Short Interest in Turning Point Brands, Inc. (NYSE:TPB) Drops By 15.2%

Turning Point Brands, Inc. (NYSE:TPB) was the target of a large decrease in short interest in September. As of September 15th, there was short interest totalling 180,800 shares, a decrease of 15.2% from the August 31st total of 213,200 shares. Currently, 1.1% of the company’s stock are short sold. Based on an average trading volume of 125,100 shares, the days-to-cover ratio is presently 1.4 days.

Insider Transactions at Turning Point Brands

In other news, Director Gregory H.A. Baxter sold 2,000 shares of the business’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $39.42, for a total value of $78,840.00. Following the completion of the sale, the director now directly owns 46,544 shares of the company’s stock, valued at approximately $1,834,764.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 5.20% of the company’s stock.

Hedge Funds Weigh In On Turning Point Brands

A number of large investors have recently modified their holdings of TPB. GSA Capital Partners LLP acquired a new stake in shares of Turning Point Brands in the 1st quarter worth approximately $1,587,000. Harspring Capital Management LLC acquired a new stake in shares of Turning Point Brands in the 4th quarter worth approximately $2,101,000. Lord Abbett & CO. LLC grew its holdings in shares of Turning Point Brands by 45.2% in the 1st quarter. Lord Abbett & CO. LLC now owns 255,309 shares of the company’s stock worth $7,481,000 after acquiring an additional 79,489 shares during the period. Boston Partners acquired a new stake in shares of Turning Point Brands in the 1st quarter worth approximately $964,000. Finally, Tidal Investments LLC acquired a new stake in shares of Turning Point Brands in the 1st quarter worth approximately $1,661,000. 96.12% of the stock is owned by hedge funds and other institutional investors.

Turning Point Brands Stock Performance

Shares of TPB stock opened at $42.29 on Monday. The company has a market cap of $748.96 million, a price-to-earnings ratio of 18.63 and a beta of 0.62. The stock has a 50 day simple moving average of $38.97 and a 200-day simple moving average of $33.97. Turning Point Brands has a 12-month low of $19.67 and a 12-month high of $43.00. The company has a current ratio of 1.80, a quick ratio of 1.17 and a debt-to-equity ratio of 1.43.

Turning Point Brands (NYSE:TPB) last issued its earnings results on Thursday, August 1st. The company reported $0.82 earnings per share (EPS) for the quarter. The business had revenue of $108.51 million during the quarter. Turning Point Brands had a return on equity of 36.11% and a net margin of 11.36%. On average, equities analysts forecast that Turning Point Brands will post 2.68 EPS for the current year.

Turning Point Brands Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 4th. Stockholders of record on Friday, September 13th will be paid a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.66%. The ex-dividend date is Friday, September 13th. Turning Point Brands’s dividend payout ratio (DPR) is 12.33%.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. Roth Mkm initiated coverage on Turning Point Brands in a report on Thursday, September 19th. They issued a “buy” rating and a $50.00 target price for the company. Roth Capital raised Turning Point Brands to a “strong-buy” rating in a research note on Thursday, September 19th. StockNews.com downgraded Turning Point Brands from a “strong-buy” rating to a “buy” rating in a research note on Friday, September 20th. Finally, Benchmark reaffirmed a “buy” rating and set a $45.00 price objective on shares of Turning Point Brands in a research note on Friday, August 2nd.

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.