Turning Point Brands, Inc. (NYSE:TPB) Shares Sold by Ballast Asset Management LP

Ballast Asset Management LP lessened its position in Turning Point Brands, Inc. (NYSE:TPB) by 3.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 100,141 shares of the company’s stock after selling 3,468 shares during the period. Turning Point Brands makes up 3.1% of Ballast Asset Management LP’s portfolio, making the stock its 7th biggest position. Ballast Asset Management LP owned approximately 0.57% of Turning Point Brands worth $6,018,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. Arrowstreet Capital Limited Partnership grew its position in Turning Point Brands by 36.1% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 318,552 shares of the company’s stock worth $19,145,000 after purchasing an additional 84,552 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in Turning Point Brands by 15.6% in the 4th quarter. JPMorgan Chase & Co. now owns 142,251 shares of the company’s stock worth $8,549,000 after buying an additional 19,172 shares in the last quarter. Vanguard Group Inc. increased its position in Turning Point Brands by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 1,524,640 shares of the company’s stock valued at $91,631,000 after acquiring an additional 18,440 shares during the period. Sei Investments Co. increased its position in Turning Point Brands by 0.4% in the 4th quarter. Sei Investments Co. now owns 78,087 shares of the company’s stock valued at $4,693,000 after acquiring an additional 283 shares during the period. Finally, Quantbot Technologies LP raised its stake in Turning Point Brands by 577.6% during the 4th quarter. Quantbot Technologies LP now owns 10,245 shares of the company’s stock valued at $616,000 after acquiring an additional 8,733 shares in the last quarter. 96.12% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts have recently issued reports on TPB shares. Craig Hallum increased their price target on Turning Point Brands from $60.00 to $75.00 and gave the stock a “buy” rating in a research note on Thursday, December 5th. Alliance Global Partners began coverage on shares of Turning Point Brands in a research report on Monday, March 3rd. They issued a “buy” rating and a $80.00 target price for the company. Roth Mkm restated a “buy” rating and set a $70.00 price target on shares of Turning Point Brands in a research report on Friday, January 10th. StockNews.com lowered shares of Turning Point Brands from a “buy” rating to a “hold” rating in a research note on Tuesday, March 11th. Finally, Industrial Alliance Securities set a $85.00 price objective on shares of Turning Point Brands in a research note on Thursday, March 6th. One equities research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $73.33.

Turning Point Brands Stock Performance

NYSE:TPB opened at $59.34 on Tuesday. The company has a 50-day moving average of $63.16 and a 200-day moving average of $56.27. The firm has a market cap of $1.06 billion, a price-to-earnings ratio of 23.55 and a beta of 0.75. The company has a current ratio of 4.21, a quick ratio of 1.78 and a debt-to-equity ratio of 1.33. Turning Point Brands, Inc. has a twelve month low of $26.45 and a twelve month high of $72.54.

Turning Point Brands Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Friday, March 21st will be given a $0.075 dividend. This is a positive change from Turning Point Brands’s previous quarterly dividend of $0.07. The ex-dividend date is Friday, March 21st. This represents a $0.30 annualized dividend and a yield of 0.51%. Turning Point Brands’s payout ratio is 14.15%.

About Turning Point Brands

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.