Bronte Capital Management Pty Ltd. Takes $2.64 Million Position in Turning Point Brands, Inc. $TPB

Bronte Capital Management Pty Ltd. purchased a new stake in shares of Turning Point Brands, Inc. (NYSE:TPB) during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 24,372 shares of the company’s stock, valued at approximately $2,642,000. Turning Point Brands comprises approximately 0.3% of Bronte Capital Management Pty Ltd.’s portfolio, making the stock its 25th biggest holding.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Universal Beteiligungs und Servicegesellschaft mbH boosted its position in shares of Turning Point Brands by 72.1% during the 3rd quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 58,377 shares of the company’s stock valued at $5,771,000 after acquiring an additional 24,460 shares during the last quarter. GatePass Capital LLC acquired a new position in shares of Turning Point Brands during the 3rd quarter valued at about $1,119,000. Vest Financial LLC acquired a new position in shares of Turning Point Brands during the 3rd quarter valued at about $1,419,000. HighTower Advisors LLC acquired a new position in shares of Turning Point Brands during the 3rd quarter valued at about $3,735,000. Finally, Copeland Capital Management LLC boosted its position in shares of Turning Point Brands by 29,795.8% during the 4th quarter. Copeland Capital Management LLC now owns 204,188 shares of the company’s stock valued at $22,134,000 after acquiring an additional 203,505 shares during the last quarter. Institutional investors and hedge funds own 96.12% of the company’s stock.

Turning Point Brands Trading Down 0.7%

NYSE TPB opened at $81.06 on Wednesday. The firm’s 50-day moving average is $89.67 and its two-hundred day moving average is $101.51. Turning Point Brands, Inc. has a 12 month low of $64.37 and a 12 month high of $146.90. The company has a debt-to-equity ratio of 0.79, a current ratio of 5.56 and a quick ratio of 4.12. The stock has a market capitalization of $1.57 billion, a P/E ratio of 25.90 and a beta of 0.93.

Turning Point Brands Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Shareholders of record on Friday, June 19th will be given a $0.08 dividend. The ex-dividend date of this dividend is Thursday, June 18th. This represents a $0.32 dividend on an annualized basis and a yield of 0.4%. Turning Point Brands’s dividend payout ratio is presently 10.22%.

Wall Street Analyst Weigh In

TPB has been the topic of a number of research analyst reports. Wall Street Zen downgraded Turning Point Brands from a “buy” rating to a “hold” rating in a research report on Saturday, January 17th. Weiss Ratings downgraded Turning Point Brands from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, April 21st. Oppenheimer reaffirmed an “outperform” rating and issued a $130.00 target price on shares of Turning Point Brands in a research report on Wednesday, January 14th. Finally, Zacks Research cut shares of Turning Point Brands from a “hold” rating to a “strong sell” rating in a research report on Monday, March 2nd. Three analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Turning Point Brands currently has a consensus rating of “Hold” and an average price target of $116.67.

Insider Buying and Selling

In other Turning Point Brands news, CFO Andrew Flynn sold 2,000 shares of the company’s stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $97.57, for a total value of $195,140.00. Following the transaction, the chief financial officer owned 9,443 shares of the company’s stock, valued at $921,353.51. This represents a 17.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 5.40% of the stock is owned by 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.