GatePass Capital LLC Purchases 8,677 Shares of Turning Point Brands, Inc. $TPB

GatePass Capital LLC grew its position in Turning Point Brands, Inc. (NYSE:TPB) by 76.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 20,000 shares of the company’s stock after purchasing an additional 8,677 shares during the quarter. Turning Point Brands makes up about 1.1% of GatePass Capital LLC’s investment portfolio, making the stock its 22nd largest holding. GatePass Capital LLC owned approximately 0.10% of Turning Point Brands worth $2,168,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Caitong International Asset Management Co. Ltd purchased a new stake in Turning Point Brands in the 3rd quarter worth $28,000. Advisory Services Network LLC bought a new stake in Turning Point Brands during the 3rd quarter valued at approximately $28,000. Huntington National Bank lifted its holdings in Turning Point Brands by 54.9% in the 3rd quarter. Huntington National Bank now owns 457 shares of the company’s stock worth $45,000 after purchasing an additional 162 shares in the last quarter. GAMMA Investing LLC boosted its stake in Turning Point Brands by 33.4% in the 4th quarter. GAMMA Investing LLC now owns 491 shares of the company’s stock worth $53,000 after purchasing an additional 123 shares during the period. Finally, First Horizon Corp grew its holdings in Turning Point Brands by 96.0% during the 4th quarter. First Horizon Corp now owns 492 shares of the company’s stock valued at $53,000 after buying an additional 241 shares in the last quarter. 96.12% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on TPB shares. Weiss Ratings lowered shares of Turning Point Brands from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday, May 11th. Zacks Research downgraded shares of Turning Point Brands from a “hold” rating to a “strong sell” rating in a report on Monday, March 2nd. Needham & Company LLC raised Turning Point Brands from a “hold” rating to a “buy” rating and set a $125.00 target price on the stock in a report on Friday, May 8th. Finally, Wall Street Zen lowered Turning Point Brands from a “hold” rating to a “strong sell” rating in a research note on Saturday, May 16th. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $118.75.

Turning Point Brands Price Performance

Shares of Turning Point Brands stock opened at $89.79 on Tuesday. The stock has a market cap of $1.74 billion, a price-to-earnings ratio of 30.54 and a beta of 0.93. The company has a debt-to-equity ratio of 0.76, a quick ratio of 4.05 and a current ratio of 5.87. The stock has a 50 day moving average price of $83.80 and a 200-day moving average price of $101.56. Turning Point Brands, Inc. has a one year low of $65.80 and a one year high of $146.90.

Turning Point Brands (NYSE:TPB) last issued its quarterly earnings results on Thursday, May 7th. The company reported $0.76 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.68 by $0.08. Turning Point Brands had a return on equity of 16.54% and a net margin of 11.53%.The company had revenue of $124.28 million during the quarter, compared to the consensus estimate of $115.67 million. During the same period last year, the company earned $0.91 earnings per share. Turning Point Brands’s revenue was up 16.8% on a year-over-year basis. Equities analysts expect that Turning Point Brands, Inc. will post 2.66 EPS for the current year.

Turning Point Brands Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 10th. Investors of record on Friday, June 19th will be given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date of this dividend is Thursday, June 18th. Turning Point Brands’s dividend payout ratio is 10.88%.

Insider Activity

In related news, CAO Brian Wigginton sold 4,000 shares of the business’s stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $91.67, for a total transaction of $366,680.00. Following the completion of the transaction, the chief accounting officer owned 9,230 shares in the company, valued at $846,114.10. The trade was a 30.23% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Andrew Flynn sold 2,000 shares of the stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $97.57, for a total value of $195,140.00. Following the completion of the sale, the chief financial officer owned 9,443 shares in the company, valued at approximately $921,353.51. The trade was a 17.48% decrease in their position. The disclosure for this sale is available in the SEC filing. 5.40% of the stock is owned by company insiders.

Turning Point Brands Company Profile

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.