Turning Point Brands (NYSE:TPB) Reaches New 12-Month High – Here’s Why

Turning Point Brands, Inc. (NYSE:TPB)’s stock price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $70.52 and last traded at $69.62, with a volume of 78511 shares changing hands. The stock had previously closed at $67.70.

Analyst Ratings Changes

Several equities research analysts recently issued reports on TPB shares. StockNews.com downgraded Turning Point Brands from a “buy” rating to a “hold” rating in a research note on Tuesday, February 4th. Roth Capital raised shares of Turning Point Brands to a “strong-buy” rating in a research report on Friday, November 8th. Benchmark raised their price objective on Turning Point Brands from $45.00 to $65.00 and gave the company a “buy” rating in a research note on Tuesday, November 12th. Craig Hallum upped their price target on shares of Turning Point Brands from $60.00 to $75.00 and gave the company a “buy” rating in a report on Thursday, December 5th. Finally, Oppenheimer initiated 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 on the stock. One research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Turning Point Brands has an average rating of “Buy” and an average target price of $68.75.

Turning Point Brands Price Performance

The stock has a market cap of $1.23 billion, a price-to-earnings ratio of 27.53 and a beta of 0.65. 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 stock’s 50 day simple moving average is $60.28 and its two-hundred day simple moving average is $50.26.

Institutional Investors Weigh In On Turning Point Brands

Several large investors have recently modified their holdings of the stock. Copeland Capital Management LLC bought a new position in shares of Turning Point Brands during the 3rd quarter worth approximately $61,000. USA Financial Formulas bought a new position in shares of Turning Point Brands during the fourth quarter valued at $73,000. The Manufacturers Life Insurance Company bought a new position in shares of Turning Point Brands during the second quarter valued at $209,000. Levin Capital Strategies L.P. acquired a new stake in shares of Turning Point Brands in the 4th quarter valued at $212,000. Finally, Aigen Investment Management LP bought a new stake in shares of Turning Point Brands in the 3rd quarter worth about $221,000. 96.12% of the stock is currently owned by 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.