Turning Point Brands (NYSE:TPB) Trading Down 6.3%

Turning Point Brands Inc (NYSE:TPB)’s stock price dropped 6.3% on Wednesday . The company traded as low as $26.69 and last traded at $26.88, approximately 663,574 shares were traded during mid-day trading. An increase of 272% from the average daily volume of 178,237 shares. The stock had previously closed at $28.68.

Several research firms have recently issued reports on TPB. Zacks Investment Research upgraded Turning Point Brands from a “hold” rating to a “buy” rating and set a $47.00 price target for the company in a research note on Tuesday, July 30th. ValuEngine lowered Turning Point Brands from a “hold” rating to a “sell” rating in a report on Tuesday.

The company has a market cap of $598.79 million, a P/E ratio of 15.72 and a beta of 0.68. The company has a quick ratio of 0.39, a current ratio of 1.78 and a debt-to-equity ratio of 1.80. The stock’s 50-day moving average price is $37.00 and its 200 day moving average price is $45.10.

Turning Point Brands (NYSE:TPB) last issued its quarterly earnings data on Wednesday, July 31st. The company reported $0.53 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.52 by $0.01. Turning Point Brands had a net margin of 9.02% and a return on equity of 42.97%. The business had revenue of $93.30 million during the quarter, compared to analysts’ expectations of $93.30 million. During the same period in the previous year, the company earned $0.50 earnings per share. Turning Point Brands’s revenue for the quarter was up 15.0% on a year-over-year basis. Analysts expect that Turning Point Brands Inc will post 1.98 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 20th will be given a dividend of $0.045 per share. This represents a $0.18 dividend on an annualized basis and a yield of 0.67%. The ex-dividend date of this dividend is Thursday, September 19th. Turning Point Brands’s dividend payout ratio is 10.53%.

In other Turning Point Brands news, Director H.C. Charles Diao acquired 1,000 shares of the company’s stock in a transaction dated Thursday, August 29th. The shares were acquired at an average cost of $35.84 per share, for a total transaction of $35,840.00. Following the completion of the purchase, the director now owns 17,000 shares of the company’s stock, valued at approximately $609,280. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Robert M. Lavan acquired 2,500 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The shares were acquired at an average cost of $37.03 per share, with a total value of $92,575.00. Following the transaction, the chief financial officer now directly owns 6,000 shares in the company, valued at approximately $222,180. The disclosure for this purchase can be found here. Insiders have acquired 6,763 shares of company stock valued at $250,183 over the last 90 days. Corporate insiders own 5.50% of the company’s stock.

Large investors have recently made changes to their positions in the stock. Bank of Montreal Can increased its position in Turning Point Brands by 68,100.0% in the 2nd quarter. Bank of Montreal Can now owns 682 shares of the company’s stock worth $33,000 after buying an additional 681 shares during the period. Point72 Hong Kong Ltd bought a new stake in shares of Turning Point Brands in the second quarter valued at approximately $38,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in shares of Turning Point Brands in the second quarter worth $55,000. Ibex Investors LLC acquired a new stake in shares of Turning Point Brands in the second quarter worth $229,000. Finally, Voloridge Investment Management LLC grew its stake in shares of Turning Point Brands by 41.1% in the second quarter. Voloridge Investment Management LLC now owns 6,926 shares of the company’s stock worth $339,000 after acquiring an additional 2,017 shares during the last quarter. Hedge funds and other institutional investors own 35.99% of the company’s stock.

Turning Point Brands Company Profile (NYSE:TPB)

Turning Point Brands, Inc, together with its subsidiaries, provides other tobacco products 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 loose leaf chewing tobacco products.

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