Wedge Capital Management L L P NC Lowers Stock Position in Turning Point Brands, Inc. (NYSE:TPB)

Wedge Capital Management L L P NC trimmed its position in Turning Point Brands, Inc. (NYSE:TPB - Free Report) by 35.5% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 15,486 shares of the company's stock after selling 8,518 shares during the period. Wedge Capital Management L L P NC owned 0.09% of Turning Point Brands worth $931,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Corsair Capital Management L.P. raised its stake in Turning Point Brands by 49.0% in the third quarter. Corsair Capital Management L.P. now owns 30,412 shares of the company's stock valued at $1,312,000 after purchasing an additional 10,000 shares in the last quarter. Pekin Hardy Strauss Inc. purchased a new stake in shares of Turning Point Brands during the 3rd quarter valued at $1,260,000. Millennium Management LLC lifted its holdings in shares of Turning Point Brands by 14.1% during the 2nd quarter. Millennium Management LLC now owns 178,367 shares of the company's stock worth $5,724,000 after acquiring an additional 22,035 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in shares of Turning Point Brands by 72,406.7% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 10,876 shares of the company's stock worth $469,000 after acquiring an additional 10,861 shares during the last quarter. Finally, 272 Capital LP purchased a new position in Turning Point Brands in the third quarter worth $1,488,000. 96.12% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

TPB has been the subject of several research analyst reports. Oppenheimer began coverage on Turning Point Brands in a research note on Thursday, November 14th. They set an "outperform" rating and a $65.00 price target for the company. Roth Mkm restated a "buy" rating and issued a $70.00 target price on shares of Turning Point Brands in a research report on Friday, January 10th. Roth Capital upgraded shares of Turning Point Brands to a "strong-buy" rating in a research report on Friday, November 8th. StockNews.com downgraded shares of Turning Point Brands from a "buy" rating to a "hold" rating in a research note on Tuesday, January 14th. Finally, Craig Hallum upped their price objective on shares of Turning Point Brands from $60.00 to $75.00 and gave the company a "buy" rating in a research note on Thursday, December 5th. One research analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $68.75.

Turning Point Brands Trading Up 1.2 %

NYSE:TPB traded up $0.69 during midday trading on Tuesday, reaching $58.27. 108,770 shares of the stock traded hands, compared to its average volume of 189,053. The stock has a market capitalization of $1.03 billion, a P/E ratio of 23.12 and a beta of 0.66. Turning Point Brands, Inc. has a 12 month low of $21.98 and a 12 month high of $66.18. The company has a debt-to-equity ratio of 1.33, a quick ratio of 1.78 and a current ratio of 4.21. The company has a fifty day moving average of $59.74 and a 200 day moving average of $47.35.

Turning Point Brands (NYSE:TPB - Get Free Report) last released its quarterly earnings data 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. The business had revenue of $105.62 million during the quarter, compared to analysts' expectations of $100.71 million. Turning Point Brands had a return on equity of 33.14% and a net margin of 11.63%. The business's revenue was up 3.8% on a year-over-year basis. During the same quarter last year, the business posted $0.69 EPS. On average, research analysts predict that Turning Point Brands, Inc. will post 2.59 EPS for the current year.

Turning Point Brands Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 20th were given a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a dividend yield of 0.48%. The ex-dividend date of this dividend was Friday, December 20th. Turning Point Brands's dividend payout ratio is currently 11.11%.

About Turning Point Brands

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.