Arrowstreet Capital Limited Partnership Grows Position in Turning Point Brands, Inc. (NYSE:TPB)

Arrowstreet Capital Limited Partnership boosted its stake in shares of Turning Point Brands, Inc. (NYSE:TPB - Free Report) by 36.1% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 318,552 shares of the company's stock after purchasing an additional 84,552 shares during the period. Arrowstreet Capital Limited Partnership owned about 1.80% of Turning Point Brands worth $19,145,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. USA Financial Formulas bought a new position in shares of Turning Point Brands during the fourth quarter valued at approximately $73,000. Levin Capital Strategies L.P. acquired a new position in shares of Turning Point Brands during the fourth quarter worth $212,000. Entropy Technologies LP acquired a new stake in Turning Point Brands in the fourth quarter worth about $234,000. AlphaQuest LLC raised its holdings in shares of Turning Point Brands by 56.4% in the fourth quarter. AlphaQuest LLC now owns 4,131 shares of the company's stock worth $248,000 after buying an additional 1,490 shares during the last quarter. Finally, Semanteon Capital Management LP acquired a new stake in Turning Point Brands during the 4th quarter worth about $271,000. 96.12% of the stock is owned by hedge funds and other institutional investors.

Turning Point Brands Price Performance

Shares of TPB traded down $0.19 during trading hours on Tuesday, reaching $55.09. The company had a trading volume of 186,982 shares, compared to its average volume of 157,168. The company has a market capitalization of $978.49 million, a price-to-earnings ratio of 21.86 and a beta of 0.70. Turning Point Brands, Inc. has a 12-month low of $26.45 and a 12-month high of $72.54. The firm has a 50 day simple moving average of $62.93 and a 200-day simple moving average of $56.99. The company has a current ratio of 4.21, a quick ratio of 1.78 and a debt-to-equity ratio of 1.33.

Remove Ads

Turning Point Brands Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Friday, March 21st will be given a $0.075 dividend. The ex-dividend date of this dividend is Friday, March 21st. This is a positive change from Turning Point Brands's previous quarterly dividend of $0.07. This represents a $0.30 annualized dividend and a dividend yield of 0.54%. Turning Point Brands's payout ratio is currently 14.15%.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on TPB shares. Roth Mkm reaffirmed a "buy" rating and set a $70.00 price target on shares of Turning Point Brands in a research report on Friday, January 10th. Alliance Global Partners assumed coverage on shares of Turning Point Brands in a report on Monday, March 3rd. They issued a "buy" rating and a $80.00 price objective for the company. StockNews.com lowered shares of Turning Point Brands from a "buy" rating to a "hold" rating in a report on Tuesday, March 11th. Finally, Industrial Alliance Securities set a $85.00 target price on shares of Turning Point Brands in a research report on Thursday, March 6th. One investment analyst has rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Buy" and an average price target of $73.33.

Turning Point Brands 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.