Magnetar Financial LLC Invests $212,000 in Turning Point Brands, Inc. (NYSE:TPB)

Magnetar Financial LLC acquired a new stake in shares of Turning Point Brands, Inc. (NYSE:TPB) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 6,599 shares of the company’s stock, valued at approximately $212,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in TPB. GSA Capital Partners LLP purchased a new position in shares of Turning Point Brands in the 1st quarter worth $1,587,000. Harspring Capital Management LLC purchased a new position in Turning Point Brands in the fourth quarter worth about $2,101,000. Lord Abbett & CO. LLC grew its stake in shares of Turning Point Brands by 45.2% during the 1st quarter. Lord Abbett & CO. LLC now owns 255,309 shares of the company’s stock valued at $7,481,000 after purchasing an additional 79,489 shares during the period. Boston Partners purchased a new stake in shares of Turning Point Brands during the 1st quarter valued at about $964,000. Finally, Tidal Investments LLC bought a new position in shares of Turning Point Brands in the 1st quarter worth approximately $1,661,000. Hedge funds and other institutional investors own 96.12% of the company’s stock.

Insider Activity at Turning Point Brands

In other Turning Point Brands news, Director Gregory H.A. Baxter sold 2,000 shares of the business’s stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $39.42, for a total value of $78,840.00. Following the sale, the director now owns 46,544 shares in the company, valued at approximately $1,834,764.48. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 5.20% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Benchmark reiterated a “buy” rating and issued a $45.00 price target on shares of Turning Point Brands in a research report on Friday, August 2nd. Roth Capital raised Turning Point Brands to a “strong-buy” rating in a report on Thursday, September 19th. StockNews.com downgraded Turning Point Brands from a “strong-buy” rating to a “buy” rating in a research report on Friday, September 20th. Finally, Roth Mkm assumed coverage on Turning Point Brands in a research report on Thursday, September 19th. They issued a “buy” rating and a $50.00 price target for the company.

Turning Point Brands Stock Down 0.9 %

Shares of TPB stock opened at $41.84 on Thursday. The company has a debt-to-equity ratio of 1.43, a current ratio of 1.80 and a quick ratio of 1.17. Turning Point Brands, Inc. has a one year low of $19.67 and a one year high of $42.65. The company’s fifty day moving average price is $38.73 and its 200-day moving average price is $33.76. The company has a market capitalization of $740.99 million, a price-to-earnings ratio of 18.43 and a beta of 0.62.

Turning Point Brands (NYSE:TPB) last posted its quarterly earnings results on Thursday, August 1st. The company reported $0.82 EPS for the quarter. The business had revenue of $108.51 million for the quarter. Turning Point Brands had a return on equity of 36.11% and a net margin of 11.36%. Sell-side analysts expect that Turning Point Brands, Inc. will post 2.68 EPS for the current fiscal year.

Turning Point Brands Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 4th. Investors of record on Friday, September 13th will be given a dividend of $0.07 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.67%. Turning Point Brands’s dividend payout ratio is 12.33%.

Turning Point Brands Company Profile

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 Creative Distribution Solutions. Zig-Zag Products segment markets and distributes rolling papers, tubes, finished cigars, make-your-own cigar wraps, and related products, as well as lighters and other accessories under the Zig-Zag brand.