JPMorgan Chase & Co. Increases Stake in Turning Point Brands, Inc. (NYSE:TPB)

JPMorgan Chase & Co. grew its stake in shares of Turning Point Brands, Inc. (NYSE:TPB - Free Report) by 84.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 123,079 shares of the company's stock after purchasing an additional 56,364 shares during the period. JPMorgan Chase & Co. owned approximately 0.70% of Turning Point Brands worth $5,311,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Copeland Capital Management LLC bought a new stake in Turning Point Brands during the 3rd quarter valued at approximately $61,000. The Manufacturers Life Insurance Company bought a new stake in shares of Turning Point Brands during the second quarter valued at approximately $209,000. Magnetar Financial LLC purchased a new stake in Turning Point Brands in the second quarter worth $212,000. Aigen Investment Management LP purchased a new stake in Turning Point Brands in the third quarter worth $221,000. Finally, Moran Wealth Management LLC bought a new position in Turning Point Brands in the third quarter worth $236,000. Hedge funds and other institutional investors own 96.12% of the company's stock.

Turning Point Brands Stock Up 2.1 %

TPB stock traded up $1.19 during midday trading on Friday, hitting $57.65. The company's stock had a trading volume of 239,759 shares, compared to its average volume of 198,033. The firm's 50-day moving average is $59.64 and its 200-day moving average is $46.98. 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, Inc. has a 12 month low of $21.98 and a 12 month high of $66.18. The company has a market cap of $1.02 billion, a PE ratio of 22.88 and a beta of 0.66.

Turning Point Brands (NYSE:TPB - Get Free Report) last released its quarterly earnings data on Thursday, November 7th. The company reported $0.68 EPS for the quarter, beating the consensus estimate of $0.67 by $0.01. Turning Point Brands had a return on equity of 33.14% and a net margin of 11.63%. The company had revenue of $105.62 million for the quarter, compared to analysts' expectations of $100.71 million. During the same period last year, the firm posted $0.69 earnings per share. Turning Point Brands's revenue was up 3.8% compared to the same quarter last year. On average, equities research analysts forecast that Turning Point Brands, Inc. will post 2.59 earnings per share for the current fiscal year.

Turning Point Brands Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Friday, December 20th were issued a dividend of $0.07 per share. The ex-dividend date of this dividend was Friday, December 20th. This represents a $0.28 annualized dividend and a dividend yield of 0.49%. Turning Point Brands's payout ratio is 11.11%.

Analyst Upgrades and Downgrades

TPB has been the topic of a number of recent research reports. Roth Mkm reaffirmed a "buy" rating and issued a $70.00 target price on shares of Turning Point Brands in a research report on Friday, January 10th. Craig Hallum raised 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. Oppenheimer assumed coverage on Turning Point Brands in a research report on Thursday, November 14th. They issued an "outperform" rating and a $65.00 price target on the stock. Roth Capital raised Turning Point Brands to a "strong-buy" rating in a research report on Friday, November 8th. Finally, Benchmark boosted their target price on Turning Point Brands from $45.00 to $65.00 and gave the stock a "buy" rating in a report on Tuesday, November 12th. One equities research analyst has rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Turning Point Brands has an average rating of "Buy" and an average target price of $68.75.

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.