Turning Point Brands (NYSE:TPB) Hits New 52-Week High – Here’s Why

Turning Point Brands, Inc. (NYSE:TPB) shares hit a new 52-week high on Thursday . The company traded as high as $131.62 and last traded at $131.90, with a volume of 40947 shares changing hands. The stock had previously closed at $127.94.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on TPB. Oppenheimer reaffirmed an “outperform” rating and issued a $130.00 target price on shares of Turning Point Brands in a research note on Wednesday, January 14th. Alliance Global Partners upped their price target on Turning Point Brands from $103.00 to $110.00 and gave the stock a “buy” rating in a research report on Wednesday, November 5th. Wall Street Zen cut shares of Turning Point Brands from a “buy” rating to a “hold” rating in a research note on Saturday, January 17th. Zacks Research lowered shares of Turning Point Brands from a “strong-buy” rating to a “hold” rating in a research report on Monday, January 5th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Turning Point Brands in a report on Tuesday, December 23rd. Three equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, Turning Point Brands has a consensus rating of “Moderate Buy” and a consensus price target of $116.67.

Turning Point Brands Stock Up 1.9%

The company has a current ratio of 5.56, a quick ratio of 3.98 and a debt-to-equity ratio of 0.82. The firm’s 50 day moving average price is $114.34 and its two-hundred day moving average price is $102.17. The company has a market capitalization of $2.51 billion, a price-to-earnings ratio of 46.33 and a beta of 0.87.

Insider Transactions at Turning Point Brands

In other Turning Point Brands news, Director Gregory H.A. Baxter sold 1,500 shares of the firm’s stock in a transaction on Friday, November 21st. The stock was sold at an average price of $98.23, for a total transaction of $147,345.00. Following the completion of the sale, the director owned 38,919 shares of the company’s stock, valued at $3,823,013.37. This trade represents a 3.71% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director H.C. Charles Diao sold 2,000 shares of Turning Point Brands stock in a transaction on Monday, December 15th. The stock was sold at an average price of $108.20, for a total transaction of $216,400.00. Following the transaction, the director directly owned 9,804 shares of the company’s stock, valued at approximately $1,060,792.80. This trade represents a 16.94% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 49,750 shares of company stock valued at $5,322,860. Company insiders own 6.60% of the company’s stock.

Institutional Trading of Turning Point Brands

Several institutional investors have recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Turning Point Brands by 4.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,198 shares of the company’s stock worth $606,000 after buying an additional 459 shares during the period. Ritholtz Wealth Management increased its position in Turning Point Brands by 52.8% during the second quarter. Ritholtz Wealth Management now owns 23,579 shares of the company’s stock worth $1,787,000 after acquiring an additional 8,151 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Turning Point Brands during the second quarter worth about $235,000. Sentry Investment Management LLC acquired a new stake in Turning Point Brands in the 2nd quarter worth about $329,000. Finally, Briaud Financial Planning Inc bought a new stake in Turning Point Brands in the 2nd quarter valued at about $31,000. 96.12% of the stock is currently owned by institutional investors.

About Turning Point Brands

Turning Point Brands, Inc (NYSE: TPB) is a U.S.-based consumer products company focused on the manufacture, marketing and distribution of smokeless tobacco, vaping and cigar products. Headquartered in Old Hickory, Tennessee, the company serves retail outlets across all 50 states through a direct-store-delivery network and select third-party distributors. Turning Point Brands operates two reporting segments—Smokeless Products and Cigar—and leverages its logistics capabilities to offer a broad portfolio of brands and SKUs.

In its Smokeless Products segment, Turning Point Brands produces moist smokeless tobacco under leading brand names such as Grizzly, Kodiak and Stoker’s.