Turning Point Brands, Inc. (NYSE:TPB) Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC cut its stake in shares of Turning Point Brands, Inc. (NYSE:TPB) by 18.2% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 8,896 shares of the company’s stock after selling 1,980 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.05% of Turning Point Brands worth $540,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. USA Financial Formulas purchased a new position in Turning Point Brands in the 4th quarter valued at approximately $73,000. Aigen Investment Management LP purchased a new position in shares of Turning Point Brands in the 3rd quarter worth $221,000. Entropy Technologies LP purchased a new position in shares of Turning Point Brands in the 4th quarter worth $234,000. Moran Wealth Management LLC purchased a new position in shares of Turning Point Brands in the 3rd quarter worth $236,000. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new position in Turning Point Brands in the third quarter valued at about $326,000. 96.12% of the stock is owned by hedge funds and other institutional investors.

Turning Point Brands Trading Up 0.8 %

Turning Point Brands stock opened at $68.43 on Tuesday. The company’s fifty day simple moving average is $61.48 and its 200-day simple moving average is $52.31. The company has a quick ratio of 1.78, a current ratio of 4.21 and a debt-to-equity ratio of 1.33. Turning Point Brands, Inc. has a 12 month low of $22.47 and a 12 month high of $70.99. The stock has a market cap of $1.21 billion, a P/E ratio of 27.15 and a beta of 0.65.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on TPB. 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. Roth Mkm reiterated a “buy” rating and set a $70.00 price objective on shares of Turning Point Brands in a research report on Friday, January 10th. Benchmark boosted their target price on Turning Point Brands from $45.00 to $65.00 and gave the stock a “buy” rating in a report on Tuesday, November 12th. StockNews.com cut Turning Point Brands from a “buy” rating to a “hold” rating in a report on Tuesday, February 4th. Finally, Oppenheimer began coverage on Turning Point Brands in a report on Thursday, November 14th. They issued an “outperform” rating and a $65.00 price target on the stock. One analyst has rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $68.75.

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.