Bank of New York Mellon Corp increased its position in shares of Turning Point Brands, Inc. (NYSE:TPB) by 55.7% during the first quarter, Holdings Channel reports. The fund owned 40,236 shares of the company’s stock after buying an additional 14,396 shares during the period. Bank of New York Mellon Corp’s holdings in Turning Point Brands were worth $628,000 at the end of the most recent quarter.
Separately, Wells Fargo & Company MN increased its position in shares of Turning Point Brands by 77.6% in the first quarter. Wells Fargo & Company MN now owns 47,828 shares of the company’s stock worth $747,000 after buying an additional 20,898 shares during the last quarter. 68.69% of the stock is currently owned by institutional investors and hedge funds.
Shares of Turning Point Brands, Inc. (NYSE:TPB) opened at 15.01 on Thursday. The stock has a market capitalization of $282.86 million, a P/E ratio of 11.78 and a beta of 0.52. The stock has a 50 day moving average of $15.34 and a 200-day moving average of $14.96. Turning Point Brands, Inc. has a 52-week low of $8.67 and a 52-week high of $18.05.
Turning Point Brands (NYSE:TPB) last released its quarterly earnings data on Thursday, May 11th. The company reported $0.29 earnings per share for the quarter, missing the consensus estimate of $0.32 by $0.03. The firm had revenue of $66.80 million during the quarter, compared to the consensus estimate of $64.90 million. Turning Point Brands had a net margin of 11.90% and a return on equity of 131.39%. The business’s revenue was up 33.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.12 earnings per share. Analysts predict that Turning Point Brands, Inc. will post $1.32 EPS for the current fiscal year.
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A number of research analysts have issued reports on the stock. Zacks Investment Research raised shares of Turning Point Brands from a “sell” rating to a “hold” rating in a research report on Tuesday, July 18th. Cowen and Company reissued an “outperform” rating and set a $19.00 price objective (up from $18.00) on shares of Turning Point Brands in a research report on Monday, May 15th. Finally, FBR & Co reissued a “buy” rating and set a $17.00 price objective on shares of Turning Point Brands in a research report on Friday, May 12th.
In related news, insider Lawrence Wexler sold 1,858 shares of Turning Point Brands stock in a transaction dated Thursday, May 25th. The stock was sold at an average price of $16.42, for a total value of $30,508.36. Following the completion of the sale, the insider now directly owns 219,137 shares in the company, valued at $3,598,229.54. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider James Wells Dobbins sold 6,000 shares of Turning Point Brands stock in a transaction dated Tuesday, May 23rd. The shares were sold at an average price of $16.67, for a total value of $100,020.00. Following the completion of the sale, the insider now owns 90,041 shares of the company’s stock, valued at $1,500,983.47. The disclosure for this sale can be found here.
Turning Point Brands Company Profile
Turning Point Brands, Inc is an independent provider of Other Tobacco Products (OTP) in the United States. The Company operates in three segments smokeless products, smoking products and NewGen products. The smokeless products segment manufactures and markets moist snuff; and contracts for and markets chewing tobacco products.
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