Divisadero Street Capital Management LP Increases Stake in Turning Point Brands, Inc. $TPB

Divisadero Street Capital Management LP lifted its position in shares of Turning Point Brands, Inc. (NYSE:TPB) by 3.2% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 974,066 shares of the company’s stock after buying an additional 30,282 shares during the period. Turning Point Brands comprises 4.2% of Divisadero Street Capital Management LP’s investment portfolio, making the stock its 4th largest position. Divisadero Street Capital Management LP owned 5.11% of Turning Point Brands worth $96,296,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Turning Point Brands by 4.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,198 shares of the company’s stock valued at $606,000 after acquiring an additional 459 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Turning Point Brands by 2.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 91,741 shares of the company’s stock valued at $6,951,000 after purchasing an additional 2,135 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Turning Point Brands in the 2nd quarter valued at $1,068,000. Geode Capital Management LLC grew its holdings in shares of Turning Point Brands by 1.4% during the 2nd quarter. Geode Capital Management LLC now owns 509,743 shares of the company’s stock valued at $38,629,000 after purchasing an additional 7,104 shares during the last quarter. Finally, Police & Firemen s Retirement System of New Jersey grew its holdings in shares of Turning Point Brands by 12.1% during the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 4,004 shares of the company’s stock valued at $303,000 after purchasing an additional 432 shares during the last quarter. Hedge funds and other institutional investors own 96.12% of the company’s stock.

Insider Buying and Selling

In other Turning Point Brands news, Chairman David Edward Glazek sold 30,000 shares of the company’s stock in a transaction on 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 transaction, the chairman directly owned 127,083 shares in the company, valued at approximately $14,012,171.58. This represents 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 firm’s 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 directly owned 9,443 shares of the company’s stock, valued at approximately $921,353.51. This represents a 17.48% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 6.60% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

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

Turning Point Brands Stock Performance

Shares of NYSE:TPB opened at $90.71 on Monday. The company has a market cap of $1.74 billion, a price-to-earnings ratio of 28.98 and a beta of 0.85. The company has a 50-day moving average price of $117.75 and a 200-day moving average price of $105.43. The company has a current ratio of 5.56, a quick ratio of 4.12 and a debt-to-equity ratio of 0.79. Turning Point Brands, Inc. has a 12 month low of $51.48 and a 12 month high of $146.90.

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 0.4%. 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%.

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.