Turning Point Brands (NYSE:TPB) Sets New 52-Week High Following Better-Than-Expected Earnings

Turning Point Brands, Inc. (NYSE:TPB)’s stock price hit a new 52-week high during trading on Thursday after the company announced better than expected quarterly earnings. The stock traded as high as $81.05 and last traded at $80.88, with a volume of 664071 shares trading hands. The stock had previously closed at $64.89.

The company reported $0.79 earnings per share for the quarter, topping the consensus estimate of $0.75 by $0.04. The firm had revenue of $106.44 million for the quarter, compared to analysts’ expectations of $95.75 million. Turning Point Brands had a net margin of 11.63% and a return on equity of 33.14%. The company’s quarterly revenue was up 28.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.63 EPS.

Turning Point Brands Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Friday, June 20th will be paid a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 0.37%. Turning Point Brands’s dividend payout ratio is currently 14.15%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on TPB. Alliance Global Partners started coverage on Turning Point Brands in a report on Monday, March 3rd. They issued a “buy” rating and a $80.00 target price on the stock. StockNews.com lowered shares of Turning Point Brands from a “buy” rating to a “hold” rating in a research note on Tuesday. Roth Mkm reaffirmed a “buy” rating and issued a $70.00 price target on shares of Turning Point Brands in a research note on Friday, January 10th. Finally, Industrial Alliance Securities set a $85.00 price objective on Turning Point Brands in a report on Thursday, March 6th. One equities research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $73.33.

Institutional Investors Weigh In On Turning Point Brands

Several institutional investors and hedge funds have recently modified their holdings of TPB. Northern Right Capital Management L.P. increased its holdings in shares of Turning Point Brands by 356.6% during the 4th quarter. Northern Right Capital Management L.P. now owns 134,354 shares of the company’s stock valued at $8,075,000 after acquiring an additional 104,931 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its position in shares of Turning Point Brands by 36.1% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 318,552 shares of the company’s stock valued at $19,145,000 after purchasing an additional 84,552 shares during the period. Teacher Retirement System of Texas lifted its stake in shares of Turning Point Brands by 122.3% in the first quarter. Teacher Retirement System of Texas now owns 121,804 shares of the company’s stock worth $7,240,000 after buying an additional 67,005 shares during the last quarter. Invesco Ltd. boosted its holdings in shares of Turning Point Brands by 205.8% during the 4th quarter. Invesco Ltd. now owns 97,261 shares of the company’s stock worth $5,845,000 after buying an additional 65,457 shares during the period. Finally, Portolan Capital Management LLC acquired a new position in Turning Point Brands in the 4th quarter valued at $3,817,000. Institutional investors and hedge funds own 96.12% of the company’s stock.

Turning Point Brands Stock Up 24.6 %

The company has a current ratio of 4.21, a quick ratio of 1.78 and a debt-to-equity ratio of 1.33. The firm’s fifty day moving average is $59.72 and its 200 day moving average is $59.52. The stock has a market cap of $1.44 billion, a P/E ratio of 32.10 and a beta of 0.69.

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.