Martingale Asset Management L P lifted its holdings in Turning Point Brands, Inc. (NYSE:TPB – Get Rating) by 9.8% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 13,506 shares of the company's stock after acquiring an additional 1,200 shares during the quarter. Martingale Asset Management L P owned 0.07% of Turning Point Brands worth $460,000 at the end of the most recent quarter.
A number of other institutional investors also recently made changes to their positions in TPB. Dupont Capital Management Corp purchased a new position in Turning Point Brands in the 1st quarter worth $169,000. BNP Paribas Arbitrage SA lifted its stake in shares of Turning Point Brands by 123.0% in the 4th 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 during the last quarter. Qube Research & Technologies Ltd purchased a new stake in Turning Point Brands during the 1st quarter valued at about $221,000. Cornercap Investment Counsel Inc. bought a new position in Turning Point Brands during the 1st quarter worth approximately $391,000. Finally, M&T Bank Corp increased its stake in Turning Point Brands by 7.5% in the 1st quarter. M&T Bank Corp now owns 11,685 shares of the company's stock worth $397,000 after purchasing an additional 820 shares during the period. Hedge funds and other institutional investors own 86.96% of the company's stock.
Get Turning Point Brands alerts:Turning Point Brands Trading Down 0.6 %
Shares of TPB opened at $23.24 on Tuesday. Turning Point Brands, Inc. has a 1-year low of $22.04 and a 1-year high of $52.17. The company has a current ratio of 5.28, a quick ratio of 2.94 and a debt-to-equity ratio of 3.25. The firm's 50-day moving average price is $26.31 and its 200-day moving average price is $29.11. The firm has a market capitalization of $414.60 million, a price-to-earnings ratio of 11.23 and a beta of 0.47.
Turning Point Brands (NYSE:TPB – Get Rating) last posted its quarterly earnings data on Wednesday, July 27th. The company reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.04. The business had revenue of $102.90 million for the quarter, compared to analysts' expectations of $105.86 million. Turning Point Brands had a return on equity of 42.69% and a net margin of 9.87%. The business's revenue was down 16.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.84 EPS. Sell-side analysts anticipate that Turning Point Brands, Inc. will post 2.6 EPS for the current year.Turning Point Brands Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, October 7th. Shareholders of record on Friday, September 16th will be issued a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 1.03%. The ex-dividend date is Thursday, September 15th. Turning Point Brands's dividend payout ratio (DPR) is 11.59%.
Wall Street Analysts Forecast Growth
A number of analysts have recently weighed in on the company. Cowen dropped their price objective on Turning Point Brands from $65.00 to $45.00 in a research note on Thursday, July 28th. TheStreet lowered shares of Turning Point Brands from a "b-" rating to a "c+" rating in a report on Thursday, May 19th. B. Riley lowered their price objective on shares of Turning Point Brands from $45.00 to $39.00 in a research note on Thursday, July 28th. Craig Hallum cut their target price on Turning Point Brands from $50.00 to $45.00 in a research note on Thursday, July 28th. Finally, Barclays lowered their price target on Turning Point Brands from $38.00 to $28.00 and set an "overweight" rating for the company in a research report on Wednesday, August 31st.
Turning Point Brands Company Profile
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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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