Corsair Capital Management L.P. Buys 10,000 Shares of Turning Point Brands, Inc. (NYSE:TPB)

Corsair Capital Management L.P. increased its stake in Turning Point Brands, Inc. (NYSE:TPB) by 49.0% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 30,412 shares of the company’s stock after purchasing an additional 10,000 shares during the period. Turning Point Brands accounts for 0.3% of Corsair Capital Management L.P.’s portfolio, making the stock its 28th largest holding. Corsair Capital Management L.P. owned about 0.17% of Turning Point Brands worth $1,312,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also bought and sold shares of the company. Marshall Wace LLP increased its position in shares of Turning Point Brands by 0.3% during the second quarter. Marshall Wace LLP now owns 119,954 shares of the company’s stock worth $3,849,000 after acquiring an additional 367 shares in the last quarter. Principal Financial Group Inc. boosted its position in Turning Point Brands by 8.9% during the second quarter. Principal Financial Group Inc. now owns 8,456 shares of the company’s stock worth $271,000 after purchasing an additional 693 shares during the period. Access Investment Management LLC grew its stake in Turning Point Brands by 0.6% in the 2nd quarter. Access Investment Management LLC now owns 121,385 shares of the company’s stock valued at $3,895,000 after buying an additional 745 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of Turning Point Brands by 6.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 12,637 shares of the company’s stock worth $371,000 after purchasing an additional 800 shares during the period. Finally, Copeland Capital Management LLC acquired a new stake in shares of Turning Point Brands during the third quarter worth $61,000. 96.12% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have recently issued reports on TPB. Oppenheimer assumed coverage on Turning Point Brands in a report on Thursday, November 14th. They set an “outperform” rating and a $65.00 target price on the stock. Roth Mkm assumed coverage on Turning Point Brands in a research report on Thursday, September 19th. They set a “buy” rating and a $50.00 target price for the company. Benchmark upped their target price on Turning Point Brands from $45.00 to $65.00 and gave the company a “buy” rating in a research report on Tuesday, November 12th. StockNews.com downgraded Turning Point Brands from a “strong-buy” rating to a “buy” rating in a report on Thursday, October 24th. Finally, Roth Capital raised Turning Point Brands to a “strong-buy” rating in a research report on Friday, November 8th. Four analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Turning Point Brands has an average rating of “Buy” and an average price target of $60.00.

Turning Point Brands Stock Performance

Shares of Turning Point Brands stock opened at $62.58 on Wednesday. The company has a current ratio of 4.21, a quick ratio of 1.78 and a debt-to-equity ratio of 1.33. The firm has a market capitalization of $1.11 billion, a P/E ratio of 24.72 and a beta of 0.63. The business has a fifty day simple moving average of $47.78 and a two-hundred day simple moving average of $39.92. Turning Point Brands, Inc. has a 12 month low of $21.98 and a 12 month high of $63.51.

Turning Point Brands (NYSE:TPB) last announced its quarterly earnings results on Thursday, November 7th. The company reported $0.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.67 by $0.01. The firm had revenue of $105.62 million for 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 business’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.69 EPS. On average, equities analysts forecast 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 disclosed a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Friday, December 20th will be paid a $0.07 dividend. This represents a $0.28 annualized dividend and a dividend yield of 0.45%. The ex-dividend date is Friday, December 20th. Turning Point Brands’s payout ratio is 11.11%.

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.