Turning Point Brands, Inc. (NYSE:TPB) Shares Purchased by Corsair Capital Management L.P.

Corsair Capital Management L.P. increased its holdings in shares of Turning Point Brands, Inc. (NYSE:TPB) by 49.0% during the third quarter, HoldingsChannel.com reports. The fund owned 30,412 shares of the company’s stock after buying an additional 10,000 shares during the period. Turning Point Brands accounts for about 0.3% of Corsair Capital Management L.P.’s holdings, making the stock its 28th largest holding. Corsair Capital Management L.P.’s holdings in Turning Point Brands were worth $1,312,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Federated Hermes Inc. increased its stake in Turning Point Brands by 245.9% in the second quarter. Federated Hermes Inc. now owns 154,708 shares of the company’s stock valued at $4,965,000 after purchasing an additional 109,983 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Turning Point Brands by 6.6% during the first quarter. Vanguard Group Inc. now owns 1,497,110 shares of the company’s stock worth $43,865,000 after buying an additional 92,147 shares in the last quarter. Tidal Investments LLC purchased a new position in Turning Point Brands during the first quarter worth about $1,661,000. Renaissance Technologies LLC raised its position in shares of Turning Point Brands by 21.1% in the 2nd quarter. Renaissance Technologies LLC now owns 302,697 shares of the company’s stock worth $9,714,000 after buying an additional 52,800 shares during the period. Finally, Boston Partners purchased a new position in shares of Turning Point Brands in the 1st quarter valued at $964,000. Institutional investors and hedge funds own 96.12% of the company’s stock.

Turning Point Brands Stock Performance

Shares of TPB stock opened at $62.58 on Wednesday. The firm has a market cap of $1.11 billion, a P/E ratio of 24.72 and a beta of 0.63. 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, Inc. has a fifty-two week low of $21.98 and a fifty-two week high of $63.51. The stock’s 50-day moving average is $47.78 and its two-hundred day moving average is $39.92.

Turning Point Brands (NYSE:TPB) last posted its earnings results on Thursday, November 7th. The company reported $0.68 EPS for the quarter, topping the consensus estimate of $0.67 by $0.01. The company had revenue of $105.62 million during the quarter, compared to the consensus estimate of $100.71 million. Turning Point Brands had a net margin of 11.63% and a return on equity of 33.14%. The company’s revenue for the quarter was up 3.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.69 earnings per share. Analysts predict that Turning Point Brands, Inc. will post 2.59 earnings per share for the current fiscal year.

Turning Point Brands Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Friday, December 20th will be paid a dividend of $0.07 per share. The ex-dividend date is Friday, December 20th. This represents a $0.28 annualized dividend and a dividend yield of 0.45%. Turning Point Brands’s dividend payout ratio (DPR) is presently 11.11%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Roth Mkm began coverage on Turning Point Brands in a report on Thursday, September 19th. They set a “buy” rating and a $50.00 price objective on the stock. Oppenheimer started 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. StockNews.com lowered Turning Point Brands from a “strong-buy” rating to a “buy” rating in a research report on Thursday, October 24th. Roth Capital raised Turning Point Brands to a “strong-buy” rating in a research note on Friday, November 8th. Finally, Benchmark increased their price target on shares of Turning Point Brands from $45.00 to $65.00 and gave the stock a “buy” rating in a research report on Tuesday, November 12th. Four equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $60.00.

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.