Turning Point Brands (NYSE:TPB) Trading Down 2.8% – Here’s What Happened

Turning Point Brands, Inc. (NYSE:TPB) shares were down 2.8% during mid-day trading on Monday . The stock traded as low as $58.13 and last traded at $59.00. Approximately 26,774 shares changed hands during mid-day trading, a decline of 80% from the average daily volume of 131,170 shares. The stock had previously closed at $60.71.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Craig Hallum lifted their price objective on shares of Turning Point Brands from $60.00 to $75.00 and gave the company a “buy” rating in a research note on Thursday, December 5th. Oppenheimer started coverage on shares of Turning Point Brands in a research note on Thursday, November 14th. They issued an “outperform” rating and a $65.00 price target for the company. Benchmark increased their price objective on shares of Turning Point Brands from $45.00 to $65.00 and gave the stock a “buy” rating in a research report on Tuesday, November 12th. Roth Capital raised Turning Point Brands to a “strong-buy” rating in a research report on Friday, November 8th. Finally, StockNews.com upgraded Turning Point Brands from a “hold” rating to a “buy” rating in a report on Friday, January 3rd. Five investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Buy” and an average target price of $68.75.

Turning Point Brands Stock Performance

The firm has a market cap of $997.58 million, a P/E ratio of 22.37 and a beta of 0.66. 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 company’s 50-day moving average is $58.46 and its two-hundred day moving average is $45.84.

Turning Point Brands (NYSE:TPB) last announced its earnings results on Thursday, November 7th. The company reported $0.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.67 by $0.01. The company had revenue of $105.62 million for the quarter, compared to analysts’ expectations of $100.71 million. Turning Point Brands had a return on equity of 33.14% and a net margin of 11.63%. Turning Point Brands’s quarterly revenue was up 3.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.69 earnings per share. As a group, equities analysts predict that Turning Point Brands, Inc. will post 2.59 EPS for the current fiscal year.

Turning Point Brands Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Friday, December 20th will be issued a $0.07 dividend. The ex-dividend date is Friday, December 20th. This represents a $0.28 annualized dividend and a dividend yield of 0.50%. Turning Point Brands’s dividend payout ratio is currently 11.11%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. lifted its position in shares of Turning Point Brands by 84.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 123,079 shares of the company’s stock worth $5,311,000 after buying an additional 56,364 shares in the last quarter. 272 Capital LP purchased a new stake in shares of Turning Point Brands during the third quarter valued at approximately $1,488,000. Barclays PLC lifted its holdings in Turning Point Brands by 298.6% during the third quarter. Barclays PLC now owns 29,274 shares of the company’s stock worth $1,262,000 after acquiring an additional 21,930 shares during the period. Geode Capital Management LLC boosted its position in Turning Point Brands by 3.9% in the third quarter. Geode Capital Management LLC now owns 405,613 shares of the company’s stock worth $17,506,000 after purchasing an additional 15,344 shares during the last quarter. Finally, First Sabrepoint Capital Management LP purchased a new position in Turning Point Brands in the third quarter worth $7,517,000. 96.12% of the stock is currently owned by hedge funds and other institutional investors.

About Turning Point Brands

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.