Standard General L.P. Maintains 58.8% Stake in Turning Point Brands Inc (TPB)
Standard General L.P.
revealed that they own 58.8% of Turning Point Brands Inc (NYSE:TPB) in a Schedule 13D/A disclosure that was filed with the Securities and Exchange Commission on Monday, March 20th. The investor owns 11,069,442 shares of the stock worth about $171,465,657. The reporting parties listed on the disclosure included Standard General LP, Standard General Master Fund LP, P Standard General Ltd, Standard General Focus Fund LP and Soohyung Kim. The disclosure is available through Edgar at this link.
Standard General L.P.
provided the following explanation of their ownership:
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Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Standard General L.P. increased its position in shares of Turning Point Brands by 4.5% in the third quarter. Standard General L.P. now owns 10,175,463 shares of the company’s stock worth $122,309,000 after buying an additional 442,558 shares during the last quarter. Wells Fargo & Company MN increased its position in shares of Turning Point Brands by 6.0% in the third quarter. Wells Fargo & Company MN now owns 27,636 shares of the company’s stock worth $332,000 after buying an additional 1,561 shares during the last quarter. Finally, State Street Corp increased its position in shares of Turning Point Brands by 20.5% in the fourth quarter. State Street Corp now owns 68,160 shares of the company’s stock worth $834,000 after buying an additional 11,584 shares during the last quarter. 68.45% of the stock is currently owned by institutional investors and hedge funds.
Turning Point Brands Inc (NYSE:TPB) traded up 4.38% during mid-day trading on Monday, reaching $15.49. 110,545 shares of the company’s stock were exchanged. The company has a market cap of $291.49 million and a PE ratio of 10.40. Turning Point Brands Inc has a 52-week low of $6.46 and a 52-week high of $16.14. The stock has a 50-day moving average price of $13.29 and a 200 day moving average price of $13.27.
Turning Point Brands (NYSE:TPB) last announced its quarterly earnings results on Monday, March 13th. The company reported $0.87 earnings per share for the quarter, beating analysts’ consensus estimates of $0.34 by $0.53. The firm earned $53.80 million during the quarter, compared to analyst estimates of $49.15 million. The company’s revenue for the quarter was up 15.2% on a year-over-year basis. Equities analysts predict that Turning Point Brands Inc will post $1.68 earnings per share for the current fiscal year.
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TPB has been the topic of a number of research analyst reports. FBR & Co reaffirmed a “buy” rating on shares of Turning Point Brands in a research report on Tuesday, November 22nd. Zacks Investment Research raised shares of Turning Point Brands from a “hold” rating to a “buy” rating and set a $16.00 price objective on the stock in a research report on Saturday.
About Turning Point Brands
Turning Point Brands, Inc, formerly North Atlantic Holding Company, Inc, is a provider of Other Tobacco Products (OTP) in the United States. The Company operates through three segments: smokeless products, smoking products and NewGen products. The Smokeless products market consists of approximately four product categories, which includes loose leaf chewing tobacco, Moist Snuff, Moist Snuff Pouches and Snus.
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