Access Investment Management LLC Sells 41,255 Shares of Turning Point Brands, Inc. $TPB

Access Investment Management LLC reduced its stake in Turning Point Brands, Inc. (NYSE:TPB) by 56.1% during the first quarter, Holdings Channel.com reports. The institutional investor owned 32,335 shares of the company’s stock after selling 41,255 shares during the period. Access Investment Management LLC’s holdings in Turning Point Brands were worth $2,806,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Kemnay Advisory Services Inc. purchased a new stake in Turning Point Brands in the fourth quarter worth $27,000. Empowered Funds LLC bought a new stake in Turning Point Brands during the 4th quarter valued at $27,000. Caitong International Asset Management Co. Ltd purchased a new position in shares of Turning Point Brands in the third quarter valued at $28,000. Advisory Services Network LLC purchased a new stake in Turning Point Brands during the 3rd quarter worth about $28,000. Finally, First Horizon Corp increased its position in shares of Turning Point Brands by 96.0% during the fourth quarter. First Horizon Corp now owns 492 shares of the company’s stock valued at $53,000 after buying an additional 241 shares during the period. 96.12% of the stock is owned by institutional investors.

Analysts Set New Price Targets

TPB has been the subject of several analyst reports. Wall Street Zen raised shares of Turning Point Brands from a “strong sell” rating to a “sell” rating in a report on Saturday, July 25th. Weiss Ratings cut shares of Turning Point Brands from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, June 2nd. Needham & Company LLC raised Turning Point Brands from a “hold” rating to a “buy” rating and set a $125.00 target price for the company in a research note on Friday, May 8th. Compass Point set a $103.00 price target on shares of Turning Point Brands in a research report on Tuesday, July 21st. Finally, BTIG Research initiated coverage on Turning Point Brands in a research note on Tuesday, July 21st. They set a “buy” rating and a $103.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Turning Point Brands currently has a consensus rating of “Moderate Buy” and an average price target of $113.50.

Turning Point Brands Price Performance

Shares of NYSE TPB opened at $74.90 on Friday. The company has a debt-to-equity ratio of 0.76, a current ratio of 5.87 and a quick ratio of 4.05. Turning Point Brands, Inc. has a 1 year low of $65.80 and a 1 year high of $146.90. The company’s 50-day moving average is $82.88 and its 200 day moving average is $94.50. The stock has a market capitalization of $1.45 billion, a P/E ratio of 25.48 and a beta of 0.92.

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

Turning Point Brands Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Shareholders of record on Friday, September 18th will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend is Friday, September 18th. Turning Point Brands’s payout ratio is 10.88%.

Insider Activity

In related news, CAO Brian Wigginton sold 4,000 shares of the company’s 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 transaction, the chief accounting officer owned 9,230 shares in the company, valued at $846,114.10. The trade was a 30.23% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 5.40% of the stock is currently owned by corporate insiders.

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.