Renaissance Technologies LLC Buys 52,800 Shares of Turning Point Brands, Inc. (NYSE:TPB)

Renaissance Technologies LLC increased its stake in Turning Point Brands, Inc. (NYSE:TPB) by 21.1% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 302,697 shares of the company’s stock after purchasing an additional 52,800 shares during the quarter. Renaissance Technologies LLC owned 1.71% of Turning Point Brands worth $9,714,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in TPB. Federated Hermes Inc. boosted its stake in shares of Turning Point Brands by 245.9% in the 2nd quarter. Federated Hermes Inc. now owns 154,708 shares of the company’s stock worth $4,965,000 after buying an additional 109,983 shares during the last quarter. Vanguard Group Inc. boosted its position in Turning Point Brands by 6.6% in the first quarter. Vanguard Group Inc. now owns 1,497,110 shares of the company’s stock worth $43,865,000 after purchasing an additional 92,147 shares during the last quarter. Harspring Capital Management LLC bought a new stake in shares of Turning Point Brands during the 4th quarter valued at about $2,101,000. Lord Abbett & CO. LLC increased its position in shares of Turning Point Brands by 45.2% during the 1st quarter. Lord Abbett & CO. LLC now owns 255,309 shares of the company’s stock valued at $7,481,000 after purchasing an additional 79,489 shares during the last quarter. Finally, Tidal Investments LLC bought a new position in shares of Turning Point Brands in the 1st quarter worth approximately $1,661,000. Institutional investors own 96.12% of the company’s stock.

Turning Point Brands Stock Performance

Shares of NYSE TPB opened at $42.09 on Tuesday. The stock has a market cap of $741.71 million, a PE ratio of 18.54 and a beta of 0.62. Turning Point Brands, Inc. has a 1 year low of $19.67 and a 1 year high of $42.63. The firm has a fifty day moving average price of $38.55 and a 200-day moving average price of $33.59. The company has a debt-to-equity ratio of 1.43, a current ratio of 1.80 and a quick ratio of 1.17.

Turning Point Brands (NYSE:TPB) last issued its quarterly earnings results on Thursday, August 1st. The company reported $0.82 earnings per share (EPS) for the quarter. Turning Point Brands had a return on equity of 36.11% and a net margin of 11.36%. The business had revenue of $108.51 million during the quarter.

Turning Point Brands Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 4th. Shareholders of record on Friday, September 13th will be paid a $0.07 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.28 annualized dividend and a yield of 0.67%. Turning Point Brands’s payout ratio is 12.33%.

Analyst Ratings Changes

A number of brokerages have commented on TPB. Roth Mkm assumed coverage on shares of Turning Point Brands in a report on Thursday, September 19th. They set a “buy” rating and a $50.00 target price for the company. StockNews.com lowered Turning Point Brands from a “strong-buy” rating to a “buy” rating in a research note on Friday. Roth Capital upgraded Turning Point Brands to a “strong-buy” rating in a research report on Thursday, September 19th. Finally, Benchmark restated a “buy” rating and issued a $45.00 price target on shares of Turning Point Brands in a research report on Friday, August 2nd.

Insider Buying and Selling at Turning Point Brands

In other news, Director Gregory H.A. Baxter sold 2,000 shares of the business’s stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $39.42, for a total value of $78,840.00. Following the transaction, the director now owns 46,544 shares of the company’s stock, valued at $1,834,764.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 5.20% of the company’s stock.

Turning Point Brands Company 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.