Bank of New York Mellon Corp Boosts Holdings in Turning Point Brands, Inc. $TPB

Bank of New York Mellon Corp lifted its position in shares of Turning Point Brands, Inc. (NYSE:TPB) by 2.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 91,741 shares of the company’s stock after purchasing an additional 2,135 shares during the period. Bank of New York Mellon Corp owned about 0.51% of Turning Point Brands worth $6,951,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Access Investment Management LLC acquired a new position in Turning Point Brands in the 2nd quarter worth $6,325,000. Crown Advisors Management Inc. acquired a new stake in shares of Turning Point Brands during the second quarter valued at about $1,894,000. Y Intercept Hong Kong Ltd increased its position in shares of Turning Point Brands by 451.7% during the second quarter. Y Intercept Hong Kong Ltd now owns 30,126 shares of the company’s stock worth $2,283,000 after acquiring an additional 24,665 shares during the last quarter. Briaud Financial Planning Inc purchased a new stake in shares of Turning Point Brands during the second quarter worth about $31,000. Finally, Sentry Investment Management LLC acquired a new position in shares of Turning Point Brands in the second quarter worth about $329,000. 96.12% of the stock is currently owned by hedge funds and other institutional investors.

Turning Point Brands Price Performance

Shares of TPB opened at $97.56 on Friday. Turning Point Brands, Inc. has a 12 month low of $51.48 and a 12 month high of $110.55. The company has a debt-to-equity ratio of 0.82, a current ratio of 5.56 and a quick ratio of 3.98. The stock has a fifty day moving average price of $95.19 and a 200 day moving average price of $86.67. The company has a market cap of $1.86 billion, a P/E ratio of 34.35 and a beta of 0.85.

Turning Point Brands (NYSE:TPB) last announced its quarterly earnings results on Wednesday, November 5th. The company reported $1.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.81 by $0.46. The company had revenue of $118.98 million during the quarter, compared to the consensus estimate of $111.42 million. Turning Point Brands had a net margin of 12.02% and a return on equity of 24.44%. The company’s revenue for the quarter was up 12.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.68 earnings per share. On average, research analysts forecast that Turning Point Brands, Inc. will post 2.59 earnings per share for the current year.

Turning Point Brands Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 9th. Shareholders of record on Friday, December 19th will be paid a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date of this dividend is Friday, December 19th. Turning Point Brands’s payout ratio is presently 10.56%.

Insider Activity

In other Turning Point Brands news, Director Stephen Usher sold 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 19th. The shares were sold at an average price of $101.00, for a total value of $101,000.00. Following the sale, the director owned 5,175 shares in the company, valued at approximately $522,675. This trade represents a 16.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Gregory H.A. Baxter sold 1,500 shares of Turning Point Brands stock in a transaction that occurred on Friday, November 21st. The shares were sold at an average price of $98.23, for a total value of $147,345.00. Following the sale, the director directly owned 38,919 shares in the company, valued at approximately $3,823,013.37. This trade represents a 3.71% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 64,220 shares of company stock worth $6,434,342 over the last ninety days. 6.60% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research firms have issued reports on TPB. Weiss Ratings restated a “buy (b)” rating on shares of Turning Point Brands in a report on Thursday, October 30th. Zacks Research raised Turning Point Brands from a “hold” rating to a “strong-buy” rating in a report on Wednesday, November 12th. Needham & Company LLC initiated coverage on Turning Point Brands in a research report on Friday, August 1st. They issued a “hold” rating for the company. Industrial Alliance Securities set a $110.00 price target on Turning Point Brands in a report on Wednesday, November 5th. Finally, Oppenheimer raised their price objective on Turning Point Brands from $110.00 to $120.00 and gave the stock an “outperform” rating in a research note on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $97.00.

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.