Turning Point Brands (NYSE:TPB) Trading Down 5.5% - Here's What Happened

Key Points

• Turning Point Brands shares fell 5.5% closing at $91.33, with trading volume dropping to approximately 91,184 shares, significantly below the average of 278,791 shares.
• Analysts have mixed ratings on the stock, with a current consensus of "Moderate Buy" and a price target of $78.83, following recent downgrades and upgrades from various firms.
• The company announced a quarterly dividend of $0.075, reflecting an annualized yield of 0.3%, with the ex-dividend date set for September 19th.

Turning Point Brands, Inc. (NYSE:TPB - Get Free Report) shares were down 5.5% during trading on Friday . The company traded as low as $91.58 and last traded at $91.33. Approximately 91,184 shares traded hands during trading, a decline of 67% from the average daily volume of 278,791 shares. The stock had previously closed at $96.69.

Analysts Set New Price Targets

A number of analysts have commented on TPB shares. Needham & Company LLC began coverage on Turning Point Brands in a report on Friday, August 1st. They set a "hold" rating for the company. Wall Street Zen downgraded Turning Point Brands from a "buy" rating to a "hold" rating in a research note on Saturday, July 26th. Oppenheimer increased their target price on Turning Point Brands from $85.00 to $98.00 and gave the stock an "outperform" rating in a research report on Thursday, August 7th. Weiss Ratings restated a "buy (b-)" rating on shares of Turning Point Brands in a research report on Saturday, September 27th. Finally, Zacks Research cut shares of Turning Point Brands from a "strong-buy" rating to a "hold" rating in a report on Friday, September 12th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, Turning Point Brands presently has a consensus rating of "Moderate Buy" and a consensus price target of $78.83.

Turning Point Brands Price Performance

The firm has a market cap of $1.59 billion, a P/E ratio of 37.02 and a beta of 0.74. The business has a 50-day simple moving average of $96.26 and a 200 day simple moving average of $78.03. The company has a debt-to-equity ratio of 1.30, a quick ratio of 2.67 and a current ratio of 4.22.

Turning Point Brands (NYSE:TPB - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $0.98 earnings per share for the quarter, topping analysts' consensus estimates of $0.79 by $0.19. The firm had revenue of $116.63 million for the quarter, compared to analyst estimates of $107.30 million. Turning Point Brands had a return on equity of 25.32% and a net margin of 10.34%.The business's quarterly revenue was up 25.1% compared to the same quarter last year. During the same period last year, the company earned $0.68 EPS. On average, analysts anticipate that Turning Point Brands, Inc. will post 2.59 earnings per share for the current fiscal year.

Turning Point Brands Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Friday, September 19th will be issued a $0.075 dividend. The ex-dividend date is Friday, September 19th. This represents a $0.30 annualized dividend and a yield of 0.3%. Turning Point Brands's dividend payout ratio (DPR) is 12.55%.

Institutional Trading of Turning Point Brands

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Divisadero Street Capital Management LP lifted its holdings in shares of Turning Point Brands by 187.5% during the second quarter. Divisadero Street Capital Management LP now owns 943,784 shares of the company's stock valued at $71,511,000 after purchasing an additional 615,521 shares during the last quarter. Maple Rock Capital Partners Inc. bought a new stake in Turning Point Brands in the 2nd quarter worth approximately $18,458,000. 4D Advisors LLC grew its position in Turning Point Brands by 133.7% in the 2nd quarter. 4D Advisors LLC now owns 222,000 shares of the company's stock worth $16,821,000 after purchasing an additional 127,000 shares during the period. SG Americas Securities LLC grew its position in Turning Point Brands by 1,369.7% in the 2nd quarter. SG Americas Securities LLC now owns 123,648 shares of the company's stock worth $9,369,000 after purchasing an additional 115,235 shares during the period. Finally, Northern Right Capital Management L.P. grew its position in shares of Turning Point Brands by 63.9% during the 1st quarter. Northern Right Capital Management L.P. now owns 220,178 shares of the company's stock valued at $13,087,000 after acquiring an additional 85,824 shares during the period. 96.12% of the stock is currently owned by hedge funds and other institutional investors.

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.

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