Turning Point Brands (NYSE:TPB) Posts Earnings Results, Beats Expectations By $0.46 EPS

Turning Point Brands (NYSE:TPB) posted its earnings results on Wednesday. The company reported $1.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.81 by $0.46, Briefing.com reports. Turning Point Brands had a return on equity of 28.94% and a net margin of 12.02%.The firm had revenue of $118.98 million for the quarter, compared to analysts’ expectations of $111.42 million. During the same period in the previous year, the firm earned $0.68 earnings per share. The business’s revenue was up 12.7% compared to the same quarter last year.

Turning Point Brands Stock Up 2.5%

Turning Point Brands stock traded up $2.52 during trading hours on Friday, hitting $102.71. The stock had a trading volume of 556,893 shares, compared to its average volume of 302,134. The stock has a market capitalization of $1.85 billion, a P/E ratio of 36.17 and a beta of 0.85. Turning Point Brands has a 12-month low of $49.12 and a 12-month high of $110.55. The company has a quick ratio of 2.67, a current ratio of 4.22 and a debt-to-equity ratio of 1.30. The stock’s 50-day moving average price is $95.00 and its 200-day moving average price is $83.62.

Turning Point Brands Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 9th. Shareholders of record on Friday, December 19th will be paid a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date is Friday, December 19th. Turning Point Brands’s dividend payout ratio (DPR) is currently 12.55%.

Institutional Trading of Turning Point Brands

A number of institutional investors have recently made changes to their positions in TPB. JPMorgan Chase & Co. grew its stake in shares of Turning Point Brands by 73.3% in the third quarter. JPMorgan Chase & Co. now owns 49,970 shares of the company’s stock worth $4,940,000 after acquiring an additional 21,131 shares during the period. Osaic Holdings Inc. boosted its holdings in Turning Point Brands by 24.3% in the second quarter. Osaic Holdings Inc. now owns 2,264 shares of the company’s stock worth $172,000 after purchasing an additional 443 shares during the last quarter. Tower Research Capital LLC TRC grew its position in Turning Point Brands by 59.1% in the 2nd quarter. Tower Research Capital LLC TRC now owns 2,049 shares of the company’s stock worth $155,000 after purchasing an additional 761 shares during the period. Cannell Capital LLC grew its position in Turning Point Brands by 261.0% in the 2nd quarter. Cannell Capital LLC now owns 60,279 shares of the company’s stock worth $4,567,000 after purchasing an additional 43,581 shares during the period. Finally, Tidal Investments LLC raised its stake in Turning Point Brands by 4.9% during the 2nd quarter. Tidal Investments LLC now owns 8,540 shares of the company’s stock valued at $647,000 after buying an additional 396 shares during the last quarter. Hedge funds and other institutional investors own 96.12% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on TPB. Needham & Company LLC assumed coverage on shares of Turning Point Brands in a report on Friday, August 1st. They issued a “hold” rating for the company. Industrial Alliance Securities set a $110.00 price objective on shares of Turning Point Brands in a report on Wednesday. Wall Street Zen downgraded Turning Point Brands from a “buy” rating to a “hold” rating in a report on Saturday, July 26th. Zacks Research lowered Turning Point Brands from a “strong-buy” rating to a “hold” rating in a research report on Friday, September 12th. Finally, Oppenheimer set a $110.00 target price on Turning Point Brands and gave the company an “outperform” rating in a research note on Wednesday. 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. Based on data from MarketBeat.com, Turning Point Brands currently has a consensus rating of “Moderate Buy” and an average target price of $90.00.

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.