Martingale Asset Management L P Trims Stock Holdings in Turning Point Brands, Inc. (NYSE:TPB)

Martingale Asset Management L P decreased its position in Turning Point Brands, Inc. (NYSE:TPBGet Rating) by 37.7% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,412 shares of the company’s stock after selling 5,094 shares during the period. Martingale Asset Management L P’s holdings in Turning Point Brands were worth $229,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in TPB. Royce & Associates LP raised its stake in Turning Point Brands by 19.8% in the 1st quarter. Royce & Associates LP now owns 24,800 shares of the company’s stock worth $843,000 after acquiring an additional 4,100 shares during the last quarter. IndexIQ Advisors LLC purchased a new position in Turning Point Brands in the 1st quarter worth $431,000. Qube Research & Technologies Ltd acquired a new stake in Turning Point Brands during the 1st quarter worth about $221,000. M&T Bank Corp grew its position in Turning Point Brands by 7.5% during the 1st quarter. M&T Bank Corp now owns 11,685 shares of the company’s stock worth $397,000 after purchasing an additional 820 shares during the period. Finally, Swiss National Bank grew its position in Turning Point Brands by 6.0% during the 1st quarter. Swiss National Bank now owns 33,500 shares of the company’s stock worth $1,139,000 after purchasing an additional 1,900 shares during the period. Hedge funds and other institutional investors own 86.96% of the company’s stock.

Turning Point Brands Price Performance

NYSE:TPB opened at $21.74 on Thursday. Turning Point Brands, Inc. has a 52 week low of $18.81 and a 52 week high of $38.90. The company has a quick ratio of 3.39, a current ratio of 6.11 and a debt-to-equity ratio of 3.19. The stock has a market capitalization of $381.75 million, a PE ratio of 10.76 and a beta of 0.53. The stock’s 50-day moving average price is $21.56 and its 200-day moving average price is $24.82.

Turning Point Brands (NYSE:TPBGet Rating) last posted its earnings results on Wednesday, October 26th. The company reported $0.72 EPS for the quarter, beating analysts’ consensus estimates of $0.56 by $0.16. Turning Point Brands had a return on equity of 42.74% and a net margin of 9.45%. The firm had revenue of $107.80 million for the quarter. As a group, equities analysts expect that Turning Point Brands, Inc. will post 2.28 EPS for the current fiscal year.

Turning Point Brands Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 6th. Investors of record on Friday, December 16th will be issued a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 1.10%. The ex-dividend date is Thursday, December 15th. Turning Point Brands’s payout ratio is 11.88%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on TPB shares. Craig Hallum cut their price target on Turning Point Brands to $35.00 in a research report on Thursday, October 20th. Cowen cut their price target on Turning Point Brands from $65.00 to $45.00 in a research report on Thursday, July 28th. Cowen cut their price target on Turning Point Brands from $65.00 to $45.00 in a research report on Thursday, July 28th. Barclays downgraded Turning Point Brands from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $28.00 to $22.00 in a research report on Monday, October 10th. Finally, StockNews.com assumed coverage on Turning Point Brands in a research report on Wednesday, October 12th. They set a “hold” rating on the stock.

About Turning Point Brands

(Get Rating)

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 NewGen Products. The Zig-Zag Products segment markets and distributes rolling papers, tubes, finished cigars, make-your-own cigar wraps, and related products under the Zig-Zag brand.

See Also

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Institutional Ownership by Quarter for Turning Point Brands (NYSE:TPB)

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