Turning Point Brands, Inc. (NYSE:TPB) Stake Decreased by Arizona State Retirement System

Arizona State Retirement System trimmed its holdings in Turning Point Brands, Inc. (NYSE:TPB) by 3.8% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,884 shares of the company’s stock after selling 191 shares during the quarter. Arizona State Retirement System’s holdings in Turning Point Brands were worth $294,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in TPB. First Sabrepoint Capital Management LP bought a new position in shares of Turning Point Brands in the third quarter worth $7,517,000. Charles Schwab Investment Management Inc. grew its holdings in Turning Point Brands by 40.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 203,706 shares of the company’s stock worth $12,243,000 after acquiring an additional 58,425 shares during the period. JPMorgan Chase & Co. raised 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 acquiring an additional 56,364 shares in the last quarter. 272 Capital LP acquired a new stake in Turning Point Brands in the 3rd quarter valued at about $1,488,000. Finally, Pekin Hardy Strauss Inc. bought a new position in shares of Turning Point Brands during the 3rd quarter valued at about $1,260,000. 96.12% of the stock is currently owned by institutional investors and hedge funds.

Turning Point Brands Price Performance

NYSE:TPB opened at $58.41 on Friday. The company has a debt-to-equity ratio of 1.33, a quick ratio of 1.78 and a current ratio of 4.21. The company has a 50-day moving average of $62.71 and a 200-day moving average of $54.69. Turning Point Brands, Inc. has a 52 week low of $26.45 and a 52 week high of $72.54. The company has a market capitalization of $1.04 billion, a price-to-earnings ratio of 23.18 and a beta of 0.75.

Turning Point Brands Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Friday, March 21st will be issued a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a yield of 0.51%. This is an increase from Turning Point Brands’s previous quarterly dividend of $0.07. The ex-dividend date is Friday, March 21st. Turning Point Brands’s payout ratio is presently 14.15%.

Wall Street Analysts Forecast Growth

TPB has been the topic of a number of research reports. Roth Mkm reiterated a “buy” rating and issued a $70.00 target price on shares of Turning Point Brands in a report on Friday, January 10th. Alliance Global Partners initiated coverage on Turning Point Brands in a report on Monday, March 3rd. They issued a “buy” rating and a $80.00 price target on the stock. StockNews.com lowered Turning Point Brands from a “buy” rating to a “hold” rating in a research note on Tuesday, March 11th. Industrial Alliance Securities set a $85.00 target price on Turning Point Brands in a research report on Thursday, March 6th. Finally, Craig Hallum upped their target price on Turning Point Brands from $60.00 to $75.00 and gave the company a “buy” rating in a report on Thursday, December 5th. One research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Buy” and an average target price of $73.33.

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.