Capelight Capital Asset Management LP Raises Position in Turning Point Brands, Inc. $TPB

Capelight Capital Asset Management LP grew its holdings in shares of Turning Point Brands, Inc. (NYSE:TPB) by 55.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 28,000 shares of the company’s stock after acquiring an additional 10,000 shares during the period. Turning Point Brands comprises approximately 1.7% of Capelight Capital Asset Management LP’s holdings, making the stock its 20th largest position. Capelight Capital Asset Management LP owned about 0.14% of Turning Point Brands worth $2,430,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Bronte Capital Management Pty Ltd. increased its position in Turning Point Brands by 75.9% in the first quarter. Bronte Capital Management Pty Ltd. now owns 42,859 shares of the company’s stock worth $3,720,000 after buying an additional 18,487 shares in the last quarter. Fideuram Intesa Sanpaolo Private Banking S.P.A. bought a new position in shares of Turning Point Brands in the first quarter worth about $858,000. T. Rowe Price Investment Management Inc. lifted its position in shares of Turning Point Brands by 43.0% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 488,833 shares of the company’s stock valued at $52,990,000 after buying an additional 147,032 shares in the last quarter. Mercer Global Advisors Inc. ADV lifted its position in shares of Turning Point Brands by 21.0% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 2,563 shares of the company’s stock valued at $278,000 after buying an additional 445 shares in the last quarter. Finally, Veradace Capital Management LLC bought a new position in shares of Turning Point Brands during the 4th quarter valued at approximately $6,792,000. 96.12% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Turning Point Brands

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

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the stock. Weiss Ratings cut shares of Turning Point Brands from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, June 2nd. Wall Street Zen raised shares of Turning Point Brands from a “strong sell” rating to a “sell” rating in a research note on Saturday, June 6th. Finally, Needham & Company LLC upgraded 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 research report on Friday, May 8th. 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 company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $118.75.

Turning Point Brands Price Performance

Shares of NYSE:TPB opened at $85.85 on Friday. The firm has a market cap of $1.66 billion, a price-to-earnings ratio of 29.20 and a beta of 0.92. The firm has a fifty day moving average price of $84.67 and a 200 day moving average price of $98.31. Turning Point Brands, Inc. has a fifty-two week low of $65.80 and a fifty-two week high of $146.90. The company has a debt-to-equity ratio of 0.76, a quick ratio of 4.05 and a current ratio of 5.87.

Turning Point Brands (NYSE:TPB) last announced its quarterly earnings results on Thursday, May 7th. The company reported $0.76 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.68 by $0.08. Turning Point Brands had a net margin of 11.53% and a return on equity of 16.54%. The company had revenue of $124.28 million for the quarter, compared to the consensus estimate of $115.67 million. During the same period in the previous year, the firm posted $0.91 EPS. Turning Point Brands’s revenue for the quarter was up 16.8% compared to the same quarter last year. As a group, sell-side analysts expect that Turning Point Brands, Inc. will post 1.39 earnings per share for the current fiscal year.

Turning Point Brands Announces Dividend

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

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.