Turning Point Brands (NYSE:TPB) Hits New 12-Month High - What's Next?

Key Points

• Turning Point Brands reached a new 12-month high in stock price at $89.38, indicating significant investor interest with 70,908 shares traded.
• Analysts have mixed views on the stock, with a consensus average rating of “Moderate Buy” and an increased price target set by Oppenheimer from $65 to $85.
• Insider trading activity includes the sale of 25,000 shares by Director Lawrence Wexler, which has raised concerns about insider sentiment as 6.60% of the stock is held by corporate insiders.

Turning Point Brands, Inc. (NYSE:TPB - Get Free Report)'s stock price reached a new 52-week high during trading on Wednesday . The company traded as high as $89.38 and last traded at $87.51, with a volume of 70908 shares traded. The stock had previously closed at $81.14.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. Needham & Company LLC began coverage on shares of Turning Point Brands in a research report on Friday, August 1st. They set a "hold" rating for the company. Wall Street Zen cut Turning Point Brands from a "buy" rating to a "hold" rating in a research report on Saturday, July 26th. Finally, Oppenheimer raised their price target on Turning Point Brands from $65.00 to $85.00 and gave the stock an "outperform" rating in a research note on Thursday, May 8th. Two analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Turning Point Brands currently has an average rating of "Moderate Buy" and a consensus target price of $76.67.

Turning Point Brands Trading Up 13.4%

The company has a market cap of $1.65 billion, a PE ratio of 40.24 and a beta of 0.66. The company has a current ratio of 4.42, a quick ratio of 2.64 and a debt-to-equity ratio of 1.44. The business has a 50 day simple moving average of $75.97 and a two-hundred day simple moving average of $67.75.

Turning Point Brands (NYSE:TPB - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The company reported $0.91 earnings per share for the quarter, beating analysts' consensus estimates of $0.75 by $0.16. Turning Point Brands had a return on equity of 27.70% and a net margin of 10.19%. The company had revenue of $106.44 million for the quarter, compared to analysts' expectations of $95.75 million. During the same quarter in the previous year, the company posted $0.63 earnings per share. The business's revenue for the quarter was up 28.2% compared to the same quarter last year. On average, analysts forecast that Turning Point Brands, Inc. will post 2.59 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Lawrence Wexler sold 25,000 shares of the company's stock in a transaction dated Tuesday, June 17th. The shares were sold at an average price of $75.94, for a total value of $1,898,500.00. Following the sale, the director owned 330,186 shares of the company's stock, valued at $25,074,324.84. The trade was a 7.04% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Brian Wigginton sold 10,800 shares of the company's stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $75.67, for a total transaction of $817,236.00. Following the transaction, the chief accounting officer owned 10,171 shares in the company, valued at $769,639.57. The trade was a 51.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 115,300 shares of company stock worth $8,666,867 in the last 90 days. 6.60% of the stock is owned by corporate insiders.

Institutional Trading of Turning Point Brands

Several institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in Turning Point Brands by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 1,524,640 shares of the company's stock worth $91,631,000 after buying an additional 18,440 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in Turning Point Brands by 15.6% during the 4th quarter. JPMorgan Chase & Co. now owns 142,251 shares of the company's stock valued at $8,549,000 after buying an additional 19,172 shares during the last quarter. Massachusetts Financial Services Co. MA purchased a new stake in shares of Turning Point Brands in the 4th quarter worth about $1,207,000. ExodusPoint Capital Management LP purchased a new stake in shares of Turning Point Brands in the 4th quarter worth about $1,940,000. Finally, Wells Fargo & Company MN lifted its position in shares of Turning Point Brands by 46.1% in the 4th quarter. Wells Fargo & Company MN now owns 8,301 shares of the company's stock worth $499,000 after purchasing an additional 2,618 shares during the period. Hedge funds and other institutional investors own 96.12% of the company's stock.

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.

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