Turning Point Brands (NYSE:TPB) Stock Price Up 4.6% – Here’s What Happened

Turning Point Brands, Inc. (NYSE:TPB)’s stock price rose 4.6% during mid-day trading on Thursday . The company traded as high as $67.23 and last traded at $70.12. Approximately 55,942 shares traded hands during trading, a decline of 61% from the average daily volume of 141,638 shares. The stock had previously closed at $67.02.

Wall Street Analysts Forecast Growth

TPB has been the subject of a number of recent analyst reports. Roth Capital raised Turning Point Brands to a “strong-buy” rating in a research report on Friday, November 8th. Roth Mkm reissued a “buy” rating and set a $70.00 price objective on shares of Turning Point Brands in a report on Friday, January 10th. Benchmark raised their target price on shares of Turning Point Brands from $45.00 to $65.00 and gave the stock a “buy” rating in a report on Tuesday, November 12th. Craig Hallum boosted their target price on shares of Turning Point Brands from $60.00 to $75.00 and gave the company a “buy” rating in a research note on Thursday, December 5th. Finally, Alliance Global Partners assumed coverage on Turning Point Brands in a report on Monday. They issued a “buy” rating and a $80.00 target price on the stock. Six analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $71.00.

Turning Point Brands Trading Down 2.7 %

The stock has a 50 day moving average of $62.82 and a 200-day moving average of $53.72. The company has a market capitalization of $1.15 billion, a P/E ratio of 25.88 and a beta of 0.74. The company has a current ratio of 4.21, a quick ratio of 1.78 and a debt-to-equity ratio of 1.33.

Turning Point Brands (NYSE:TPB) last posted its quarterly earnings results on Thursday, March 6th. The company reported $0.53 earnings per share for the quarter, missing analysts’ consensus estimates of $0.65 by ($0.12). Turning Point Brands had a return on equity of 33.14% and a net margin of 11.63%. On average, research analysts predict that Turning Point Brands, Inc. will post 2.59 EPS for the current year.

Turning Point Brands Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Friday, March 21st will be paid a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 0.46%. The ex-dividend date is Friday, March 21st. This is a positive change from Turning Point Brands’s previous quarterly dividend of $0.07. Turning Point Brands’s dividend payout ratio is presently 11.90%.

Hedge Funds Weigh In On Turning Point Brands

Several large investors have recently made changes to their positions in TPB. Virtus Fund Advisers LLC bought a new stake in Turning Point Brands during the 4th quarter valued at approximately $48,000. USA Financial Formulas purchased a new stake in Turning Point Brands during the 4th quarter valued at approximately $73,000. Sunbelt Securities Inc. bought a new stake in shares of Turning Point Brands during the fourth quarter valued at approximately $96,000. Tower Research Capital LLC TRC lifted its holdings in shares of Turning Point Brands by 29.0% in the fourth quarter. Tower Research Capital LLC TRC now owns 2,364 shares of the company’s stock worth $142,000 after buying an additional 532 shares in the last quarter. Finally, Baird Financial Group Inc. purchased a new position in shares of Turning Point Brands in the fourth quarter worth $201,000. 96.12% of the stock is currently owned by hedge funds and other institutional investors.

About Turning Point Brands

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.