Turning Point Brands (NYSE:TPB) Hits New 52-Week High - Still a Buy?

Shares of Turning Point Brands, Inc. (NYSE:TPB - Get Free Report) hit a new 52-week high on Tuesday . The stock traded as high as $70.99 and last traded at $70.44, with a volume of 45178 shares trading hands. The stock had previously closed at $69.63.

Wall Street Analyst Weigh In

Several research firms have issued reports on TPB. Roth Capital raised shares of Turning Point Brands to a "strong-buy" rating in a research note on Friday, November 8th. Roth Mkm restated a "buy" rating and set a $70.00 price objective on shares of Turning Point Brands in a report on Friday, January 10th. Oppenheimer started coverage on Turning Point Brands in a research note on Thursday, November 14th. They issued an "outperform" rating and a $65.00 target price for the company. StockNews.com lowered Turning Point Brands from a "buy" rating to a "hold" rating in a research note on Tuesday, February 4th. Finally, Benchmark boosted their price target on Turning Point Brands from $45.00 to $65.00 and gave the stock a "buy" rating in a research report on Tuesday, November 12th. One investment analyst has rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $68.75.

Turning Point Brands Price Performance

The business has a 50-day moving average price of $61.18 and a 200 day moving average price of $51.65. The company has a market cap of $1.20 billion, a price-to-earnings ratio of 26.91 and a beta of 0.65. The company has a current ratio of 4.21, a quick ratio of 1.78 and a debt-to-equity ratio of 1.33.

Institutional Trading of Turning Point Brands

Several institutional investors have recently made changes to their positions in the stock. Corsair Capital Management L.P. boosted its stake in shares of Turning Point Brands by 49.0% during the 3rd quarter. Corsair Capital Management L.P. now owns 30,412 shares of the company's stock valued at $1,312,000 after buying an additional 10,000 shares during the period. Entropy Technologies LP acquired a new position in Turning Point Brands in the 4th quarter worth about $234,000. Pekin Hardy Strauss Inc. purchased a new stake in shares of Turning Point Brands during the 3rd quarter worth about $1,260,000. Allspring Global Investments Holdings LLC raised its position in Turning Point Brands by 72,406.7% during the third quarter. Allspring Global Investments Holdings LLC now owns 10,876 shares of the company's stock valued at $469,000 after acquiring an additional 10,861 shares in the last quarter. Finally, 272 Capital LP acquired a new stake in Turning Point Brands in the third quarter valued at approximately $1,488,000. 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.