Investing

Standard General Rolls Back Stake in Turning Point (TPB) After Q3 Results

Fintel reports Standard General L.P. has filed a 13D/A form with the SEC disclosing ownership of 675,402 shares of Turning Point Brands Inc (TPB). This represents 3.85% of the company.

In their previous filing dated March 17, 2022 they reported 1,650,402 shares and 9.00% of the company, a decrease in shares of 59.08% and a decrease in total ownership of 5.15% (calculated as current – previous percent ownership).

In late October, Turning point released Q3 earnings and supplied the following highlights:

Q3 2022 vs. Q3 2021

  • Net sales decreased 1.9% to $107.8 million
  • Gross profit decreased 2.9% to $52.7 million
  • Net income decreased 14.3% to $11.5 million
  • Adjusted EBITDA decreased 6.7% to $24.5 million (see Schedule A for a reconciliation to net income)
  • Diluted EPS of $0.60 and Adjusted Diluted EPS of $0.72 compared to $0.65 and $0.72 in the same period one year ago, respectively (see Schedule B for a reconciliation to Diluted EPS)

What are other large shareholders doing?

Thrivent Financial For Lutherans holds 1,536,026 shares representing 8.75% ownership of the company. In it’s prior filing, the firm reported owning 1,543,875 shares, representing a decrease of 0.51%. The firm decreased its portfolio allocation in TPB by 47.37% over the last quarter.

BlackRock Inc. holds 1,363,929 shares representing 7.77% ownership of the company. In it’s prior filing, the firm reported owning 1,030,076 shares, representing an increase of 24.48%. The firm increased its portfolio allocation in TPB by 25.77% over the last quarter.

Vanguard Group Inc holds 1,041,955 shares representing 5.93% ownership of the company. In it’s prior filing, the firm reported owning 973,564 shares, representing an increase of 6.56%. The firm decreased its portfolio allocation in TPB by 78.79% over the last quarter.

ArrowMark Colorado Holdings LLC holds 926,591 shares representing 5.28% ownership of the company. In it’s prior filing, the firm reported owning 718,697 shares, representing an increase of 22.44%. The firm increased its portfolio allocation in TPB by 34.50% over the last quarter.

What is the overall institutional sentiment?

There are 305 funds or institutions reporting positions in Turning Point Brands Inc. This is a decrease of 16 owner(s) or 4.98%.

Average portfolio weight of all funds dedicated to Turning Point Brands Inc is 0.2054%, a decrease of 12.9847%. Total shares owned by institutions decreased in the last three months by 9.95% to 17,757,810 shares.

Based on this information, institutional sentiment is bearish.

This article originally appeared on Fintel

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