According to a filing with the Securities and Exchange Commission dated November 4, 2025, Ballast sold 34,077 shares of Turning Point Brands (TPB 1.20%) during Q3 2025. The transaction was valued at $3.08 million. Ballast’s stake decreased to 67,552 shares, worth $6.68 million.
What else to know
Following the sale, Turning Point Brands represents 3.05% of Ballast’s $219.14 million reportable AUM.
Top holdings after the filing:
NASDAQ:CLMB: $10.76 million (4.9% of AUM) as of September 30, 2025.
NYSE:NRP: $7.97 million (3.6% of AUM) as of September 30, 2025.
NYSE:SEI: $7.27 million (3.3% of AUM) as of September 30, 2025.
NASDAQ:BELFB: $7.20 million (3.29% of AUM) as of September 30, 2025.
NASDAQ:CVCO: $7.11 million (3.24% of AUM) as of September 30, 2025.
As of November 3, 2025, Turning Point Brands shares were priced at $93.64, up 96.4% over the past year and outperforming the S&P 500 by 79.0 percentage points.
TPB’s forward P/E is 25.34 (FY2026), EV/EBITDA is 19.99 (TTM as of June 30, 2025), and dividend yield is 0.32% as of November 4, 2025.
Company overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $474.27 million |
| Net Income (TTM) | $43.65 million |
| Dividend Yield | 0.32% |
| Price (as of market close November 3, 2025) | $93.64 |
Company snapshot
Turning Point Brands' branded consumer products include rolling papers, moist snuff tobacco, chewing tobacco, cigars, and vapor products, with key brands such as Zig-Zag and Stoker's.
It generates revenue through manufacturing, marketing, and distribution of tobacco and alternative products, leveraging a multi-segment model across traditional and emerging categories.
The company serves wholesale distributors, retail merchants, convenience stores, tobacco outlets, mass merchandisers, and online consumers in the United States.
Turning Point Brands, Inc. operates as a diversified consumer products company with a focus on tobacco and alternative smoking products. The company’s multi-segment approach enables it to capture value across traditional tobacco, make-your-own, and new generation product categories. Strategic brand positioning and established distribution networks provide a competitive edge in reaching both retail and online customers.
Foolish take
This business has driven considerable stock price growth over the last year. That increase may have prompted Ballast’s sale of some of its Turning Point Brands holdings as it reduced its stake by approximately one-third.
The company had previously been the fourth-largest holding for the Dallas-based asset management company. However, investors should note that Ballast still holds a significant position in Turning Point stock. Its remaining 67,552 shares make it the sixth-largest position in the portfolio.
Moreover, the sale also looks to be a profit-taking move. The consumer staples stock has risen by more than 90% over the last year, and as of the year-ago quarter, it was merely the 18th-largest holding for Ballast.
NYSE: TPB
Key Data Points
It might have chosen the right time to take some profits. Turning Point had risen to an all-time high in the third quarter of 2025.
Additionally, when Ballast acquired the position in Q3 2024, it traded at a P/E ratio of approximately 20. That had spiked to as much as 43 by the third quarter of 2025.
Turning Point has since returned to its highs after correcting over the past month. Nonetheless, since Ballast kept most of its holdings amid the uptrend in the stock, the recent sale likely gave Ballast some liquidity while having a minimal effect on Turning Point’s role in its portfolio.
Glossary
13F AUM: Assets under management reported in a fund's quarterly SEC Form 13F, covering U.S. equity holdings only.
Stake: The ownership interest or number of shares a fund or investor holds in a company.
Top holdings: The largest investments in a fund's portfolio, typically by market value or portfolio weight.
Forward P/E: Price-to-earnings ratio using forecasted earnings for a future period, often the next fiscal year.
EV/EBITDA: Enterprise value divided by earnings before interest, taxes, depreciation, and amortization; used to value companies.
Dividend yield: Annual dividends per share divided by the share price, expressed as a percentage.
Outperforming: Achieving higher returns than a benchmark index or comparable investment.
Reportable AUM: The portion of a fund’s total assets required to be disclosed in regulatory filings, such as Form 13F.
Multi-segment model: A business structure operating across multiple product categories or business lines.
Distribution networks: Systems and partnerships a company uses to deliver products to retailers or customers.
TTM: The 12-month period ending with the most recent quarterly report.
