Turning Point Brands (NYSE:TPB) Shares Down 5.5% – Here’s Why

Shares of Turning Point Brands, Inc. (NYSE:TPB) fell 5.5% during trading on Friday . The stock traded as low as $91.58 and last traded at $91.33. 91,184 shares were traded during mid-day trading, a decline of 67% from the average session volume of 278,791 shares. The stock had previously closed at $96.69.

Analyst Upgrades and Downgrades

Several research firms have commented on TPB. Wall Street Zen cut shares of Turning Point Brands from a “buy” rating to a “hold” rating in a research note on Saturday, July 26th. Oppenheimer lifted their target price on shares of Turning Point Brands from $85.00 to $98.00 and gave the stock an “outperform” rating in a research note on Thursday, August 7th. Needham & Company LLC assumed coverage on shares of Turning Point Brands in a research note on Friday, August 1st. They issued a “hold” rating for the company. Weiss Ratings reissued a “buy (b-)” rating on shares of Turning Point Brands in a research note on Saturday, September 27th. Finally, Zacks Research cut shares of Turning Point Brands from a “strong-buy” rating to a “hold” rating in a research note on Friday, September 12th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, Turning Point Brands presently has an average rating of “Moderate Buy” and an average price target of $78.83.

Turning Point Brands Price Performance

The company has a debt-to-equity ratio of 1.30, a quick ratio of 2.67 and a current ratio of 4.22. The firm has a market cap of $1.59 billion, a price-to-earnings ratio of 37.02 and a beta of 0.74. The company’s fifty day moving average is $96.26 and its two-hundred day moving average is $78.17.

Turning Point Brands (NYSE:TPB) last posted its earnings results on Wednesday, August 6th. The company reported $0.98 earnings per share for the quarter, beating the consensus estimate of $0.79 by $0.19. The business had revenue of $116.63 million for the quarter, compared to analyst estimates of $107.30 million. Turning Point Brands had a net margin of 10.34% and a return on equity of 25.32%. The business’s quarterly revenue was up 25.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.68 EPS. Equities research analysts forecast that Turning Point Brands, Inc. will post 2.59 EPS for the current year.

Turning Point Brands Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Friday, September 19th will be issued a dividend of $0.075 per share. The ex-dividend date is Friday, September 19th. This represents a $0.30 annualized dividend and a dividend yield of 0.3%. Turning Point Brands’s payout ratio is presently 12.55%.

Hedge Funds Weigh In On Turning Point Brands

Several hedge funds and other institutional investors have recently made changes to their positions in TPB. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Turning Point Brands by 115.5% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 23,068 shares of the company’s stock valued at $1,386,000 after acquiring an additional 12,364 shares in the last quarter. GAMMA Investing LLC lifted its holdings in Turning Point Brands by 14,100.0% in the 1st quarter. GAMMA Investing LLC now owns 10,224 shares of the company’s stock worth $608,000 after buying an additional 10,152 shares in the last quarter. Rhumbline Advisers lifted its holdings in Turning Point Brands by 1.9% in the 1st quarter. Rhumbline Advisers now owns 24,531 shares of the company’s stock worth $1,458,000 after buying an additional 464 shares in the last quarter. SG Americas Securities LLC lifted its holdings in Turning Point Brands by 69.1% in the 1st quarter. SG Americas Securities LLC now owns 8,413 shares of the company’s stock worth $500,000 after buying an additional 3,438 shares in the last quarter. Finally, Ritholtz Wealth Management acquired a new position in Turning Point Brands in the 1st quarter worth $917,000. Institutional investors and hedge funds own 96.12% of the company’s stock.

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.