Harspring Capital Management LLC Has $11.01 Million Position in Turning Point Brands, Inc. $TPB

Harspring Capital Management LLC decreased its stake in Turning Point Brands, Inc. (NYSE:TPB) by 30.1% during the 1st quarter, HoldingsChannel reports. The fund owned 126,808 shares of the company’s stock after selling 54,692 shares during the period. Turning Point Brands comprises approximately 5.8% of Harspring Capital Management LLC’s portfolio, making the stock its 9th biggest holding. Harspring Capital Management LLC’s holdings in Turning Point Brands were worth $11,006,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Kemnay Advisory Services Inc. acquired a new position in Turning Point Brands during the 4th quarter valued at $27,000. Empowered Funds LLC acquired a new stake in Turning Point Brands in the 4th quarter worth $27,000. Caitong International Asset Management Co. Ltd bought a new position in shares of Turning Point Brands during the 3rd quarter worth about $28,000. Advisory Services Network LLC bought a new position in shares of Turning Point Brands during the 3rd quarter worth about $28,000. Finally, GAMMA Investing LLC increased its holdings in shares of Turning Point Brands by 33.4% during the 4th quarter. GAMMA Investing LLC now owns 491 shares of the company’s stock worth $53,000 after purchasing an additional 123 shares during the period. Institutional investors own 96.12% of the company’s stock.

Insider Activity

In related news, CAO Brian Wigginton sold 4,000 shares of the stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $91.67, for a total transaction of $366,680.00. Following the completion of the sale, the chief accounting officer owned 9,230 shares in the company, valued at $846,114.10. This trade represents a 30.23% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 5.40% of the stock is owned by company insiders.

Turning Point Brands Trading Down 1.7%

Shares of TPB opened at $78.18 on Thursday. The stock has a 50 day simple moving average of $84.78 and a 200-day simple moving average of $95.88. Turning Point Brands, Inc. has a 1 year low of $65.80 and a 1 year high of $146.90. The stock has a market cap of $1.51 billion, a PE ratio of 26.59 and a beta of 0.92. The company has a current ratio of 5.87, a quick ratio of 4.05 and a debt-to-equity ratio of 0.76.

Turning Point Brands (NYSE:TPB) last released 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. The firm had revenue of $124.28 million during the quarter, compared to analyst estimates of $115.67 million. Turning Point Brands had a return on equity of 16.54% and a net margin of 11.53%.The business’s revenue for the quarter was up 16.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.91 earnings per share. On average, sell-side analysts predict that Turning Point Brands, Inc. will post 1.39 EPS for the current fiscal year.

Turning Point Brands Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 10th. Stockholders of record on Friday, June 19th were issued a $0.08 dividend. The ex-dividend date of this dividend was Thursday, June 18th. This represents a $0.32 annualized dividend and a dividend yield of 0.4%. Turning Point Brands’s dividend payout ratio is presently 10.88%.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on TPB shares. Needham & Company LLC upgraded shares of Turning Point Brands from a “hold” rating to a “buy” rating and set a $125.00 target price for the company in a research note on Friday, May 8th. BTIG Research started coverage on Turning Point Brands in a research note on Tuesday. They set a “buy” rating and a $103.00 price target on the stock. Compass Point set a $103.00 price target on Turning Point Brands in a report on Tuesday. Wall Street Zen upgraded Turning Point Brands from a “strong sell” rating to a “sell” rating in a research report on Saturday, June 6th. Finally, Weiss Ratings lowered Turning Point Brands from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, June 2nd. Four research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $113.50.

About Turning Point Brands

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.