Turning Point Brands (NYSE:TPB) Reaches New 52-Week High After Earnings Beat

Turning Point Brands, Inc. (NYSE:TPB)’s stock price hit a new 52-week high during mid-day trading on Thursday following a better than expected earnings announcement. The company traded as high as $81.05 and last traded at $80.88, with a volume of 664071 shares trading hands. The stock had previously closed at $64.89.

The company reported $0.91 EPS for the quarter, beating analysts’ consensus estimates of $0.75 by $0.16. Turning Point Brands had a net margin of 11.63% and a return on equity of 33.14%. The firm had revenue of $106.44 million during the quarter, compared to the consensus estimate of $95.75 million. During the same quarter last year, the firm earned $0.63 EPS. The firm’s revenue for the quarter was up 28.2% compared to the same quarter last year.

Turning Point Brands Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Friday, June 20th will be given a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a dividend yield of 0.40%. The ex-dividend date is Friday, June 20th. Turning Point Brands’s dividend payout ratio is currently 14.15%.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Roth Mkm reiterated a “buy” rating and set a $70.00 price objective on shares of Turning Point Brands in a research report on Friday, January 10th. Industrial Alliance Securities set a $85.00 price target on shares of Turning Point Brands in a report on Thursday, March 6th. Alliance Global Partners began coverage on shares of Turning Point Brands in a research note on Monday, March 3rd. They issued a “buy” rating and a $80.00 price objective for the company. StockNews.com cut Turning Point Brands from a “buy” rating to a “hold” rating in a research note on Tuesday. Finally, Oppenheimer increased their price target on Turning Point Brands from $65.00 to $85.00 and gave the stock an “outperform” rating in a report on Thursday. One research analyst has rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $76.67.

Insider Activity

In related news, Director Gregory H.A. Baxter sold 1,500 shares of Turning Point Brands stock in a transaction dated Friday, May 9th. The stock was sold at an average price of $73.64, for a total value of $110,460.00. Following the completion of the sale, the director now directly owns 40,419 shares in the company, valued at $2,976,455.16. The trade was a 3.58 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CAO Brian Wigginton sold 3,500 shares of the company’s stock in a transaction dated Thursday, May 8th. The stock was sold at an average price of $75.75, for a total transaction of $265,125.00. Following the completion of the sale, the chief accounting officer now directly owns 10,171 shares of the company’s stock, valued at approximately $770,453.25. This trade represents a 25.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 6.60% of the company’s stock.

Institutional Trading of Turning Point Brands

A number of hedge funds have recently bought and sold shares of TPB. Entropy Technologies LP bought a new position in shares of Turning Point Brands in the 4th quarter worth $234,000. Legato Capital Management LLC bought a new position in Turning Point Brands in the fourth quarter worth about $278,000. Principal Financial Group Inc. lifted its position in shares of Turning Point Brands by 7.1% during the fourth quarter. Principal Financial Group Inc. now owns 7,247 shares of the company’s stock valued at $436,000 after buying an additional 482 shares during the last quarter. Barclays PLC boosted its holdings in shares of Turning Point Brands by 298.6% in the 3rd quarter. Barclays PLC now owns 29,274 shares of the company’s stock valued at $1,262,000 after buying an additional 21,930 shares in the last quarter. Finally, Russell Investments Group Ltd. boosted its holdings in shares of Turning Point Brands by 2,339.9% in the 4th quarter. Russell Investments Group Ltd. now owns 24,985 shares of the company’s stock valued at $1,502,000 after buying an additional 23,961 shares in the last quarter. Hedge funds and other institutional investors own 96.12% of the company’s stock.

Turning Point Brands Stock Performance

The business’s 50-day moving average price is $59.99 and its 200-day moving average price is $59.95. 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 $1.33 billion, a PE ratio of 29.81 and a beta of 0.69.

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.