Bronte Capital Management Pty Ltd. Boosts Position in Turning Point Brands, Inc. $TPB

Bronte Capital Management Pty Ltd. raised its holdings in shares of Turning Point Brands, Inc. (NYSE:TPB) by 75.9% in the 1st quarter, HoldingsChannel.com reports. The fund owned 42,859 shares of the company’s stock after buying an additional 18,487 shares during the quarter. Turning Point Brands comprises approximately 0.4% of Bronte Capital Management Pty Ltd.’s holdings, making the stock its 28th largest holding. Bronte Capital Management Pty Ltd.’s holdings in Turning Point Brands were worth $3,720,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Vanguard Group Inc. lifted its holdings in shares of Turning Point Brands by 4.4% in the 4th quarter. Vanguard Group Inc. now owns 1,451,394 shares of the company’s stock valued at $157,331,000 after buying an additional 61,311 shares during the period. Divisadero Street Capital Management LP grew its holdings in Turning Point Brands by 3.2% during the third quarter. Divisadero Street Capital Management LP now owns 974,066 shares of the company’s stock worth $96,296,000 after acquiring an additional 30,282 shares during the period. ArrowMark Colorado Holdings LLC raised its position in Turning Point Brands by 28.9% during the fourth quarter. ArrowMark Colorado Holdings LLC now owns 869,747 shares of the company’s stock valued at $94,281,000 after acquiring an additional 194,938 shares in the last quarter. Thrivent Financial for Lutherans lifted its holdings in Turning Point Brands by 4.8% in the fourth quarter. Thrivent Financial for Lutherans now owns 847,050 shares of the company’s stock valued at $91,820,000 after acquiring an additional 38,437 shares during the period. Finally, Geode Capital Management LLC boosted its position in Turning Point Brands by 5.5% in the 4th quarter. Geode Capital Management LLC now owns 541,667 shares of the company’s stock worth $58,728,000 after purchasing an additional 28,463 shares in the last quarter. Institutional investors and hedge funds own 96.12% of the company’s stock.

Insider Activity at Turning Point Brands

In related news, CAO Brian Wigginton sold 4,000 shares of the stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $91.67, for a total value of $366,680.00. Following the completion of the transaction, the chief accounting officer directly owned 9,230 shares of the company’s stock, valued at approximately $846,114.10. This represents a 30.23% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 5.40% of the company’s stock.

Wall Street Analyst Weigh In

TPB has been the subject of several analyst reports. Wall Street Zen upgraded shares of Turning Point Brands from a “strong sell” rating to a “sell” rating in a research note on Saturday, June 6th. Needham & Company LLC raised shares of Turning Point Brands from a “hold” rating to a “buy” rating and set a $125.00 price objective for the company in a report on Friday, May 8th. Finally, Weiss Ratings downgraded shares of Turning Point Brands from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, June 2nd. Three research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $118.75.

Turning Point Brands Stock Down 1.7%

TPB stock opened at $85.85 on Friday. Turning Point Brands, Inc. has a 52 week low of $65.80 and a 52 week high of $146.90. The company has a quick ratio of 4.05, a current ratio of 5.87 and a debt-to-equity ratio of 0.76. The firm has a 50-day simple moving average of $84.67 and a 200-day simple moving average of $98.31. The stock has a market capitalization of $1.66 billion, a P/E ratio of 29.20 and a beta of 0.92.

Turning Point Brands (NYSE:TPB) last posted its quarterly earnings data on Thursday, May 7th. The company reported $0.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.68 by $0.08. Turning Point Brands had a return on equity of 16.54% and a net margin of 11.53%.The company had revenue of $124.28 million for the quarter, compared to analysts’ expectations of $115.67 million. During the same period in the previous year, the firm posted $0.91 EPS. Turning Point Brands’s revenue was up 16.8% compared to the same quarter last year. Equities analysts forecast that Turning Point Brands, Inc. will post 1.39 earnings per share for the current fiscal year.

Turning Point Brands Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 10th. Investors of record on Friday, June 19th will be given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 0.4%. The ex-dividend date is Thursday, June 18th. Turning Point Brands’s payout ratio is presently 10.88%.

Turning Point Brands Company Profile

Turning Point Brands, Inc (NYSE: TPB) is a U.S.-based consumer products company focused on the manufacture, marketing and distribution of smokeless tobacco, vaping and cigar products. Headquartered in Old Hickory, Tennessee, the company serves retail outlets across all 50 states through a direct-store-delivery network and select third-party distributors. Turning Point Brands operates two reporting segments—Smokeless Products and Cigar—and leverages its logistics capabilities to offer a broad portfolio of brands and SKUs.

In its Smokeless Products segment, Turning Point Brands produces moist smokeless tobacco under leading brand names such as Grizzly, Kodiak and Stoker’s.