Wedge Capital Management L L P NC Reduces Position in Turning Point Brands, Inc. (NYSE:TPB)

Wedge Capital Management L L P NC trimmed its position in Turning Point Brands, Inc. (NYSE:TPB) by 35.5% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 15,486 shares of the company’s stock after selling 8,518 shares during the period. Wedge Capital Management L L P NC’s holdings in Turning Point Brands were worth $931,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of TPB. First Sabrepoint Capital Management LP purchased a new position in Turning Point Brands in the third quarter worth about $7,517,000. JPMorgan Chase & Co. boosted its position in Turning Point Brands by 84.5% in the third quarter. JPMorgan Chase & Co. now owns 123,079 shares of the company’s stock worth $5,311,000 after purchasing an additional 56,364 shares during the last quarter. Renaissance Technologies LLC boosted its position in Turning Point Brands by 21.1% in the second quarter. Renaissance Technologies LLC now owns 302,697 shares of the company’s stock worth $9,714,000 after purchasing an additional 52,800 shares during the last quarter. 272 Capital LP purchased a new position in Turning Point Brands in the third quarter worth about $1,488,000. Finally, Pekin Hardy Strauss Inc. purchased a new position in Turning Point Brands in the third quarter worth about $1,260,000. 96.12% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

TPB has been the topic of several research reports. Roth Capital raised Turning Point Brands to a “strong-buy” rating in a research report on Friday, November 8th. StockNews.com downgraded Turning Point Brands from a “buy” rating to a “hold” rating in a research note on Tuesday, January 14th. Oppenheimer assumed coverage on Turning Point Brands in a research note on Thursday, November 14th. They issued an “outperform” rating and a $65.00 price objective on the stock. Craig Hallum raised their price objective on Turning Point Brands from $60.00 to $75.00 and gave the stock a “buy” rating in a research note on Thursday, December 5th. Finally, Roth Mkm reaffirmed a “buy” rating and issued a $70.00 price objective on shares of Turning Point Brands in a research note on Friday, January 10th. One research analyst has rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Turning Point Brands currently has a consensus rating of “Buy” and an average price target of $68.75.

Turning Point Brands Stock Up 2.1 %

Shares of TPB opened at $57.65 on Tuesday. The business’s 50 day moving average is $59.74 and its 200 day moving average is $47.35. Turning Point Brands, Inc. has a 12-month low of $21.98 and a 12-month high of $66.18. The company has a current ratio of 4.21, a quick ratio of 1.78 and a debt-to-equity ratio of 1.33. The company has a market capitalization of $1.02 billion, a PE ratio of 22.88 and a beta of 0.66.

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

Turning Point Brands Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 20th were given a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a yield of 0.49%. The ex-dividend date was Friday, December 20th. Turning Point Brands’s dividend payout ratio is currently 11.11%.

About Turning Point Brands

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.