Boothbay Fund Management LLC Has $6.02 Million Stock Position in Turning Point Brands, Inc. $TPB

Boothbay Fund Management LLC lifted its stake in shares of Turning Point Brands, Inc. (NYSE:TPB) by 131.0% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 60,886 shares of the company’s stock after purchasing an additional 34,526 shares during the period. Boothbay Fund Management LLC owned 0.32% of Turning Point Brands worth $6,019,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in TPB. Divisadero Street Capital Management LP increased its holdings in Turning Point Brands by 187.5% during the second quarter. Divisadero Street Capital Management LP now owns 943,784 shares of the company’s stock worth $71,511,000 after buying an additional 615,521 shares during the last quarter. Thrivent Financial for Lutherans lifted its stake in Turning Point Brands by 11.9% in the third quarter. Thrivent Financial for Lutherans now owns 808,613 shares of the company’s stock valued at $79,940,000 after acquiring an additional 85,716 shares during the last quarter. ArrowMark Colorado Holdings LLC lifted its stake in Turning Point Brands by 24.9% in the third quarter. ArrowMark Colorado Holdings LLC now owns 674,809 shares of the company’s stock valued at $66,712,000 after acquiring an additional 134,401 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Turning Point Brands by 1.4% in the 2nd quarter. Geode Capital Management LLC now owns 509,743 shares of the company’s stock valued at $38,629,000 after acquiring an additional 7,104 shares during the period. Finally, Arrowstreet Capital Limited Partnership grew its position in shares of Turning Point Brands by 33.8% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 441,772 shares of the company’s stock valued at $43,674,000 after acquiring an additional 111,590 shares during the period. Institutional investors and hedge funds own 96.12% of the company’s stock.

Insider Activity

In other Turning Point Brands news, Chairman David Edward Glazek sold 30,000 shares of Turning Point Brands stock in a transaction dated Friday, December 19th. The shares were sold at an average price of $110.26, for a total value of $3,307,800.00. Following the completion of the sale, the chairman owned 127,083 shares in the company, valued at $14,012,171.58. The trade was a 19.10% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Andrew Flynn sold 2,000 shares of Turning Point Brands stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $97.57, for a total transaction of $195,140.00. Following the completion of the sale, the chief financial officer owned 9,443 shares of the company’s stock, valued at $921,353.51. This trade represents a 17.48% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 6.60% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on TPB. Zacks Research cut shares of Turning Point Brands from a “hold” rating to a “strong sell” rating in a report on Monday, March 2nd. Weiss Ratings reiterated a “buy (b-)” rating on shares of Turning Point Brands in a report on Tuesday, December 23rd. Wall Street Zen downgraded Turning Point Brands from a “buy” rating to a “hold” rating in a research report on Saturday, January 17th. Finally, Oppenheimer restated an “outperform” rating and issued a $130.00 price objective on shares of Turning Point Brands in a research note on Wednesday, January 14th. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $116.67.

Turning Point Brands Stock Performance

TPB opened at $90.71 on Monday. The business has a fifty day simple moving average of $117.75 and a 200 day simple moving average of $105.43. The company has a market capitalization of $1.74 billion, a PE ratio of 28.98 and a beta of 0.85. Turning Point Brands, Inc. has a 1 year low of $51.48 and a 1 year high of $146.90. The company has a debt-to-equity ratio of 0.79, a current ratio of 5.56 and a quick ratio of 4.12.

Turning Point Brands Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 10th. Stockholders of record on Friday, March 20th will be given a $0.08 dividend. The ex-dividend date of this dividend is Friday, March 20th. This is a boost from Turning Point Brands’s previous quarterly dividend of $0.08. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.4%. Turning Point Brands’s dividend payout ratio (DPR) is presently 9.58%.

Turning Point Brands 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.