Turning Point Brands (NYSE:TPB) Stock Price Up 5.3% – Time to Buy?

Turning Point Brands, Inc. (NYSE:TPB)’s stock price traded up 5.3% during mid-day trading on Friday. The company traded as high as $63.39 and last traded at $63.49. Approximately 109,232 shares were traded during mid-day trading, a decline of 74% from the average daily volume of 415,345 shares. The stock had previously closed at $60.31.

Analysts Set New Price Targets

TPB has been the topic of a number of recent research reports. Compass Point set a $116.00 price target on Turning Point Brands in a research report on Monday, August 10th. BTIG Research reiterated a “buy” rating on shares of Turning Point Brands in a research note on Monday, August 10th. Oppenheimer decreased their price objective on Turning Point Brands from $130.00 to $90.00 and set an “outperform” rating for the company in a report on Tuesday, September 22nd. Weiss Ratings reissued a “hold (c)” rating on shares of Turning Point Brands in a report on Friday, August 28th. Finally, Wall Street Zen upgraded Turning Point Brands from a “strong sell” rating to a “sell” rating in a research note on Monday, August 10th. Four analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $109.00.

Turning Point Brands Trading Up 4.4%

The company has a market cap of $1.22 billion, a P/E ratio of 27.03 and a beta of 0.97. The company has a quick ratio of 4.16, a current ratio of 5.67 and a debt-to-equity ratio of 0.65. The firm’s 50-day moving average price is $71.94 and its 200-day moving average price is $78.91.

Turning Point Brands (NYSE:TPB) last released its quarterly earnings data on Tuesday, August 4th. The company reported $0.23 EPS for the quarter, topping the consensus estimate of $0.12 by $0.11. The company had revenue of $142.96 million during the quarter, compared to the consensus estimate of $129.56 million. Turning Point Brands had a net margin of 8.78% and a return on equity of 11.35%. Turning Point Brands’s revenue for the quarter was up 22.6% on a year-over-year basis. During the same period last year, the firm earned $0.98 EPS. As a group, equities research analysts expect that Turning Point Brands, Inc. will post 1.19 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, October 9th. Shareholders of record on Friday, September 18th were issued a dividend of $0.08 per share. The ex-dividend date of this dividend was Friday, September 18th. This represents a $0.32 dividend on an annualized basis and a yield of 0.5%. Turning Point Brands’s payout ratio is presently 13.73%.

Hedge Funds Weigh In On Turning Point Brands

A number of large investors have recently made changes to their positions in the stock. BlackRock Inc. bought a new stake in shares of Turning Point Brands during the 2nd quarter valued at $137,273,000. First Trust Advisors LP boosted its stake in Turning Point Brands by 39.6% in the 1st quarter. First Trust Advisors LP now owns 689,905 shares of the company’s stock worth $59,877,000 after purchasing an additional 195,643 shares during the period. Maple Rock Capital Partners Inc. boosted its stake in Turning Point Brands by 57.5% in the 2nd quarter. Maple Rock Capital Partners Inc. now owns 686,800 shares of the company’s stock worth $58,248,000 after purchasing an additional 250,800 shares during the period. Bank of America Corp DE bought a new position in Turning Point Brands in the 2nd quarter worth about $47,278,000. Finally, Copeland Capital Management LLC boosted its stake in Turning Point Brands by 2.6% in the 3rd quarter. Copeland Capital Management LLC now owns 708,507 shares of the company’s stock worth $41,589,000 after purchasing an additional 18,184 shares during the period. 96.12% of the stock is owned by institutional investors.

About Turning Point Brands

Turning Point Brands, Inc is a Louisville, Kentucky-based consumer products company focused primarily on tobacco, nicotine and related products. The company develops, manufactures, markets and distributes products through convenience stores, tobacco shops, mass merchants, e-commerce channels and other retailers in the United States and select international markets.

Its portfolio includes rolling papers, cigar and cigarette wraps, and other smoking accessories sold under the Zig-Zag brand; moist snuff and other smokeless tobacco products marketed under the Stoker’s brand; and modern oral nicotine products, including FRE nicotine pouches.