Turning Point Brands (NYSE:TPB) Stock Price Down 7.9% – Here’s Why

Turning Point Brands, Inc. (NYSE:TPB) was down 7.9% during mid-day trading on Thursday . The company traded as low as $72.60 and last traded at $72.21. Approximately 277,612 shares traded hands during trading, a decline of 35% from the average daily volume of 427,745 shares. The stock had previously closed at $78.39.

Analyst Upgrades and Downgrades

TPB has been the subject of a number of analyst reports. BTIG Research began coverage on Turning Point Brands in a report on Tuesday. They issued a “buy” rating and a $103.00 price target for the company. Weiss Ratings downgraded Turning Point Brands from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, June 2nd. Compass Point set a $103.00 target price on Turning Point Brands in a research report on Tuesday. Needham & Company LLC upgraded Turning Point Brands from a “hold” rating to a “buy” rating and set a $125.00 target price for the company in a research note on Friday, May 8th. Finally, Wall Street Zen raised shares of Turning Point Brands from a “strong sell” rating to a “sell” rating in a research report on Saturday. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Turning Point Brands currently has a consensus rating of “Moderate Buy” and a consensus price target of $113.50.

Turning Point Brands Trading Up 4.4%

The company has a market cap of $1.48 billion, a P/E ratio of 25.95 and a beta of 0.92. The business has a fifty day simple moving average of $84.14 and a 200 day simple moving average of $95.48. The company has a debt-to-equity ratio of 0.76, a quick ratio of 4.05 and a current ratio of 5.87.

Turning Point Brands (NYSE:TPB) last posted its quarterly earnings results on Thursday, May 7th. The company reported $0.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.68 by $0.08. Turning Point Brands had a return on equity of 16.54% and a net margin of 11.53%.The business had revenue of $124.28 million for the quarter, compared to analyst estimates of $115.67 million. During the same period in the prior year, the company posted $0.91 EPS. The business’s revenue was up 16.8% compared to the same quarter last year. Analysts anticipate that Turning Point Brands, Inc. will post 1.39 earnings per share for the current fiscal year.

Turning Point Brands Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, July 10th. Stockholders of record on Friday, June 19th were given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date was Thursday, June 18th. Turning Point Brands’s dividend payout ratio (DPR) is presently 10.88%.

Insider Activity at Turning Point Brands

In related news, CAO Brian Wigginton sold 4,000 shares of the business’s stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $91.67, for a total transaction of $366,680.00. Following the completion of the sale, the chief accounting officer owned 9,230 shares of the company’s stock, valued at $846,114.10. This represents a 30.23% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 5.40% of the company’s stock.

Hedge Funds Weigh In On Turning Point Brands

Several institutional investors have recently made changes to their positions in the stock. Lord Abbett & CO. LLC bought a new stake in shares of Turning Point Brands in the 4th quarter worth approximately $28,454,000. Madison Avenue Partners LP acquired a new stake in Turning Point Brands in the fourth quarter worth $26,853,000. Wellington Management Group LLP bought a new stake in Turning Point Brands in the third quarter valued at $20,788,000. First Trust Advisors LP lifted its stake in Turning Point Brands by 72.4% in the fourth quarter. First Trust Advisors LP now owns 494,262 shares of the company’s stock valued at $53,578,000 after buying an additional 207,604 shares during the last quarter. Finally, Copeland Capital Management LLC boosted its holdings in shares of Turning Point Brands by 29,795.8% during the fourth quarter. Copeland Capital Management LLC now owns 204,188 shares of the company’s stock valued at $22,134,000 after acquiring an additional 203,505 shares during the period. 96.12% of the stock is 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.