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Turning Point Brands, Inc. (NYSE:TPB) Is Forager Funds Management Pty Ltd's 6th Largest Position

Financial News Live ·  Sep 27, 2022 14:31

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.

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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 (NYSE:TPB – Get Rating) last announced its quarterly earnings data on Wednesday, July 27th. The company reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.66 by $0.04. The business had revenue of $102.90 million for the quarter, compared to the consensus estimate of $105.86 million. Turning Point Brands had a net margin of 9.87% and a return on equity of 42.69%. Turning Point Brands's quarterly revenue was down 16.1% on a year-over-year basis. During the same quarter last year, the company posted $0.84 earnings per share. As a group, equities analysts predict that Turning Point Brands, Inc. will post 2.6 EPS for the current fiscal year.

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

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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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Want to see what other hedge funds are holding TPB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Turning Point Brands, Inc. (NYSE:TPB – Get Rating).

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