Turning Point Brands (NYSE:TPB) Stock Price Up 5.5% – Here’s What Happened

Turning Point Brands, Inc. (NYSE:TPB) shares shot up 5.5% during trading on Tuesday . The stock traded as high as $79.74 and last traded at $79.6250. 171,543 shares changed hands during trading, a decline of 61% from the average daily volume of 437,749 shares. The stock had previously closed at $75.45.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on TPB shares. Weiss Ratings downgraded shares of Turning Point Brands from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, June 2nd. Needham & Company LLC raised shares of Turning Point Brands from a “hold” rating to a “buy” rating and set a $125.00 target price on the stock in a research report on Friday, May 8th. Wall Street Zen upgraded Turning Point Brands from a “strong sell” rating to a “sell” rating in a report on Saturday, June 6th. Finally, Zacks Research cut Turning Point Brands from a “hold” rating to a “strong sell” rating in a research report on Monday, March 2nd. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Turning Point Brands has an average rating of “Hold” and a consensus target price of $118.75.

Turning Point Brands Stock Performance

The company has a market cap of $1.54 billion, a price-to-earnings ratio of 27.00 and a beta of 0.92. The company has a debt-to-equity ratio of 0.76, a current ratio of 5.87 and a quick ratio of 4.05. The firm has a fifty day simple moving average of $84.02 and a 200 day simple moving average of $99.27.

Turning Point Brands (NYSE:TPB) last posted its quarterly earnings data on Thursday, May 7th. The company reported $0.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.68 by $0.08. Turning Point Brands had a net margin of 11.53% and a return on equity of 16.54%. The business had revenue of $124.28 million during the quarter, compared to the consensus estimate of $115.67 million. During the same period in the prior year, the firm earned $0.91 EPS. Turning Point Brands’s quarterly revenue was up 16.8% compared to the same quarter last year. On average, sell-side analysts expect that Turning Point Brands, Inc. will post 1.43 earnings per share for the current fiscal year.

Turning Point Brands Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Shareholders of record on Friday, June 19th will be given a dividend of $0.08 per share. The ex-dividend date of this dividend is Thursday, June 18th. This represents a $0.32 dividend on an annualized basis and a yield of 0.4%. Turning Point Brands’s payout ratio is currently 10.88%.

Insider Transactions at Turning Point Brands

In other news, CAO Brian Wigginton sold 4,000 shares of the firm’s stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $91.67, for a total value of $366,680.00. Following the sale, the chief accounting officer directly owned 9,230 shares of the company’s stock, valued at approximately $846,114.10. This trade represents a 30.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 5.40% of the stock is owned by company insiders.

Institutional Trading of Turning Point Brands

Several hedge funds have recently added to or reduced their stakes in TPB. Kemnay Advisory Services Inc. acquired a new stake in Turning Point Brands in the 4th quarter valued at approximately $27,000. Empowered Funds LLC bought a new position in Turning Point Brands in the 4th quarter worth approximately $27,000. Caitong International Asset Management Co. Ltd acquired a new position in shares of Turning Point Brands during the third quarter worth approximately $28,000. Advisory Services Network LLC bought a new stake in shares of Turning Point Brands in the third quarter valued at approximately $28,000. Finally, Huntington National Bank boosted its position in shares of Turning Point Brands by 54.9% in the third quarter. Huntington National Bank now owns 457 shares of the company’s stock valued at $45,000 after acquiring an additional 162 shares during the period. Institutional investors own 96.12% of the company’s stock.

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.