Turning Point Brands (NYSE:TPB) Reaches New 52-Week High - Here's What Happened

Turning Point Brands, Inc. (NYSE:TPB - Get Free Report) shares reached a new 52-week high during trading on Tuesday . The stock traded as high as $49.13 and last traded at $48.96, with a volume of 19711 shares. The stock had previously closed at $47.69.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. Roth Mkm began coverage on shares of Turning Point Brands in a research report on Thursday, September 19th. They set a "buy" rating and a $50.00 target price on the stock. Benchmark restated a "buy" rating and set a $45.00 target price on shares of Turning Point Brands in a report on Friday, August 2nd. StockNews.com downgraded Turning Point Brands from a "strong-buy" rating to a "buy" rating in a report on Thursday, October 24th. Finally, Roth Capital raised Turning Point Brands to a "strong-buy" rating in a research report on Thursday, September 19th.

Turning Point Brands Stock Performance

The company has a debt-to-equity ratio of 1.43, a quick ratio of 1.17 and a current ratio of 1.80. The stock has a market cap of $870.11 million, a PE ratio of 20.40 and a beta of 0.63. The firm has a fifty day moving average price of $42.08 and a 200 day moving average price of $36.90.

Insider Activity at Turning Point Brands

In other news, Director Gregory H.A. Baxter sold 2,000 shares of the company's stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $39.42, for a total transaction of $78,840.00. Following the transaction, the director now owns 46,544 shares in the company, valued at $1,834,764.48. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 5.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Turning Point Brands

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Copeland Capital Management LLC purchased a new stake in shares of Turning Point Brands in the 3rd quarter valued at $61,000. Lazard Asset Management LLC acquired a new position in Turning Point Brands in the first quarter valued at approximately $48,000. Allspring Global Investments Holdings LLC purchased a new stake in Turning Point Brands in the 1st quarter worth approximately $64,000. SG Americas Securities LLC acquired a new stake in shares of Turning Point Brands during the 2nd quarter worth approximately $129,000. Finally, Aigen Investment Management LP purchased a new position in shares of Turning Point Brands during the 3rd quarter valued at approximately $221,000. 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.

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