Turning Point Brands (NYSE:TPB) Reaches New 1-Year High – Here’s Why

Shares of Turning Point Brands, Inc. (NYSE:TPB) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $114.21 and last traded at $114.8750, with a volume of 29991 shares changing hands. The stock had previously closed at $110.96.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on TPB shares. Wall Street Zen raised shares of Turning Point Brands from a “hold” rating to a “buy” rating in a report on Sunday, December 21st. Zacks Research lowered Turning Point Brands from a “strong-buy” rating to a “hold” rating in a research report on Monday, January 5th. Alliance Global Partners upped their price target on shares of Turning Point Brands from $103.00 to $110.00 and gave the stock a “buy” rating in a research note on Wednesday, November 5th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Turning Point Brands in a research note on Tuesday, December 23rd. Finally, Oppenheimer reaffirmed an “outperform” rating and set a $130.00 target price on shares of Turning Point Brands in a report on Wednesday. Three investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $116.67.

Turning Point Brands Trading Up 0.9%

The stock has a market cap of $2.27 billion, a PE ratio of 41.91 and a beta of 0.86. The stock has a 50-day moving average price of $104.30 and a two-hundred day moving average price of $95.20. The company has a debt-to-equity ratio of 0.82, a current ratio of 5.56 and a quick ratio of 3.98.

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

Turning Point Brands Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, January 9th. Investors of record on Friday, December 19th were issued a $0.075 dividend. The ex-dividend date of this dividend was Friday, December 19th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.3%. Turning Point Brands’s dividend payout ratio (DPR) is 10.56%.

Insider Buying and Selling

In related news, Director Gregory H.A. Baxter sold 1,500 shares of the company’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 sale, the director owned 38,919 shares of the company’s stock, valued at $3,823,013.37. This represents a 3.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Chairman David Edward Glazek sold 30,000 shares of the business’s stock in a transaction dated Friday, December 19th. The stock was sold at an average price of $110.26, for a total transaction of $3,307,800.00. Following the completion of the sale, the chairman owned 127,083 shares in the company, valued at approximately $14,012,171.58. This trade represents a 19.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 96,220 shares of company stock valued at $9,958,542 in the last three months. Corporate insiders own 6.60% of the company’s stock.

Hedge Funds Weigh In On Turning Point Brands

Several hedge funds have recently added to or reduced their stakes in TPB. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Turning Point Brands by 4.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,198 shares of the company’s stock valued at $606,000 after buying an additional 459 shares during the period. Rhumbline Advisers lifted its stake in shares of Turning Point Brands by 1.9% during the 1st quarter. Rhumbline Advisers now owns 24,531 shares of the company’s stock worth $1,458,000 after acquiring an additional 464 shares during the last quarter. Voya Investment Management LLC boosted its holdings in Turning Point Brands by 20.2% during the 1st quarter. Voya Investment Management LLC now owns 18,933 shares of the company’s stock valued at $1,125,000 after acquiring an additional 3,187 shares during the period. Longboard Asset Management LP bought a new position in Turning Point Brands in the 2nd quarter valued at $236,000. Finally, GAMMA Investing LLC increased its stake in Turning Point Brands by 90.7% in the second quarter. GAMMA Investing LLC now owns 328 shares of the company’s stock worth $25,000 after purchasing an additional 156 shares during the period. 96.12% of the stock is currently owned by institutional investors.

Turning Point Brands Company Profile

Turning Point Brands, Inc (NYSE: TPB) is a U.S.-based consumer products company focused on the manufacture, marketing and distribution of smokeless tobacco, vaping and cigar products. Headquartered in Old Hickory, Tennessee, the company serves retail outlets across all 50 states through a direct-store-delivery network and select third-party distributors. Turning Point Brands operates two reporting segments—Smokeless Products and Cigar—and leverages its logistics capabilities to offer a broad portfolio of brands and SKUs.

In its Smokeless Products segment, Turning Point Brands produces moist smokeless tobacco under leading brand names such as Grizzly, Kodiak and Stoker’s.