Harspring Capital Management LLC purchased a new stake in Turning Point Brands, Inc. (NYSE:TPB – Free Report) during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 79,824 shares of the company’s stock, valued at approximately $2,101,000. Turning Point Brands comprises approximately 0.5% of Harspring Capital Management LLC’s investment portfolio, making the stock its 17th largest position. Harspring Capital Management LLC owned approximately 0.45% of Turning Point Brands as of its most recent filing with the SEC.
Several other large investors have also modified their holdings of TPB. Strategic Income Management LLC acquired a new position in shares of Turning Point Brands in the 3rd quarter valued at $809,000. Assenagon Asset Management S.A. raised its holdings in shares of Turning Point Brands by 162.5% in the 4th quarter. Assenagon Asset Management S.A. now owns 521,980 shares of the company’s stock valued at $13,739,000 after buying an additional 323,157 shares during the period. Access Investment Management LLC purchased a new stake in shares of Turning Point Brands in the 4th quarter valued at $3,383,000. Vanguard Group Inc. raised its holdings in shares of Turning Point Brands by 4.4% in the 3rd quarter. Vanguard Group Inc. now owns 1,314,680 shares of the company’s stock valued at $30,356,000 after buying an additional 55,829 shares during the period. Finally, American Century Companies Inc. raised its holdings in shares of Turning Point Brands by 6.1% in the 3rd quarter. American Century Companies Inc. now owns 886,524 shares of the company’s stock valued at $20,470,000 after buying an additional 51,131 shares during the period. Institutional investors and hedge funds own 96.12% of the company’s stock.
Wall Street Analysts Forecast Growth
Several research firms recently issued reports on TPB. Benchmark reiterated a “buy” rating and issued a $45.00 price objective on shares of Turning Point Brands in a report on Wednesday. StockNews.com upgraded Turning Point Brands from a “buy” rating to a “strong-buy” rating in a report on Friday, May 17th.
Insiders Place Their Bets
In related news, insider Plano Lorenzo De purchased 15,043 shares of the business’s stock in a transaction on Thursday, March 14th. The shares were bought at an average price of $27.97 per share, for a total transaction of $420,752.71. Following the acquisition, the insider now directly owns 31,375 shares in the company, valued at $877,558.75. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 5.20% of the stock is owned by company insiders.
Turning Point Brands Trading Down 1.0 %
Shares of TPB stock traded down $0.32 on Friday, hitting $31.68. The stock had a trading volume of 84,653 shares, compared to its average volume of 76,339. The company’s 50 day moving average price is $30.66 and its 200-day moving average price is $27.13. The company has a debt-to-equity ratio of 1.90, a current ratio of 2.55 and a quick ratio of 1.59. Turning Point Brands, Inc. has a 1 year low of $19.67 and a 1 year high of $34.71. The firm has a market capitalization of $558.20 million, a P/E ratio of 13.96 and a beta of 0.61.
Turning Point Brands (NYSE:TPB – Get Free Report) last issued its quarterly earnings results on Thursday, May 2nd. The company reported $0.72 earnings per share for the quarter. Turning Point Brands had a return on equity of 37.62% and a net margin of 10.68%. The company had revenue of $97.06 million for the quarter.
Turning Point Brands Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, July 5th. Shareholders of record on Friday, June 14th will be issued a dividend of $0.07 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $0.28 annualized dividend and a yield of 0.88%. Turning Point Brands’s dividend payout ratio (DPR) 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.