Turning Point Brands (NYSE:TPB) Hits New 1-Year High – Here’s What Happened

Turning Point Brands, Inc. (NYSE:TPB)’s stock price reached a new 52-week high on Monday . The company traded as high as $110.80 and last traded at $110.3060, with a volume of 309953 shares trading hands. The stock had previously closed at $105.36.

Analyst Upgrades and Downgrades

A number of analysts have commented on TPB shares. Oppenheimer raised their target price on shares of Turning Point Brands from $110.00 to $120.00 and gave the stock an “outperform” rating in a report on Wednesday, November 19th. Wall Street Zen downgraded shares of Turning Point Brands from a “buy” rating to a “hold” rating in a research report on Saturday. Industrial Alliance Securities set a $110.00 price objective on shares of Turning Point Brands in a research report on Wednesday, November 5th. Zacks Research upgraded Turning Point Brands from a “hold” rating to a “strong-buy” rating in a report on Wednesday, November 12th. Finally, Alliance Global Partners raised their target price on Turning Point Brands from $103.00 to $110.00 and gave the stock a “buy” rating in a research report on Wednesday, November 5th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $102.50.

Turning Point Brands Trading Up 4.0%

The firm has a market capitalization of $2.09 billion, a PE ratio of 38.58 and a beta of 0.89. The company has a debt-to-equity ratio of 0.82, a current ratio of 5.56 and a quick ratio of 3.98. The company has a fifty day moving average of $95.54 and a 200-day moving average of $89.79.

Turning Point Brands (NYSE:TPB) last issued its earnings results on Wednesday, November 5th. The company reported $1.27 earnings per share for the quarter, topping the consensus estimate of $0.81 by $0.46. The company had revenue of $118.98 million for the quarter, compared to analyst estimates of $111.42 million. Turning Point Brands had a return on equity of 24.44% and a net margin of 12.02%.The business’s revenue was up 12.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.68 EPS. On average, sell-side analysts anticipate that Turning Point Brands, Inc. will post 2.59 earnings per share for the current fiscal year.

Turning Point Brands Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 9th. Shareholders of record on Friday, December 19th will be given a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 0.3%. The ex-dividend date of this dividend is Friday, December 19th. Turning Point Brands’s payout ratio is currently 10.56%.

Insider Buying and Selling at Turning Point Brands

In other news, Director Gregory H.A. Baxter sold 1,500 shares of the firm’s stock in a transaction on Friday, November 21st. The shares were sold at an average price of $98.23, for a total transaction of $147,345.00. Following the transaction, the director owned 38,919 shares in the company, valued at approximately $3,823,013.37. This trade represents a 3.71% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Stephen Usher sold 1,000 shares of the firm’s stock in a transaction dated Wednesday, November 19th. The shares were sold at an average price of $101.00, for a total value of $101,000.00. Following the transaction, the director owned 5,175 shares in the company, valued at approximately $522,675. This trade represents a 16.19% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 64,220 shares of company stock worth $6,434,342. Company insiders own 6.60% of the company’s stock.

Institutional Investors Weigh In On Turning Point Brands

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Arizona State Retirement System raised its position in shares of Turning Point Brands by 2.2% in the third quarter. Arizona State Retirement System now owns 5,297 shares of the company’s stock valued at $524,000 after purchasing an additional 114 shares during the period. GAMMA Investing LLC raised its holdings in Turning Point Brands by 90.7% in the 2nd quarter. GAMMA Investing LLC now owns 328 shares of the company’s stock worth $25,000 after acquiring an additional 156 shares during the period. Martingale Asset Management L P lifted its position in Turning Point Brands by 0.6% during the 1st quarter. Martingale Asset Management L P now owns 26,370 shares of the company’s stock worth $1,567,000 after acquiring an additional 162 shares during the last quarter. Huntington National Bank boosted its holdings in Turning Point Brands by 54.9% during the third quarter. Huntington National Bank now owns 457 shares of the company’s stock valued at $45,000 after acquiring an additional 162 shares during the period. Finally, Boston Partners grew its position in shares of Turning Point Brands by 1.5% in the third quarter. Boston Partners now owns 13,712 shares of the company’s stock valued at $1,356,000 after purchasing an additional 206 shares during the last quarter. 96.12% of the stock is currently owned by institutional investors and hedge funds.

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.