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

Turning Point Brands, Inc. (NYSE:TPB)’s stock price hit a new 52-week high during trading on Wednesday . The stock traded as high as $135.66 and last traded at $136.35, with a volume of 13323 shares changing hands. The stock had previously closed at $132.62.

Analyst Upgrades and Downgrades

TPB has been the subject of several recent analyst reports. Alliance Global Partners boosted their target price on Turning Point Brands from $103.00 to $110.00 and gave the company a “buy” rating in a research report on Wednesday, November 5th. Oppenheimer reaffirmed an “outperform” rating and issued a $130.00 price objective on shares of Turning Point Brands in a research report on Wednesday, January 14th. iA Financial set a $110.00 target price on Turning Point Brands in a research report on Wednesday, November 5th. Wall Street Zen downgraded shares of Turning Point Brands from a “buy” rating to a “hold” rating in a research note on Saturday, January 17th. Finally, Zacks Research cut Turning Point Brands from a “strong-buy” rating to a “hold” rating in a research note on Monday, January 5th. Three equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $116.67.

Turning Point Brands Stock Up 0.2%

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’s fifty day simple moving average is $115.55 and its 200-day simple moving average is $103.17. The firm has a market capitalization of $2.53 billion, a PE ratio of 46.79 and a beta of 0.87.

Insiders Place Their Bets

In other Turning Point Brands news, Chairman David Edward Glazek sold 30,000 shares of the business’s stock in a transaction that occurred on Friday, December 19th. The stock was sold at an average price of $110.26, for a total value 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. The trade was a 19.10% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Gregory H.A. Baxter sold 1,500 shares of the firm’s stock in a transaction that occurred on Friday, November 21st. The stock was 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 33,500 shares of company stock valued at $3,671,545 over the last quarter. Company insiders own 6.60% of the company’s stock.

Institutional Investors Weigh In On Turning Point Brands

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. increased its position in Turning Point Brands by 4.4% in the 4th quarter. Vanguard Group Inc. now owns 1,451,394 shares of the company’s stock valued at $157,331,000 after acquiring an additional 61,311 shares during the period. Divisadero Street Capital Management LP lifted its position in Turning Point Brands by 3.2% during the 3rd quarter. Divisadero Street Capital Management LP now owns 974,066 shares of the company’s stock worth $96,296,000 after acquiring an additional 30,282 shares during the period. ArrowMark Colorado Holdings LLC grew its stake in shares of Turning Point Brands by 28.9% in the 4th quarter. ArrowMark Colorado Holdings LLC now owns 869,747 shares of the company’s stock valued at $94,281,000 after purchasing an additional 194,938 shares during the last quarter. Thrivent Financial for Lutherans raised its position in Turning Point Brands by 4.8% during the 4th quarter. Thrivent Financial for Lutherans now owns 847,050 shares of the company’s stock worth $91,820,000 after buying an additional 38,437 shares during the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of Turning Point Brands by 5.5% in the 4th quarter. Geode Capital Management LLC now owns 541,667 shares of the company’s stock valued at $58,728,000 after purchasing an additional 28,463 shares in the last quarter. 96.12% of the stock is owned by hedge funds and other institutional investors.

About Turning Point Brands

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.