Turning Point Brands (NYSE:TPB) Hits New 1-Year High - Here's What Happened

Turning Point Brands, Inc. (NYSE:TPB - Get Free Report) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $47.95 and last traded at $47.95, with a volume of 275 shares. The stock had previously closed at $46.99.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on TPB. Benchmark reiterated a "buy" rating and issued a $45.00 price objective on shares of Turning Point Brands in a research report on Friday, August 2nd. StockNews.com cut Turning Point Brands from a "strong-buy" rating to a "buy" rating in a report on Thursday, October 24th. Roth Capital upgraded shares of Turning Point Brands to a "strong-buy" rating in a report on Thursday, September 19th. Finally, Roth Mkm assumed coverage on shares of Turning Point Brands in a research note on Thursday, September 19th. They set a "buy" rating and a $50.00 target price for the company.

Turning Point Brands Stock Performance

The company has a quick ratio of 1.17, a current ratio of 1.80 and a debt-to-equity ratio of 1.43. The firm has a 50-day moving average price of $41.44 and a 200 day moving average price of $36.32. The firm has a market capitalization of $821.71 million, a PE ratio of 20.73 and a beta of 0.63.

Turning Point Brands (NYSE:TPB - Get Free Report) last announced its earnings results on Thursday, August 1st. The company reported $0.82 EPS for the quarter. The company had revenue of $108.51 million during the quarter. Turning Point Brands had a return on equity of 36.11% and a net margin of 11.36%. Research analysts expect that Turning Point Brands, Inc. will post 2.68 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Gregory H.A. Baxter sold 2,000 shares of Turning Point Brands stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $39.42, for a total value of $78,840.00. Following the completion of the transaction, the director now directly owns 46,544 shares in the company, valued at approximately $1,834,764.48. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 5.20% of the stock is owned by company insiders.

Institutional Trading of Turning Point Brands

A number of hedge funds and other institutional investors have recently bought and sold shares of TPB. GSA Capital Partners LLP acquired a new stake in Turning Point Brands during the 1st quarter worth $1,587,000. Lord Abbett & CO. LLC lifted its holdings in shares of Turning Point Brands by 45.2% in the 1st quarter. Lord Abbett & CO. LLC now owns 255,309 shares of the company's stock valued at $7,481,000 after purchasing an additional 79,489 shares during the last quarter. Boston Partners purchased a new position in Turning Point Brands during the 1st quarter worth approximately $964,000. Tidal Investments LLC acquired a new position in Turning Point Brands during the first quarter worth approximately $1,661,000. Finally, Vanguard Group Inc. increased its position in Turning Point Brands by 6.6% during the first quarter. Vanguard Group Inc. now owns 1,497,110 shares of the company's stock worth $43,865,000 after buying an additional 92,147 shares during the period. 96.12% of the stock is currently owned by institutional investors and hedge funds.

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.