Quantbot Technologies LP Cuts Stake in Turning Point Brands, Inc. $TPB

Quantbot Technologies LP lowered its holdings in shares of Turning Point Brands, Inc. (NYSE:TPB) by 67.5% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 4,781 shares of the company’s stock after selling 9,928 shares during the period. Quantbot Technologies LP’s holdings in Turning Point Brands were worth $473,000 as of its most recent filing with the SEC.

A number of other large investors also recently added to or reduced their stakes in the business. First Horizon Corp purchased a new stake in Turning Point Brands during the third quarter valued at about $25,000. State of Alaska Department of Revenue purchased a new position in shares of Turning Point Brands in the third quarter worth about $74,000. Canada Pension Plan Investment Board bought a new stake in shares of Turning Point Brands in the 2nd quarter valued at about $129,000. Lazard Asset Management LLC lifted its stake in shares of Turning Point Brands by 33.5% in the 2nd quarter. Lazard Asset Management LLC now owns 1,842 shares of the company’s stock valued at $139,000 after acquiring an additional 462 shares during the last quarter. Finally, Tower Research Capital LLC TRC boosted its holdings in Turning Point Brands by 59.1% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,049 shares of the company’s stock valued at $155,000 after acquiring an additional 761 shares during the period. Hedge funds and other institutional investors own 96.12% of the company’s stock.

Analyst Ratings Changes

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

Turning Point Brands Stock Up 1.3%

NYSE TPB opened at $92.83 on Tuesday. Turning Point Brands, Inc. has a 1 year low of $51.48 and a 1 year high of $146.90. The stock has a market capitalization of $1.78 billion, a PE ratio of 29.66 and a beta of 0.85. The company has a debt-to-equity ratio of 0.79, a current ratio of 5.56 and a quick ratio of 4.12. The business’s 50-day moving average is $119.23 and its 200 day moving average is $105.65.

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 paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 0.3%. This is a boost from Turning Point Brands’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend is Friday, March 20th. Turning Point Brands’s payout ratio is presently 9.58%.

Insider Activity

In other Turning Point Brands news, Chairman David Edward Glazek sold 30,000 shares of the business’s stock in a transaction on Friday, December 19th. The shares were sold at an average price of $110.26, for a total transaction of $3,307,800.00. Following the transaction, the chairman directly owned 127,083 shares of the company’s stock, valued at approximately $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 can be accessed through the SEC website. Also, CFO Andrew Flynn sold 2,000 shares of the company’s stock in a transaction on 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 transaction, 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 ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 34,000 shares of company stock valued at $3,719,340. Company insiders own 6.60% of the company’s stock.

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.