Cannell Capital LLC Raises Stock Position in Turning Point Brands, Inc. $TPB

Cannell Capital LLC boosted its position in Turning Point Brands, Inc. (NYSE:TPB) by 198.8% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 180,100 shares of the company’s stock after purchasing an additional 119,821 shares during the period. Turning Point Brands makes up approximately 2.7% of Cannell Capital LLC’s investment portfolio, making the stock its 5th biggest holding. Cannell Capital LLC’s holdings in Turning Point Brands were worth $17,805,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the business. Divisadero Street Capital Management LP raised its holdings in shares of Turning Point Brands by 187.5% in the second quarter. Divisadero Street Capital Management LP now owns 943,784 shares of the company’s stock worth $71,511,000 after buying an additional 615,521 shares during the period. Thrivent Financial for Lutherans boosted its holdings in Turning Point Brands by 11.9% during the 3rd quarter. Thrivent Financial for Lutherans now owns 808,613 shares of the company’s stock valued at $79,940,000 after acquiring an additional 85,716 shares during the period. ArrowMark Colorado Holdings LLC grew its position in Turning Point Brands by 24.9% in the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 674,809 shares of the company’s stock valued at $66,712,000 after acquiring an additional 134,401 shares during the last quarter. Geode Capital Management LLC increased its stake in Turning Point Brands by 1.4% in the second quarter. Geode Capital Management LLC now owns 509,743 shares of the company’s stock worth $38,629,000 after purchasing an additional 7,104 shares during the period. Finally, Arrowstreet Capital Limited Partnership increased its stake in Turning Point Brands by 33.8% in the third quarter. Arrowstreet Capital Limited Partnership now owns 441,772 shares of the company’s stock worth $43,674,000 after purchasing an additional 111,590 shares during the period. Hedge funds and other institutional investors own 96.12% of the company’s stock.

Turning Point Brands Stock Performance

Shares of Turning Point Brands stock opened at $90.71 on Friday. The company has a current ratio of 5.56, a quick ratio of 4.12 and a debt-to-equity ratio of 0.79. The stock’s fifty day moving average price is $117.75 and its 200-day moving average price is $105.38. The firm has a market cap of $1.74 billion, a P/E ratio of 28.98 and a beta of 0.85. 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. Shareholders of record on Friday, March 20th will be given a dividend of $0.08 per share. This is a positive change from Turning Point Brands’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend is Friday, March 20th. This represents a $0.32 dividend on an annualized basis and a yield of 0.4%. Turning Point Brands’s payout ratio is 9.58%.

Analysts Set New Price Targets

TPB has been the subject of several research analyst reports. Oppenheimer reiterated an “outperform” rating and set a $130.00 target price on shares of Turning Point Brands in a research report on Wednesday, January 14th. Zacks Research downgraded shares of Turning Point Brands from a “hold” rating to a “strong sell” rating in a research note on Monday, March 2nd. Weiss Ratings reiterated a “buy (b-)” rating on shares of Turning Point Brands in a report on Tuesday, December 23rd. Finally, Wall Street Zen cut shares of 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 given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $116.67.

Insider Activity

In other news, Chairman David Edward Glazek sold 30,000 shares of the stock in a transaction that occurred on Friday, December 19th. The shares were sold at an average price of $110.26, for a total transaction of $3,307,800.00. Following the transaction, the chairman directly owned 127,083 shares in the company, valued at approximately $14,012,171.58. This trade represents a 19.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Andrew Flynn sold 2,000 shares of Turning Point Brands stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $97.57, for a total transaction of $195,140.00. Following the transaction, the chief financial officer directly owned 9,443 shares in the company, valued at approximately $921,353.51. The trade was a 17.48% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 34,000 shares of company stock worth $3,719,340. 6.60% of the stock is currently owned by corporate insiders.

About Turning Point Brands

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.