ArrowMark Colorado Holdings LLC Sells 534,000 Shares of Turning Point Brands, Inc. (NYSE:TPB)

ArrowMark Colorado Holdings LLC lessened its position in Turning Point Brands, Inc. (NYSE:TPB) by 51.7% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 498,708 shares of the company’s stock after selling 534,000 shares during the period. ArrowMark Colorado Holdings LLC’s holdings in Turning Point Brands were worth $21,519,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in Turning Point Brands by 6.6% during the 1st quarter. Vanguard Group Inc. now owns 1,497,110 shares of the company’s stock valued at $43,865,000 after buying an additional 92,147 shares during the last quarter. Lazard Asset Management LLC bought a new stake in Turning Point Brands during the first quarter valued at approximately $48,000. Price T Rowe Associates Inc. MD increased its holdings in Turning Point Brands by 6.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 12,637 shares of the company’s stock valued at $371,000 after buying an additional 800 shares during the last quarter. Comerica Bank boosted its stake in shares of Turning Point Brands by 22,417.6% during the 1st quarter. Comerica Bank now owns 7,656 shares of the company’s stock worth $224,000 after acquiring an additional 7,622 shares during the last quarter. Finally, Boston Partners bought a new stake in shares of Turning Point Brands during the 1st quarter valued at $964,000. Hedge funds and other institutional investors own 96.12% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on TPB. Oppenheimer assumed coverage on Turning Point Brands in a report on Thursday, November 14th. They set an “outperform” rating and a $65.00 price target for the company. Roth Mkm started coverage on shares of Turning Point Brands in a report on Thursday, September 19th. They issued a “buy” rating and a $50.00 target price for the company. StockNews.com cut shares of Turning Point Brands from a “strong-buy” rating to a “buy” rating in a research note on Thursday, October 24th. Roth Capital raised Turning Point Brands to a “strong-buy” rating in a research report on Friday, November 8th. Finally, Benchmark boosted their target price on shares of Turning Point Brands from $45.00 to $65.00 and gave the company a “buy” rating in a research note on Tuesday, November 12th. Four investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $60.00.

Turning Point Brands Stock Up 0.8 %

Turning Point Brands stock opened at $61.90 on Monday. The business has a fifty day moving average price of $49.03 and a 200-day moving average price of $40.50. Turning Point Brands, Inc. has a 1-year low of $21.98 and a 1-year high of $63.51. The stock has a market capitalization of $1.10 billion, a price-to-earnings ratio of 24.56 and a beta of 0.63. The company has a debt-to-equity ratio of 1.33, a current ratio of 4.21 and a quick ratio of 1.78.

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

Turning Point Brands Dividend Announcement

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

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.