Norris Financial Group LLC Makes New $4.15 Million Investment in Turning Point Brands, Inc. $TPB

Norris Financial Group LLC acquired a new stake in Turning Point Brands, Inc. (NYSE:TPB) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 47,824 shares of the company’s stock, valued at approximately $4,151,000. Turning Point Brands comprises approximately 1.4% of Norris Financial Group LLC’s holdings, making the stock its 24th largest position. Norris Financial Group LLC owned approximately 0.25% of Turning Point Brands at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Turning Point Brands by 4.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,198 shares of the company’s stock valued at $606,000 after purchasing an additional 459 shares during the last quarter. Russell Investments Group Ltd. increased its holdings in Turning Point Brands by 1,428.7% during the 2nd quarter. Russell Investments Group Ltd. now owns 4,586 shares of the company’s stock worth $347,000 after purchasing an additional 4,286 shares during the last quarter. First Trust Advisors LP increased its holdings in Turning Point Brands by 150.8% during the 2nd quarter. First Trust Advisors LP now owns 141,995 shares of the company’s stock worth $10,759,000 after purchasing an additional 85,378 shares during the last quarter. Baird Financial Group Inc. acquired a new position in shares of Turning Point Brands in the 2nd quarter valued at approximately $220,000. Finally, Qube Research & Technologies Ltd boosted its stake in shares of Turning Point Brands by 21.3% during the 2nd quarter. Qube Research & Technologies Ltd now owns 182,812 shares of the company’s stock valued at $13,852,000 after buying an additional 32,109 shares during the last quarter. 96.12% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, CAO Brian Wigginton sold 4,000 shares of the stock in a transaction 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 of the company’s stock, valued at approximately $846,114.10. This represents a 30.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 5.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on TPB shares. BTIG Research assumed coverage on shares of Turning Point Brands in a report on Tuesday, July 21st. They issued a “buy” rating and a $103.00 price target on the stock. Needham & Company LLC raised shares of Turning Point Brands from a “hold” rating to a “buy” rating and set a $125.00 target price for the company in a research report on Friday, May 8th. Compass Point set a $103.00 target price on shares of Turning Point Brands in a research note on Tuesday, July 21st. Wall Street Zen upgraded Turning Point Brands from a “strong sell” rating to a “sell” rating in a research note on Saturday, July 25th. Finally, Weiss Ratings lowered Turning Point Brands from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, June 2nd. One 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 data from MarketBeat, Turning Point Brands has a consensus rating of “Moderate Buy” and an average target price of $113.50.

Turning Point Brands Price Performance

NYSE TPB opened at $76.42 on Friday. The company has a 50-day moving average price of $83.18 and a two-hundred day moving average price of $94.64. Turning Point Brands, Inc. has a 52 week low of $65.80 and a 52 week high of $146.90. The stock has a market cap of $1.48 billion, a price-to-earnings ratio of 25.99 and a beta of 0.92. The company has a current ratio of 5.87, a quick ratio of 4.05 and a debt-to-equity ratio of 0.76.

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

Turning Point Brands Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Shareholders of record on Friday, September 18th will be given 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 is Friday, September 18th. Turning Point Brands’s payout ratio is 10.88%.

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.