Forager Funds Management Pty Ltd raised its position in shares of Turning Point Brands, Inc. (NYSE:TPB – Get Rating) by 34.7% in the second quarter, Holdings Channel.com reports. The institutional investor owned 129,953 shares of the company's stock after buying an additional 33,492 shares during the period. Turning Point Brands comprises 5.6% of Forager Funds Management Pty Ltd's holdings, making the stock its 6th largest position. Forager Funds Management Pty Ltd's holdings in Turning Point Brands were worth $3,526,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of TPB. Copeland Capital Management LLC lifted its position in shares of Turning Point Brands by 66.8% in the second quarter. Copeland Capital Management LLC now owns 1,116 shares of the company's stock worth $30,000 after purchasing an additional 447 shares in the last quarter. Amalgamated Bank purchased a new stake in shares of Turning Point Brands in the first quarter worth approximately $81,000. Dupont Capital Management Corp purchased a new stake in shares of Turning Point Brands in the first quarter worth approximately $169,000. BNP Paribas Arbitrage SA raised its position in Turning Point Brands by 123.0% during the fourth quarter. BNP Paribas Arbitrage SA now owns 5,798 shares of the company's stock valued at $219,000 after acquiring an additional 3,198 shares in the last quarter. Finally, Qube Research & Technologies Ltd bought a new position in Turning Point Brands during the first quarter valued at approximately $221,000. 86.96% of the stock is owned by hedge funds and other institutional investors.

Turning Point Brands Stock Performance

Shares of Turning Point Brands stock traded down $0.22 during midday trading on Tuesday, hitting $20.21. The company had a trading volume of 3,137 shares, compared to its average volume of 159,783. The business's 50 day simple moving average is $24.46 and its two-hundred day simple moving average is $27.78. The stock has a market cap of $360.55 million, a PE ratio of 9.86 and a beta of 0.47. The company has a debt-to-equity ratio of 3.25, a current ratio of 5.28 and a quick ratio of 2.94. Turning Point Brands, Inc. has a 1-year low of $20.24 and a 1-year high of $49.46.

Turning Point Brands Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 7th. Shareholders of record on Friday, September 16th will be paid a dividend of $0.06 per share. The ex-dividend date of this dividend is Thursday, September 15th. This represents a $0.24 dividend on an annualized basis and a yield of 1.19%. Turning Point Brands's dividend payout ratio is currently 11.59%.

Analyst Ratings Changes

Several brokerages recently weighed in on TPB. Barclays cut their price objective on shares of Turning Point Brands from $38.00 to $28.00 and set an "overweight" rating on the stock in a research report on Wednesday, August 31st. Cowen cut their price objective on shares of Turning Point Brands from $65.00 to $45.00 in a research report on Thursday, July 28th. Cowen cut their price objective on shares of Turning Point Brands from $65.00 to $45.00 in a research report on Thursday, July 28th. Craig Hallum lowered their price target on Turning Point Brands from $50.00 to $45.00 in a report on Thursday, July 28th. Finally, B. Riley lowered their price target on Turning Point Brands from $45.00 to $39.00 in a report on Thursday, July 28th.

Turning Point Brands Company Profile

(Get Rating)

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 NewGen Products. The Zig-Zag Products segment markets and distributes rolling papers, tubes, finished cigars, make-your-own cigar wraps, and related products under the Zig-Zag brand.

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