Turning Point Brands, Inc. $TPB Shares Sold by Prospect Capital Advisors LLC

Prospect Capital Advisors LLC decreased its position in shares of Turning Point Brands, Inc. (NYSE:TPB) by 12.7% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 104,480 shares of the company’s stock after selling 15,250 shares during the period. Turning Point Brands makes up about 5.0% of Prospect Capital Advisors LLC’s investment portfolio, making the stock its 9th biggest position. Prospect Capital Advisors LLC’s holdings in Turning Point Brands were worth $9,068,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Norris Financial Group LLC purchased a new position in Turning Point Brands in the 1st quarter valued at about $4,151,000. Bank of America Corp DE increased its position in shares of Turning Point Brands by 66.9% during the first quarter. Bank of America Corp DE now owns 290,813 shares of the company’s stock worth $25,240,000 after acquiring an additional 116,543 shares during the last quarter. Riposte Capital LLC increased its position in shares of Turning Point Brands by 50.0% during the first quarter. Riposte Capital LLC now owns 150,000 shares of the company’s stock worth $13,018,000 after acquiring an additional 50,000 shares during the last quarter. Royal Bank of Canada lifted its stake in shares of Turning Point Brands by 23.9% in the first quarter. Royal Bank of Canada now owns 16,811 shares of the company’s stock worth $1,459,000 after acquiring an additional 3,243 shares in the last quarter. Finally, The Manufacturers Life Insurance Company lifted its stake in shares of Turning Point Brands by 3.3% in the first quarter. The Manufacturers Life Insurance Company now owns 8,784 shares of the company’s stock worth $762,000 after acquiring an additional 282 shares in the last quarter. Institutional investors and hedge funds own 96.12% of the company’s stock.

Turning Point Brands Stock Performance

Shares of Turning Point Brands stock opened at $74.90 on Friday. The firm has a market cap of $1.45 billion, a PE ratio of 25.48 and a beta of 0.92. The firm’s 50-day simple moving average is $82.88 and its 200-day simple moving average is $94.50. 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, Inc. has a 1 year low of $65.80 and a 1 year high of $146.90.

Turning Point Brands (NYSE:TPB) last issued its quarterly earnings results on Thursday, May 7th. The company reported $0.76 EPS for the quarter, topping the consensus estimate of $0.68 by $0.08. The business had revenue of $124.28 million for the quarter, compared to analysts’ expectations of $115.67 million. Turning Point Brands had a net margin of 11.53% and a return on equity of 16.54%. The company’s quarterly revenue was up 16.8% compared to the same quarter last year. During the same quarter last year, the company posted $0.91 earnings per share. Equities analysts forecast 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, October 9th. Shareholders of record on Friday, September 18th will be issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date of this dividend is Friday, September 18th. Turning Point Brands’s dividend payout ratio (DPR) is currently 10.88%.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Compass Point set a $103.00 price objective on Turning Point Brands in a research note on Tuesday, July 21st. Weiss Ratings lowered Turning Point Brands from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, June 2nd. Wall Street Zen cut Turning Point Brands from a “sell” rating to a “strong sell” rating in a research note on Sunday. Needham & Company LLC upgraded 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. Finally, BTIG Research started coverage on shares of Turning Point Brands in a research report on Tuesday, July 21st. They set a “buy” rating and a $103.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $113.50.

Insider Buying and Selling

In other news, CAO Brian Wigginton sold 4,000 shares of Turning Point Brands stock in a transaction that occurred on Tuesday, May 12th. The stock was 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 in the company, 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 can be accessed through the SEC website. 5.40% 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.