused on the manufacture, marketing and distribution of smokeless tobacco, vaping and cigar products. Headquartered in Old Hickory, Tennessee, the company serves retail outlets across all 50 states through a direct-store-delivery network and select third-party distributors. Turning Point Brands operates two reporting segments—Smokeless Products and Cigar—and leverages its logistics capabilities to offer a broad portfolio of brands and SKUs.

In its Smokeless Products segment, Turning Point Brands produces moist smokeless tobacco under leading brand names such as Grizzly, Kodiak and Stoker’s.