Turning Point Brands (NYSE:TPB) Reaches New 1-Year High After Analyst Upgrade

Shares of Turning Point Brands, Inc. (NYSE:TPB) reached a new 52-week high during trading on Thursday after Craig Hallum raised their price target on the stock from $60.00 to $75.00. Craig Hallum currently has a buy rating on the stock. Turning Point Brands traded as high as $64.57 and last traded at $64.32, with a volume of 3973 shares trading hands. The stock had previously closed at $63.27.

Other equities analysts also recently issued research reports about the company. Oppenheimer began coverage on Turning Point Brands in a research report on Thursday, November 14th. They set an “outperform” rating and a $65.00 price objective on the stock. StockNews.com lowered Turning Point Brands from a “strong-buy” rating to a “buy” rating in a report on Thursday, October 24th. Roth Mkm began coverage on shares of Turning Point Brands in a report on Thursday, September 19th. They issued a “buy” rating and a $50.00 price objective for the company. Benchmark lifted their target price on shares of Turning Point Brands from $45.00 to $65.00 and gave the stock a “buy” rating in a research note on Tuesday, November 12th. Finally, Roth Capital upgraded shares of Turning Point Brands to a “strong-buy” rating in a report on Friday, November 8th. Five equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Turning Point Brands presently has a consensus rating of “Buy” and a consensus target price of $63.75.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. First Sabrepoint Capital Management LP acquired a new position in shares of Turning Point Brands in the 3rd quarter worth approximately $7,517,000. Federated Hermes Inc. raised its position in Turning Point Brands by 245.9% in the second quarter. Federated Hermes Inc. now owns 154,708 shares of the company’s stock valued at $4,965,000 after purchasing an additional 109,983 shares during the period. Renaissance Technologies LLC lifted its stake in Turning Point Brands by 21.1% during the second quarter. Renaissance Technologies LLC now owns 302,697 shares of the company’s stock worth $9,714,000 after purchasing an additional 52,800 shares in the last quarter. 272 Capital LP purchased a new position in shares of Turning Point Brands during the third quarter worth $1,488,000. Finally, Pekin Hardy Strauss Inc. acquired a new stake in shares of Turning Point Brands in the third quarter valued at $1,260,000. Institutional investors and hedge funds own 96.12% of the company’s stock.

Turning Point Brands Price Performance

The company has a fifty day moving average of $51.07 and a 200-day moving average of $41.41. The company has a current ratio of 4.21, a quick ratio of 1.78 and a debt-to-equity ratio of 1.33. The stock has a market cap of $1.14 billion, a PE ratio of 25.48 and a beta of 0.66.

Turning Point Brands (NYSE:TPB) last issued its quarterly earnings results on Thursday, November 7th. The company reported $0.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.67 by $0.01. Turning Point Brands had a net margin of 11.63% and a return on equity of 33.14%. The company had revenue of $105.62 million for the quarter, compared to analyst estimates of $100.71 million. During the same period in the prior year, the firm earned $0.69 earnings per share. The business’s revenue for the quarter was up 3.8% compared to the same quarter last year. Sell-side analysts expect that Turning Point Brands, Inc. will post 2.59 EPS for the current fiscal year.

Turning Point Brands Dividend Announcement

The firm also recently declared 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 annualized dividend and a yield of 0.44%. Turning Point Brands’s dividend payout ratio is presently 11.11%.

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.