Divisadero Street Capital Management LP Boosts Stock Position in Turning Point Brands, Inc. $TPB

Divisadero Street Capital Management LP grew its position in shares of Turning Point Brands, Inc. (NYSE:TPB) by 3.2% during the third quarter, according to its most recent filing with the SEC. The firm owned 974,066 shares of the company’s stock after acquiring an additional 30,282 shares during the period. Turning Point Brands comprises about 4.2% of Divisadero Street Capital Management LP’s holdings, making the stock its 4th largest holding. Divisadero Street Capital Management LP owned about 0.05% of Turning Point Brands worth $96,296,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in TPB. First Horizon Corp bought a new stake in shares of Turning Point Brands during the third quarter valued at approximately $25,000. Huntington National Bank raised its holdings in Turning Point Brands by 54.9% in the third quarter. Huntington National Bank now owns 457 shares of the company’s stock worth $45,000 after purchasing an additional 162 shares in the last quarter. State of Alaska Department of Revenue purchased a new position in Turning Point Brands during the third quarter valued at $74,000. Canada Pension Plan Investment Board bought a new stake in shares of Turning Point Brands during the 2nd quarter valued at $129,000. Finally, Lazard Asset Management LLC boosted its holdings in shares of Turning Point Brands by 33.5% during the 2nd quarter. Lazard Asset Management LLC now owns 1,842 shares of the company’s stock valued at $139,000 after buying an additional 462 shares in the last quarter. Institutional investors own 96.12% of the company’s stock.

Turning Point Brands Price Performance

TPB opened at $90.71 on Monday. Turning Point Brands, Inc. has a 1 year low of $51.48 and a 1 year high of $146.90. The stock has a 50-day moving average price of $117.75 and a 200-day moving average price of $105.43. The firm has a market cap of $1.74 billion, a PE ratio of 28.98 and a beta of 0.85. The company has a debt-to-equity ratio of 0.79, a current ratio of 5.56 and a quick ratio of 4.12.

Turning Point Brands Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, April 10th. Stockholders of record on Friday, March 20th will be paid a $0.08 dividend. This is a boost from Turning Point Brands’s previous quarterly dividend of $0.08. This represents a $0.32 annualized dividend and a dividend yield of 0.4%. The ex-dividend date is Friday, March 20th. Turning Point Brands’s payout ratio is currently 9.58%.

Insider Buying and Selling

In other Turning Point Brands news, Chairman David Edward Glazek sold 30,000 shares of Turning Point Brands stock in a transaction on Friday, December 19th. The stock was sold at an average price of $110.26, for a total value of $3,307,800.00. Following the completion of the sale, the chairman owned 127,083 shares of the company’s stock, valued at approximately $14,012,171.58. This trade represents a 19.10% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Andrew Flynn sold 2,000 shares of Turning Point Brands stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $97.57, for a total value of $195,140.00. Following the completion of the sale, the chief financial officer directly owned 9,443 shares of the company’s stock, valued at approximately $921,353.51. The trade was a 17.48% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 6.60% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on TPB shares. Zacks Research lowered shares of Turning Point Brands from a “hold” rating to a “strong sell” rating in a research note on Monday, March 2nd. Wall Street Zen cut shares of Turning Point Brands from a “buy” rating to a “hold” rating in a report on Saturday, January 17th. Oppenheimer reaffirmed an “outperform” rating and set a $130.00 target price on shares of Turning Point Brands in a research note on Wednesday, January 14th. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of Turning Point Brands in a report on Tuesday, December 23rd. Three equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $116.67.

Turning Point Brands 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.