Geode Capital Management LLC Boosts Stock Position in Turning Point Brands, Inc. (NYSE:TPB)

Geode Capital Management LLC raised its holdings in Turning Point Brands, Inc. (NYSE:TPB) by 3.9% during the third quarter, Holdings Channel reports. The institutional investor owned 405,613 shares of the company’s stock after buying an additional 15,344 shares during the period. Geode Capital Management LLC’s holdings in Turning Point Brands were worth $17,506,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the business. Copeland Capital Management LLC purchased a new position in shares of Turning Point Brands in the 3rd quarter valued at about $61,000. Aigen Investment Management LP acquired a new position in Turning Point Brands in the third quarter valued at approximately $221,000. Moran Wealth Management LLC purchased a new position in Turning Point Brands in the third quarter valued at approximately $236,000. The Manufacturers Life Insurance Company acquired a new stake in Turning Point Brands during the second quarter worth approximately $209,000. Finally, Magnetar Financial LLC purchased a new stake in shares of Turning Point Brands during the 2nd quarter worth approximately $212,000. 96.12% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently commented on TPB. Roth Mkm reiterated a “buy” rating and set a $70.00 price target (up from $55.00) on shares of Turning Point Brands in a research note on Tuesday, December 17th. Craig Hallum lifted their target price on Turning Point Brands from $60.00 to $75.00 and gave the stock a “buy” rating in a research report on Thursday, December 5th. Oppenheimer started coverage on Turning Point Brands in a research report on Thursday, November 14th. They issued an “outperform” rating and a $65.00 target price for the company. StockNews.com downgraded Turning Point Brands from a “buy” rating to a “hold” rating in a research note on Thursday. Finally, Roth Capital upgraded Turning Point Brands to a “strong-buy” rating in a research note on Friday, November 8th. One research analyst has rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Turning Point Brands currently has a consensus rating of “Buy” and an average price target of $68.75.

Turning Point Brands Stock Performance

Shares of TPB stock opened at $59.84 on Monday. The stock’s 50-day moving average price is $56.54 and its 200 day moving average price is $44.49. The company has a quick ratio of 1.78, a current ratio of 4.21 and a debt-to-equity ratio of 1.33. The stock has a market capitalization of $1.06 billion, a PE ratio of 23.75 and a beta of 0.66. Turning Point Brands, Inc. has a 52-week low of $21.98 and a 52-week high of $66.18.

Turning Point Brands (NYSE:TPB) last released its earnings results on Thursday, November 7th. The company reported $0.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.67 by $0.01. Turning Point Brands had a return on equity of 33.14% and a net margin of 11.63%. The business had revenue of $105.62 million for the quarter, compared to analyst estimates of $100.71 million. During the same quarter in the previous year, the company posted $0.69 earnings per share. The company’s revenue for the quarter was up 3.8% compared to the same quarter last year. As a group, equities research analysts forecast that Turning Point Brands, Inc. will post 2.59 EPS for the current year.

Turning Point Brands Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Friday, December 20th will be given a dividend of $0.07 per share. The ex-dividend date is Friday, December 20th. This represents a $0.28 dividend on an annualized basis and a yield of 0.47%. Turning Point Brands’s payout ratio is currently 11.11%.

Turning Point Brands Profile

Turning Point Brands, Inc, together with its subsidiaries, manufactures, markets, and distributes branded consumer products. The company operates through three segments: Zig-Zag Products, Stoker’s Products, and Creative Distribution Solutions. Zig-Zag Products segment markets and distributes rolling papers, tubes, finished cigars, make-your-own cigar wraps, and related products, as well as lighters and other accessories under the Zig-Zag brand.