Fmr LLC Sells 7,199 Shares of Turning Point Brands, Inc. (NYSE:TPB)

Fmr LLC reduced its stake in shares of Turning Point Brands, Inc. (NYSE:TPB) by 65.2% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,846 shares of the company’s stock after selling 7,199 shares during the period. Fmr LLC’s holdings in Turning Point Brands were worth $166,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Copeland Capital Management LLC bought a new position in shares of Turning Point Brands in the third quarter worth approximately $61,000. SG Americas Securities LLC purchased a new position in shares of Turning Point Brands during the 2nd quarter valued at $129,000. Aigen Investment Management LP bought a new position in Turning Point Brands in the 3rd quarter worth $221,000. Moran Wealth Management LLC purchased a new stake in Turning Point Brands in the 3rd quarter worth $236,000. Finally, The Manufacturers Life Insurance Company bought a new stake in Turning Point Brands during the second quarter valued at about $209,000. 96.12% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

TPB has been the subject of a number of recent analyst reports. Roth Capital raised Turning Point Brands to a “strong-buy” rating in a research note on Friday, November 8th. Benchmark upped their price target on Turning Point Brands from $45.00 to $65.00 and gave the stock a “buy” rating in a research note on Tuesday, November 12th. Craig Hallum lifted their price objective on shares of Turning Point Brands from $60.00 to $75.00 and gave the company a “buy” rating in a research report on Thursday, December 5th. StockNews.com upgraded shares of Turning Point Brands from a “hold” rating to a “buy” rating in a research report on Wednesday. Finally, Roth Mkm reiterated a “buy” rating and issued a $70.00 price target (up from $55.00) on shares of Turning Point Brands in a report on Tuesday, December 17th. Five analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $68.75.

Turning Point Brands Price Performance

Turning Point Brands stock opened at $59.14 on Friday. The firm’s fifty day moving average is $54.92 and its 200 day moving average is $43.45. 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 company has a market cap of $1.05 billion, a price-to-earnings ratio of 23.47 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 announced its earnings results on Thursday, November 7th. The company reported $0.68 earnings per share (EPS) for the quarter, beating the consensus estimate 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 during the quarter, compared to analyst estimates of $100.71 million. During the same quarter in the previous year, the business earned $0.69 earnings per share. The company’s revenue for the quarter was up 3.8% compared to the same quarter last year. Sell-side analysts forecast that Turning Point Brands, Inc. will post 2.59 EPS for the current fiscal year.

Turning Point Brands Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Friday, December 20th will be paid a $0.07 dividend. 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 dividend payout ratio is currently 11.11%.

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.