Turning Point Brands (NYSE:TPB) Price Target Raised to $45.00

Turning Point Brands (NYSE:TPB) had its price objective raised by Benchmark from $34.00 to $45.00 in a research note released on Friday morning, Benzinga reports. They currently have a buy rating on the stock.

Turning Point Brands Stock Up 0.5 %

Shares of NYSE TPB opened at $32.73 on Friday. The firm has a market cap of $578.67 million, a P/E ratio of 14.42 and a beta of 0.50. The company has a debt-to-equity ratio of 2.02, a quick ratio of 1.68 and a current ratio of 2.67. Turning Point Brands has a 1 year low of $19.67 and a 1 year high of $34.00. The firm’s 50 day moving average price is $27.77 and its 200 day moving average price is $25.09.

Turning Point Brands (NYSE:TPB) last posted its quarterly earnings data on Wednesday, February 28th. The company reported $0.72 earnings per share (EPS) for the quarter. The business had revenue of $97.10 million for the quarter, compared to analysts’ expectations of $90.11 million. Turning Point Brands had a return on equity of 39.00% and a net margin of 10.68%. The business’s revenue was down 6.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.65 earnings per share.

Turning Point Brands Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 5th. Stockholders of record on Friday, June 14th will be issued a dividend of $0.07 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $0.28 annualized dividend and a dividend yield of 0.86%. Turning Point Brands’s payout ratio is currently 12.33%.

Insider Activity at Turning Point Brands

In related news, insider Plano Lorenzo De purchased 15,043 shares of the business’s stock in a transaction on Thursday, March 14th. The shares were bought at an average price of $27.97 per share, with a total value of $420,752.71. Following the completion of the purchase, the insider now directly owns 31,375 shares in the company, valued at approximately $877,558.75. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 5.20% of the stock is owned by insiders.

Institutional Investors Weigh In On Turning Point Brands

A number of institutional investors have recently added to or reduced their stakes in the company. Foundry Partners LLC lifted its stake in shares of Turning Point Brands by 11.6% in the 3rd quarter. Foundry Partners LLC now owns 189,475 shares of the company’s stock valued at $4,375,000 after purchasing an additional 19,735 shares in the last quarter. SG Americas Securities LLC grew its stake in Turning Point Brands by 99.1% during the fourth quarter. SG Americas Securities LLC now owns 26,052 shares of the company’s stock worth $686,000 after buying an additional 12,970 shares during the period. Assenagon Asset Management S.A. increased its position in shares of Turning Point Brands by 162.5% in the fourth quarter. Assenagon Asset Management S.A. now owns 521,980 shares of the company’s stock worth $13,739,000 after acquiring an additional 323,157 shares in the last quarter. Exchange Traded Concepts LLC purchased a new position in shares of Turning Point Brands in the 4th quarter valued at $422,000. Finally, Vanguard Group Inc. lifted its holdings in shares of Turning Point Brands by 4.4% during the 3rd quarter. Vanguard Group Inc. now owns 1,314,680 shares of the company’s stock valued at $30,356,000 after acquiring an additional 55,829 shares in the last quarter. Hedge funds and other institutional investors own 96.12% of the company’s stock.

Turning Point Brands Company Profile

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.