Turning Point Brands (NYSE:TPB) Hits New 1-Year High – Still a Buy?

Turning Point Brands, Inc. (NYSE:TPB) reached a new 52-week high on Wednesday . The company traded as high as $70.52 and last traded at $69.62, with a volume of 78511 shares. The stock had previously closed at $67.70.

Analysts Set New Price Targets

A number of research firms have recently issued reports on TPB. StockNews.com lowered shares of Turning Point Brands from a “buy” rating to a “hold” rating in a research note on Tuesday, February 4th. Benchmark lifted their price target on shares of Turning Point Brands from $45.00 to $65.00 and gave the stock a “buy” rating in a research note on Tuesday, November 12th. Oppenheimer started coverage on shares of Turning Point Brands in a research report on Thursday, November 14th. They issued an “outperform” rating and a $65.00 price objective for the company. Roth Mkm reissued a “buy” rating and issued a $70.00 price target on shares of Turning Point Brands in a report on Friday, January 10th. Finally, Craig Hallum upped their target price on Turning Point Brands from $60.00 to $75.00 and gave the company a “buy” rating in a research report on Thursday, December 5th. One equities research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Buy” and an average price target of $68.75.

Turning Point Brands Price Performance

The business has a fifty day moving average price of $60.28 and a 200 day moving average price of $50.26. The company has a debt-to-equity ratio of 1.33, a current ratio of 4.21 and a quick ratio of 1.78. The company has a market capitalization of $1.23 billion, a price-to-earnings ratio of 27.53 and a beta of 0.65.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Corsair Capital Management L.P. grew its holdings in Turning Point Brands by 49.0% during the third quarter. Corsair Capital Management L.P. now owns 30,412 shares of the company’s stock worth $1,312,000 after acquiring an additional 10,000 shares during the period. Pekin Hardy Strauss Inc. bought a new position in shares of Turning Point Brands during the 3rd quarter valued at about $1,260,000. Allspring Global Investments Holdings LLC grew its stake in shares of Turning Point Brands by 72,406.7% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 10,876 shares of the company’s stock worth $469,000 after purchasing an additional 10,861 shares during the last quarter. 272 Capital LP bought a new stake in shares of Turning Point Brands in the 3rd quarter worth approximately $1,488,000. Finally, Barclays PLC raised its holdings in shares of Turning Point Brands by 298.6% in the 3rd quarter. Barclays PLC now owns 29,274 shares of the company’s stock worth $1,262,000 after purchasing an additional 21,930 shares in the last quarter. 96.12% of the stock is currently owned by institutional investors.

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.