Lord Abbett & CO. LLC Trims Stake in Turning Point Brands, Inc. (NYSE:TPB)

Lord Abbett & CO. LLC lessened its holdings in Turning Point Brands, Inc. (NYSE:TPB) by 3.7% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 244,469 shares of the company’s stock after selling 9,385 shares during the period. Lord Abbett & CO. LLC owned 1.38% of Turning Point Brands worth $10,549,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in TPB. Copeland Capital Management LLC purchased a new stake in shares of Turning Point Brands in the 3rd quarter valued at about $61,000. SG Americas Securities LLC purchased a new stake in Turning Point Brands in the second quarter valued at approximately $129,000. The Manufacturers Life Insurance Company bought a new stake in Turning Point Brands during the second quarter valued at approximately $209,000. Magnetar Financial LLC purchased a new position in Turning Point Brands in the 2nd quarter worth approximately $212,000. Finally, Aigen Investment Management LP bought a new position in shares of Turning Point Brands in the 3rd quarter worth $221,000. Institutional investors own 96.12% of the company’s stock.

Turning Point Brands Trading Up 0.4 %

Shares of TPB stock opened at $60.77 on Tuesday. The business has a 50-day moving average of $53.10 and a 200 day moving average of $42.57. 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 1-year low of $21.98 and a 1-year high of $66.18. The stock has a market capitalization of $1.08 billion, a PE ratio of 24.12 and a beta of 0.66.

Turning Point Brands (NYSE:TPB) last released its quarterly earnings data on Thursday, November 7th. The company reported $0.68 earnings per share for the quarter, beating analysts’ consensus estimates of $0.67 by $0.01. Turning Point Brands had a return on equity of 33.14% and a net margin of 11.63%. The firm had revenue of $105.62 million during the quarter, compared to analyst estimates of $100.71 million. During the same quarter in the prior year, the firm posted $0.69 earnings per share. The business’s quarterly revenue was up 3.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that Turning Point Brands, Inc. will post 2.59 earnings per share for the current year.

Turning Point Brands Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Friday, December 20th will be given a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.46%. The ex-dividend date is Friday, December 20th. Turning Point Brands’s payout ratio is 11.11%.

Wall Street Analyst Weigh In

TPB has been the subject of a number of research analyst reports. Craig Hallum lifted their price objective on shares of Turning Point Brands from $60.00 to $75.00 and gave the stock a “buy” rating in a report on Thursday, December 5th. StockNews.com cut Turning Point Brands from a “buy” rating to a “hold” rating in a report on Tuesday, December 10th. Benchmark raised their price objective on Turning Point Brands from $45.00 to $65.00 and gave the company a “buy” rating in a report on Tuesday, November 12th. Oppenheimer assumed coverage on Turning Point Brands in a research note on Thursday, November 14th. They issued an “outperform” rating and a $65.00 target price for the company. Finally, Roth Capital upgraded shares of Turning Point Brands to a “strong-buy” rating in a research report on Friday, November 8th. One investment analyst has rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $63.75.

Turning Point Brands Company 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.