Benchmark Raises Turning Point Brands (NYSE:TPB) Price Target 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 published on Friday, Benzinga reports. Benchmark currently has a buy rating on the stock.

Turning Point Brands Stock Performance

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

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

Turning Point Brands Announces Dividend

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

Insider Buying and Selling

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

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in TPB. Vanguard Group Inc. lifted its holdings in Turning Point Brands by 4.4% in the 3rd quarter. Vanguard Group Inc. now owns 1,314,680 shares of the company’s stock worth $30,356,000 after purchasing an additional 55,829 shares during the last quarter. American Century Companies Inc. raised its position in shares of Turning Point Brands by 6.1% in the third quarter. American Century Companies Inc. now owns 886,524 shares of the company’s stock valued at $20,470,000 after purchasing an additional 51,131 shares during the period. Strategic Income Management LLC acquired a new stake in shares of Turning Point Brands in the third quarter worth $809,000. Assenagon Asset Management S.A. lifted its stake 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 buying an additional 323,157 shares during the last quarter. Finally, Foundry Partners LLC boosted its holdings in shares of Turning Point Brands by 15.9% during the 4th quarter. Foundry Partners LLC now owns 219,574 shares of the company’s stock worth $5,779,000 after buying an additional 30,099 shares during the period. Institutional investors and hedge funds 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.