Turning Point Brands (NYSE:TPB) Shares Up 5.4%

Turning Point Brands Inc (NYSE:TPB) shot up 5.4% during mid-day trading on Thursday . The stock traded as high as $23.85 and last traded at $23.54, 240,996 shares changed hands during mid-day trading. An increase of 22% from the average session volume of 197,904 shares. The stock had previously closed at $22.34.

Several research firms recently issued reports on TPB. Zacks Investment Research raised shares of Turning Point Brands from a “hold” rating to a “buy” rating and set a $47.00 price target for the company in a research report on Tuesday, July 30th. ValuEngine raised shares of Turning Point Brands from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd.

The company has a current ratio of 1.78, a quick ratio of 0.39 and a debt-to-equity ratio of 1.80. The firm has a market cap of $430.71 million, a price-to-earnings ratio of 13.77 and a beta of 0.61. The firm’s 50-day moving average is $26.66 and its 200-day moving average is $41.51.

Turning Point Brands (NYSE:TPB) last posted its quarterly earnings data on Wednesday, July 31st. The company reported $0.53 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.52 by $0.01. The firm had revenue of $93.30 million for the quarter, compared to the consensus estimate of $93.30 million. Turning Point Brands had a net margin of 9.02% and a return on equity of 42.97%. The business’s revenue for the quarter was up 15.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.50 EPS. Analysts forecast that Turning Point Brands Inc will post 1.98 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 20th were issued a dividend of $0.045 per share. This represents a $0.18 dividend on an annualized basis and a yield of 0.76%. The ex-dividend date was Thursday, September 19th. Turning Point Brands’s dividend payout ratio is 10.53%.

In other news, Director H.C. Charles Diao acquired 2,000 shares of the business’s stock in a transaction on Friday, August 2nd. The shares were purchased at an average cost of $37.70 per share, with a total value of $75,400.00. Following the acquisition, the director now directly owns 14,000 shares of the company’s stock, valued at $527,800. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Robert M. Lavan acquired 2,500 shares of the business’s stock in a transaction on Friday, August 2nd. The shares were purchased at an average cost of $37.03 per share, for a total transaction of $92,575.00. Following the completion of the acquisition, the chief financial officer now directly owns 6,000 shares in the company, valued at $222,180. The disclosure for this purchase can be found here. Insiders have acquired a total of 6,763 shares of company stock worth $250,183 over the last ninety days. Insiders own 5.50% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Virginia Retirement Systems ET AL boosted its holdings in Turning Point Brands by 1.4% during the 2nd quarter. Virginia Retirement Systems ET AL now owns 22,000 shares of the company’s stock worth $1,078,000 after acquiring an additional 300 shares during the last quarter. Bank of Montreal Can raised its stake in shares of Turning Point Brands by 68,100.0% during the 2nd quarter. Bank of Montreal Can now owns 682 shares of the company’s stock worth $33,000 after purchasing an additional 681 shares during the period. Point72 Hong Kong Ltd bought a new stake in shares of Turning Point Brands during the 2nd quarter worth $38,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in shares of Turning Point Brands during the 2nd quarter worth $55,000. Finally, Bank of New York Mellon Corp raised its stake in shares of Turning Point Brands by 2.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 59,606 shares of the company’s stock worth $2,920,000 after purchasing an additional 1,422 shares during the period. 35.70% of the stock is currently owned by hedge funds and other institutional investors.

About Turning Point Brands (NYSE:TPB)

Turning Point Brands, Inc, together with its subsidiaries, provides other tobacco products in the United States. The company operates in three segments: Smokeless Products, Smoking Products, and NewGen Products. The Smokeless Products segment manufactures and markets moist snuff; and contracts for and markets loose leaf chewing tobacco products.

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