Martingale Asset Management L P Raises Position in Turning Point Brands, Inc. (NYSE:TPB)

Martingale Asset Management L P raised its holdings in Turning Point Brands, Inc. (NYSE:TPB) by 1.4% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 24,686 shares of the company’s stock after buying an additional 329 shares during the period. Martingale Asset Management L P owned approximately 0.14% of Turning Point Brands worth $1,065,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Lazard Asset Management LLC acquired a new position in shares of Turning Point Brands during the first quarter worth $48,000. Copeland Capital Management LLC purchased a new stake in shares of Turning Point Brands in the third quarter valued at about $61,000. SG Americas Securities LLC purchased a new stake in shares of Turning Point Brands in the second quarter valued at about $129,000. The Manufacturers Life Insurance Company acquired a new position in shares of Turning Point Brands during the second quarter worth about $209,000. Finally, Magnetar Financial LLC acquired a new position in shares of Turning Point Brands during the second quarter worth about $212,000. 96.12% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have weighed in on TPB. Benchmark upped their target price on shares of Turning Point Brands from $45.00 to $65.00 and gave the stock a “buy” rating in a research report on Tuesday, November 12th. StockNews.com lowered shares of Turning Point Brands from a “strong-buy” rating to a “buy” rating in a research report on Thursday, October 24th. Roth Capital raised shares of Turning Point Brands to a “strong-buy” rating in a research note on Friday, November 8th. Roth Mkm initiated coverage on shares of Turning Point Brands in a research note on Thursday, September 19th. They set a “buy” rating and a $50.00 price objective on the stock. Finally, Oppenheimer initiated coverage on shares of Turning Point Brands in a research note on Thursday, November 14th. They set an “outperform” rating and a $65.00 price target on the stock. Four research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $60.00.

Turning Point Brands Stock Performance

Shares of TPB stock opened at $61.90 on Monday. The company’s fifty day simple moving average is $49.03 and its 200-day simple moving average is $40.50. Turning Point Brands, Inc. has a 52 week low of $21.98 and a 52 week high of $63.51. The company has a current ratio of 4.21, a quick ratio of 1.78 and a debt-to-equity ratio of 1.33. The company has a market cap of $1.10 billion, a PE ratio of 24.56 and a beta of 0.63.

Turning Point Brands (NYSE:TPB) last released its quarterly earnings results on Thursday, November 7th. The company reported $0.68 earnings per share for the quarter, beating analysts’ consensus estimates of $0.67 by $0.01. The business had revenue of $105.62 million during the quarter, compared to analyst estimates of $100.71 million. Turning Point Brands had a net margin of 11.63% and a return on equity of 33.14%. The business’s revenue was up 3.8% on a year-over-year basis. During the same period last year, the business earned $0.69 EPS. As a group, equities research analysts anticipate that Turning Point Brands, Inc. will post 2.59 EPS for the current year.

Turning Point Brands Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Friday, December 20th will be issued a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a yield of 0.45%. The ex-dividend date is Friday, December 20th. Turning Point Brands’s dividend payout ratio is currently 11.11%.

About Turning Point Brands

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.