Turning Point Brands (NYSE:TPB) Sets New 12-Month High Following Better-Than-Expected Earnings

Turning Point Brands, Inc. (NYSE:TPB) shares reached a new 52-week high 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 traded. 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 return on equity of 33.14% and a net margin of 11.63%. The company had revenue of $106.44 million during the quarter, compared to analysts’ expectations of $95.75 million. During the same period last year, the business posted $0.63 earnings per share. The firm’s revenue 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. Shareholders 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 yield of 0.40%. The ex-dividend date is Friday, June 20th. Turning Point Brands’s dividend payout ratio is presently 14.15%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on TPB shares. Oppenheimer lifted their price objective on shares of Turning Point Brands from $65.00 to $85.00 and gave the stock an “outperform” rating in a research note on Thursday. Roth Mkm reiterated a “buy” rating and set a $70.00 price target on shares of Turning Point Brands in a research note on Friday, January 10th. Industrial Alliance Securities set a $85.00 price objective on Turning Point Brands in a research note on Thursday, March 6th. StockNews.com downgraded Turning Point Brands from a “buy” rating to a “hold” rating in a report on Tuesday. Finally, Alliance Global Partners started coverage on shares of Turning Point Brands in a report on Monday, March 3rd. They issued a “buy” rating and a $80.00 price target on the stock. One analyst has rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $76.67.

Insider Buying and Selling

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

Hedge Funds Weigh In On Turning Point Brands

A number of large investors have recently bought and sold shares of TPB. Virtus Fund Advisers LLC acquired a new stake in Turning Point Brands in the fourth quarter valued at approximately $48,000. USA Financial Formulas purchased a new stake in Turning Point Brands in the 4th quarter worth $73,000. Sunbelt Securities Inc. acquired a new position in Turning Point Brands during the fourth quarter worth $96,000. Tower Research Capital LLC TRC lifted its holdings in Turning Point Brands by 29.0% during the fourth quarter. Tower Research Capital LLC TRC now owns 2,364 shares of the company’s stock valued at $142,000 after purchasing an additional 532 shares in the last quarter. Finally, Baird Financial Group Inc. acquired a new stake in shares of Turning Point Brands in the fourth quarter valued at about $201,000. Institutional investors and hedge funds own 96.12% of the company’s stock.

Turning Point Brands Stock Down 0.7 %

The firm has a market cap of $1.33 billion, a PE ratio of 29.81 and a beta of 0.69. 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 debt-to-equity ratio of 1.33, a current ratio of 4.21 and a quick ratio of 1.78.

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.