Ritholtz Wealth Management Sells 8,078 Shares of Turning Point Brands, Inc. $TPB

Ritholtz Wealth Management lowered its stake in Turning Point Brands, Inc. (NYSE:TPB) by 32.4% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 16,875 shares of the company’s stock after selling 8,078 shares during the quarter. Ritholtz Wealth Management owned 0.09% of Turning Point Brands worth $1,465,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Apis Capital Advisors LLC grew its position in shares of Turning Point Brands by 186.2% in the 4th quarter. Apis Capital Advisors LLC now owns 164,377 shares of the company’s stock worth $17,818,000 after buying an additional 106,948 shares during the last quarter. Copeland Capital Management LLC grew its holdings in Turning Point Brands by 29,795.8% in the fourth quarter. Copeland Capital Management LLC now owns 204,188 shares of the company’s stock worth $22,134,000 after purchasing an additional 203,505 shares during the period. Teachers Retirement System of The State of Kentucky purchased a new stake in shares of Turning Point Brands in the third quarter worth $2,230,000. JPMorgan Chase & Co. grew its holdings in shares of Turning Point Brands by 73.3% during the third quarter. JPMorgan Chase & Co. now owns 49,970 shares of the company’s stock valued at $4,940,000 after buying an additional 21,131 shares during the last quarter. Finally, Crown Advisors Management Inc. boosted its position in shares of Turning Point Brands by 60.0% during the third quarter. Crown Advisors Management Inc. now owns 40,000 shares of the company’s stock valued at $3,954,000 after buying an additional 15,000 shares during the last quarter. 96.12% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, CAO Brian Wigginton sold 4,000 shares of the stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $91.67, for a total value of $366,680.00. Following the completion of the transaction, the chief accounting officer owned 9,230 shares of the company’s stock, valued at approximately $846,114.10. This trade represents a 30.23% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 5.40% of the company’s stock.

Turning Point Brands Trading Up 0.1%

Turning Point Brands stock opened at $87.10 on Monday. The company has a debt-to-equity ratio of 0.76, a current ratio of 5.87 and a quick ratio of 4.05. The stock has a market cap of $1.69 billion, a P/E ratio of 29.63 and a beta of 0.92. The firm’s 50 day moving average price is $84.15 and its 200-day moving average price is $98.82. Turning Point Brands, Inc. has a 1 year low of $65.80 and a 1 year high of $146.90.

Turning Point Brands (NYSE:TPB) last released its quarterly earnings data on Thursday, May 7th. The company reported $0.76 EPS for the quarter, beating the consensus estimate of $0.68 by $0.08. The business had revenue of $124.28 million during the quarter, compared to the consensus estimate of $115.67 million. Turning Point Brands had a net margin of 11.53% and a return on equity of 16.54%. The business’s revenue was up 16.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.91 EPS. On average, equities analysts predict that Turning Point Brands, Inc. will post 1.39 earnings per share for the current fiscal year.

Turning Point Brands Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 10th. Investors of record on Friday, June 19th will be paid a dividend of $0.08 per share. The ex-dividend date of this dividend is Thursday, June 18th. This represents a $0.32 dividend on an annualized basis and a yield of 0.4%. Turning Point Brands’s dividend payout ratio is presently 10.88%.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on TPB. Weiss Ratings cut shares of Turning Point Brands from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, June 2nd. Needham & Company LLC raised shares of Turning Point Brands from a “hold” rating to a “buy” rating and set a $125.00 price objective on the stock in a report on Friday, May 8th. Wall Street Zen upgraded shares of Turning Point Brands from a “strong sell” rating to a “sell” rating in a research report on Saturday, June 6th. Finally, Zacks Research cut shares of Turning Point Brands from a “hold” rating to a “strong sell” rating in a report on Monday, March 2nd. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $118.75.

Turning Point Brands Company Profile

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.