Franklin Resources Inc. Cuts Stake in Turning Point Brands, Inc. (NYSE:TPB)

Franklin Resources Inc. cut its holdings in shares of Turning Point Brands, Inc. (NYSE:TPB - Free Report) by 36.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 100,469 shares of the company's stock after selling 56,620 shares during the quarter. Franklin Resources Inc. owned approximately 0.57% of Turning Point Brands worth $6,038,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in TPB. USA Financial Formulas bought a new stake in shares of Turning Point Brands in the fourth quarter valued at approximately $73,000. Levin Capital Strategies L.P. bought a new stake in Turning Point Brands during the 4th quarter valued at $212,000. Entropy Technologies LP purchased a new stake in shares of Turning Point Brands during the fourth quarter worth $234,000. AlphaQuest LLC boosted 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 acquiring an additional 1,490 shares during the period. Finally, Semanteon Capital Management LP purchased a new position in shares of Turning Point Brands in the fourth quarter valued at $271,000. Institutional investors own 96.12% of the company's stock.

Analyst Ratings Changes

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

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Turning Point Brands Price Performance

TPB stock traded up $0.08 during midday trading on Tuesday, reaching $56.99. The company had a trading volume of 13,227 shares, compared to its average volume of 157,737. The firm has a 50-day moving average price of $62.37 and a 200-day moving average price of $57.51. The company has a market capitalization of $1.01 billion, a P/E ratio of 22.59 and a beta of 0.70. Turning Point Brands, Inc. has a 1 year low of $26.45 and a 1 year high of $72.54. 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 Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Stockholders of record on Friday, March 21st were issued a $0.075 dividend. This is a boost from Turning Point Brands's previous quarterly dividend of $0.07. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.53%. The ex-dividend date of this dividend was Friday, March 21st. Turning Point Brands's dividend payout ratio is presently 14.15%.

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.