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

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

Analyst Upgrades and Downgrades

TPB has been the subject of a number of research reports. Benchmark increased their price target on Turning Point Brands from $45.00 to $65.00 and gave the company a “buy” rating in a research note on Tuesday, November 12th. Roth Capital raised shares of Turning Point Brands to a “strong-buy” rating in a report on Friday, November 8th. Oppenheimer assumed coverage on shares of Turning Point Brands in a research note on Thursday, November 14th. They set an “outperform” rating and a $65.00 price target on the stock. Roth Mkm reiterated a “buy” rating and set a $70.00 price target (up from $55.00) on shares of Turning Point Brands in a report on Tuesday, December 17th. Finally, StockNews.com upgraded shares of Turning Point Brands from a “hold” rating to a “buy” rating in a report on Friday. Five investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Turning Point Brands currently has an average rating of “Buy” and a consensus price target of $68.75.

Turning Point Brands Stock Performance

The firm has a fifty day moving average price of $58.08 and a 200 day moving average price of $45.40. The company has a debt-to-equity ratio of 1.33, a quick ratio of 1.78 and a current ratio of 4.21. The stock has a market cap of $1.02 billion, a PE ratio of 22.87 and a beta of 0.66.

Turning Point Brands (NYSE:TPB) last announced its quarterly earnings results on Thursday, November 7th. The company reported $0.68 earnings per share for the quarter, beating the consensus estimate of $0.67 by $0.01. The company had revenue of $105.62 million during 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 period last year, the business earned $0.69 earnings per share. Research analysts forecast that Turning Point Brands, Inc. will post 2.59 earnings per share for the current fiscal year.

Turning Point Brands Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Friday, December 20th will be given a $0.07 dividend. The ex-dividend date of this dividend is Friday, December 20th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.49%. Turning Point Brands’s dividend payout ratio (DPR) is currently 11.11%.

Institutional Trading of Turning Point Brands

Institutional investors and hedge funds have recently made changes to their positions in the business. Copeland Capital Management LLC purchased a new position in shares of Turning Point Brands during the 3rd quarter valued at approximately $61,000. Aigen Investment Management LP acquired a new position in Turning Point Brands during the third quarter worth $221,000. Moran Wealth Management LLC purchased a new position in Turning Point Brands during the third quarter valued at $236,000. The Manufacturers Life Insurance Company acquired a new stake in shares of Turning Point Brands in the second quarter valued at about $209,000. Finally, Magnetar Financial LLC acquired a new position in shares of Turning Point Brands during the 2nd quarter worth about $212,000. 96.12% of the stock is currently owned by hedge funds and other institutional investors.

Turning Point Brands Company Profile

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.