Turning Point Brands (NYSE:TPB) Hits New 52-Week High – Still a Buy?

Turning Point Brands, Inc. (NYSE:TPB) shares reached a new 52-week high on Monday . The company traded as high as $72.54 and last traded at $70.41, with a volume of 17448 shares. The stock had previously closed at $70.30.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on TPB shares. Oppenheimer started coverage on shares of Turning Point Brands in a research note on Thursday, November 14th. They issued an “outperform” rating and a $65.00 price objective for the company. Craig Hallum raised their price target on shares of Turning Point Brands from $60.00 to $75.00 and gave the stock a “buy” rating in a research note on Thursday, December 5th. Benchmark lifted their price objective on Turning Point Brands from $45.00 to $65.00 and gave the company a “buy” rating in a report on Tuesday, November 12th. Roth Capital raised Turning Point Brands to a “strong-buy” rating in a report on Friday, November 8th. Finally, StockNews.com upgraded Turning Point Brands from a “hold” rating to a “buy” rating in a research report on Monday. Six investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $71.00.

Turning Point Brands Stock Performance

The stock has a 50-day moving average of $62.66 and a 200 day moving average of $53.62. The firm has a market capitalization of $1.19 billion, a P/E ratio of 26.59 and a beta of 0.74. The company has a debt-to-equity ratio of 1.33, a quick ratio of 1.78 and a current ratio of 4.21.

Turning Point Brands Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Friday, March 21st will be issued a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a dividend yield of 0.45%. The ex-dividend date of this dividend is Friday, March 21st. This is a boost from Turning Point Brands’s previous quarterly dividend of $0.07. Turning Point Brands’s dividend payout ratio is presently 11.90%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Corsair Capital Management L.P. increased its position in Turning Point Brands by 49.0% in the 3rd quarter. Corsair Capital Management L.P. now owns 30,412 shares of the company’s stock valued at $1,312,000 after acquiring an additional 10,000 shares in the last quarter. Entropy Technologies LP bought a new stake in shares of Turning Point Brands during the fourth quarter valued at approximately $234,000. Pekin Hardy Strauss Inc. bought a new stake in shares of Turning Point Brands during the third quarter valued at approximately $1,260,000. 272 Capital LP acquired a new stake in shares of Turning Point Brands in the third quarter valued at approximately $1,488,000. Finally, Legato Capital Management LLC acquired a new position in Turning Point Brands during the 4th quarter worth $278,000. 96.12% of the stock is 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.