Argent Capital Management LLC acquired a new position in shares of Turning Point Brands, Inc. (NYSE:TPB) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 166,374 shares of the company’s stock, valued at approximately $2,552,000. Argent Capital Management LLC owned about 0.88% of Turning Point Brands at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently made changes to their positions in TPB. Wells Fargo & Company MN lifted its stake in Turning Point Brands by 77.6% during the first quarter. Wells Fargo & Company MN now owns 47,828 shares of the company’s stock worth $747,000 after purchasing an additional 20,898 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in Turning Point Brands by 55.7% during the first quarter. Bank of New York Mellon Corp now owns 40,236 shares of the company’s stock worth $628,000 after purchasing an additional 14,396 shares during the last quarter. Neuberger Berman Group LLC lifted its stake in Turning Point Brands by 10.0% during the first quarter. Neuberger Berman Group LLC now owns 33,000 shares of the company’s stock worth $515,000 after purchasing an additional 3,000 shares during the last quarter. Spark Investment Management LLC lifted its stake in Turning Point Brands by 33.7% during the first quarter. Spark Investment Management LLC now owns 23,400 shares of the company’s stock worth $365,000 after purchasing an additional 5,900 shares during the last quarter. Finally, Renaissance Technologies LLC bought a new position in Turning Point Brands during the first quarter worth $658,000. Hedge funds and other institutional investors own 15.85% of the company’s stock.
In other Turning Point Brands news, major shareholder General L.P. Standard acquired 100,000 shares of Turning Point Brands stock in a transaction on Wednesday, August 16th. The shares were bought at an average price of $16.52 per share, with a total value of $1,652,000.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider James Wells Dobbins sold 6,000 shares of the business’s stock in a transaction on Monday, August 14th. The stock was sold at an average price of $16.04, for a total value of $96,240.00. Following the completion of the transaction, the insider now directly owns 90,041 shares in the company, valued at approximately $1,444,257.64. The disclosure for this sale can be found here. In the last ninety days, insiders purchased 203,303 shares of company stock worth $3,415,466 and sold 21,002 shares worth $347,884. 14.20% of the stock is owned by insiders.
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Turning Point Brands, Inc. (NYSE:TPB) traded up 0.69% during midday trading on Monday, reaching $17.39. The company’s stock had a trading volume of 19,398 shares. Turning Point Brands, Inc. has a 1-year low of $11.67 and a 1-year high of $18.05. The firm has a market capitalization of $330.91 million, a PE ratio of 10.92 and a beta of 0.19. The firm has a 50 day moving average price of $17.02 and a 200 day moving average price of $16.05.
Turning Point Brands (NYSE:TPB) last announced its quarterly earnings results on Thursday, August 10th. The company reported $0.38 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.36 by $0.02. The business had revenue of $72.10 million for the quarter, compared to analyst estimates of $67.35 million. Turning Point Brands had a return on equity of 114.77% and a net margin of 13.62%. Turning Point Brands’s quarterly revenue was up 39.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.05 EPS. On average, analysts predict that Turning Point Brands, Inc. will post $1.28 EPS for the current year.
A number of equities research analysts have issued reports on the company. FBR & Co reiterated a “buy” rating and issued a $17.00 target price on shares of Turning Point Brands in a research note on Monday, October 2nd. Zacks Investment Research upgraded Turning Point Brands from a “sell” rating to a “hold” rating in a research note on Tuesday, September 26th. Finally, Cowen and Company reiterated a “buy” rating and issued a $20.00 target price on shares of Turning Point Brands in a research note on Sunday, September 17th.
About Turning Point Brands
Turning Point Brands, Inc is an independent provider of Other Tobacco Products (OTP) in the United States. The Company operates in three segments smokeless products, smoking products and NewGen products. The smokeless products segment manufactures and markets moist snuff; and contracts for and markets chewing tobacco products.
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