Turning Point Brands (NYSE:TPB) Hits New 12-Month High – Here’s Why

Turning Point Brands, Inc. (NYSE:TPB)’s stock price reached a new 52-week high on Thursday . The company traded as high as $66.27 and last traded at $66.42, with a volume of 120981 shares traded. The stock had previously closed at $61.76.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on TPB. Roth Mkm reissued a “buy” rating and set a $70.00 price objective on shares of Turning Point Brands in a research note on Friday, January 10th. Oppenheimer started coverage on Turning Point Brands in a research note on Thursday, November 14th. They set an “outperform” rating and a $65.00 price target for the company. Roth Capital raised Turning Point Brands to a “strong-buy” rating in a research note on Friday, November 8th. StockNews.com downgraded shares of Turning Point Brands from a “buy” rating to a “hold” rating in a research report on Tuesday. Finally, Craig Hallum lifted their price target on shares of Turning Point Brands from $60.00 to $75.00 and gave the company a “buy” rating in a research report on Thursday, December 5th. One analyst has rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $68.75.

Turning Point Brands Price Performance

The company has a debt-to-equity ratio of 1.33, a current ratio of 4.21 and a quick ratio of 1.78. The company has a market cap of $1.19 billion, a PE ratio of 26.69 and a beta of 0.65. The company has a 50-day moving average price of $59.88 and a two-hundred day moving average price of $49.45.

Turning Point Brands (NYSE:TPB) last issued its quarterly earnings data on Thursday, November 7th. The company reported $0.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.67 by $0.01. Turning Point Brands had a net margin of 11.63% and a return on equity of 33.14%. The company had revenue of $105.62 million during the quarter, compared to the consensus estimate of $100.71 million. During the same quarter last year, the company earned $0.69 earnings per share. Turning Point Brands’s revenue for the quarter was up 3.8% on a year-over-year basis. Sell-side analysts expect that Turning Point Brands, Inc. will post 2.59 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Turning Point Brands

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Corsair Capital Management L.P. grew its stake in shares of Turning Point Brands by 49.0% during the third quarter. Corsair Capital Management L.P. now owns 30,412 shares of the company’s stock valued at $1,312,000 after acquiring an additional 10,000 shares in the last quarter. Pekin Hardy Strauss Inc. purchased a new position in Turning Point Brands in the third quarter valued at about $1,260,000. Millennium Management LLC grew its stake in Turning Point Brands by 14.1% during the 2nd quarter. Millennium Management LLC now owns 178,367 shares of the company’s stock valued at $5,724,000 after purchasing an additional 22,035 shares in the last quarter. Allspring Global Investments Holdings LLC increased its holdings in Turning Point Brands by 72,406.7% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 10,876 shares of the company’s stock worth $469,000 after purchasing an additional 10,861 shares during the last quarter. Finally, 272 Capital LP acquired a new position in shares of Turning Point Brands in the 3rd quarter valued at approximately $1,488,000. Hedge funds and other institutional investors own 96.12% of the company’s stock.

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.