Turning Point Brands (NYSE:TPB) Hits New 12-Month High – Here’s What Happened

Turning Point Brands, Inc. (NYSE:TPB)’s share price hit a new 52-week high during trading on Monday . The stock traded as high as $61.77 and last traded at $60.02, with a volume of 30034 shares trading hands. The stock had previously closed at $60.58.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on TPB. Roth Mkm began coverage on Turning Point Brands in a report on Thursday, September 19th. They set a “buy” rating and a $50.00 price target on the stock. Oppenheimer initiated coverage on shares of Turning Point Brands in a report on Thursday. They issued an “outperform” rating and a $65.00 price target for the company. StockNews.com lowered shares of Turning Point Brands from a “strong-buy” rating to a “buy” rating in a report on Thursday, October 24th. Roth Capital upgraded Turning Point Brands to a “strong-buy” rating in a research note on Friday, November 8th. Finally, Benchmark upped their price target on Turning Point Brands from $45.00 to $65.00 and gave the stock a “buy” rating in a research note on Tuesday, November 12th. Four analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $60.00.

Turning Point Brands Price Performance

The company has a debt-to-equity ratio of 1.33, a current ratio of 4.21 and a quick ratio of 1.17. The business’s fifty day moving average price is $44.60 and its 200-day moving average price is $38.51. The stock has a market capitalization of $1.07 billion, a price-to-earnings ratio of 24.04 and a beta of 0.63.

Turning Point Brands (NYSE:TPB) last released its quarterly earnings results on Thursday, November 7th. The company reported $0.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.67 by $0.01. The business had revenue of $105.62 million during the quarter, compared to the consensus estimate of $100.71 million. Turning Point Brands had a return on equity of 33.14% and a net margin of 11.63%. The company’s quarterly revenue was up 3.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.69 EPS. On average, research analysts forecast that Turning Point Brands, Inc. will post 2.62 EPS for the current year.

Turning Point Brands Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Friday, December 20th will be issued a dividend of $0.07 per share. The ex-dividend date of this dividend is Friday, December 20th. This represents a $0.28 annualized dividend and a yield of 0.46%. Turning Point Brands’s dividend payout ratio (DPR) is currently 11.11%.

Insider Activity at Turning Point Brands

In other Turning Point Brands news, Director Gregory H.A. Baxter sold 2,000 shares of the company’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $39.42, for a total value of $78,840.00. Following the completion of the sale, the director now directly owns 46,544 shares of the company’s stock, valued at approximately $1,834,764.48. This represents a 4.12 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 5.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Turning Point Brands

Hedge funds and other institutional investors have recently modified their holdings of the business. First Sabrepoint Capital Management LP bought a new stake in Turning Point Brands during the third quarter worth $7,517,000. Federated Hermes Inc. raised its stake in shares of Turning Point Brands by 245.9% during the 2nd quarter. Federated Hermes Inc. now owns 154,708 shares of the company’s stock worth $4,965,000 after purchasing an additional 109,983 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Turning Point Brands by 6.6% in the 1st quarter. Vanguard Group Inc. now owns 1,497,110 shares of the company’s stock worth $43,865,000 after buying an additional 92,147 shares during the last quarter. Tidal Investments LLC bought a new position in Turning Point Brands during the first quarter valued at about $1,661,000. Finally, Renaissance Technologies LLC increased its holdings in Turning Point Brands by 21.1% during the second quarter. Renaissance Technologies LLC now owns 302,697 shares of the company’s stock worth $9,714,000 after buying an additional 52,800 shares during the last quarter. Hedge funds and other institutional investors own 96.12% of the company’s stock.

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.