Turning Point Brands Inc (NYSE:TPB) saw a significant growth in short interest during the month of August. As of August 31st, there was short interest totalling 1,487,900 shares, a growth of 33.7% from the July 31st total of 1,112,900 shares. Approximately 17.0% of the shares of the stock are short sold. Based on an average trading volume of 220,500 shares, the short-interest ratio is presently 6.7 days.
In related news, Director H.C. Charles Diao acquired 2,000 shares of the company’s stock in a transaction that occurred on Friday, August 2nd. The stock was purchased at an average price of $37.70 per share, for a total transaction of $75,400.00. Following the transaction, the director now directly owns 14,000 shares of the company’s stock, valued at approximately $527,800. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Robert M. Lavan acquired 2,500 shares of the company’s stock in a transaction that occurred on Friday, August 2nd. The stock was bought at an average price of $37.03 per share, with a total value of $92,575.00. Following the transaction, the chief financial officer now directly owns 6,000 shares in the company, valued at $222,180. The disclosure for this purchase can be found here. Insiders bought 6,763 shares of company stock valued at $250,183 in the last quarter. 5.50% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently bought and sold shares of the stock. Colony Group LLC bought a new position in Turning Point Brands in the 2nd quarter worth approximately $2,818,000. Voloridge Investment Management LLC raised its position in shares of Turning Point Brands by 41.1% during the 2nd quarter. Voloridge Investment Management LLC now owns 6,926 shares of the company’s stock valued at $339,000 after acquiring an additional 2,017 shares during the last quarter. Nuveen Asset Management LLC bought a new stake in shares of Turning Point Brands during the 2nd quarter valued at $4,681,000. D. E. Shaw & Co. Inc. raised its position in shares of Turning Point Brands by 524.8% during the 2nd quarter. D. E. Shaw & Co. Inc. now owns 113,487 shares of the company’s stock valued at $5,559,000 after acquiring an additional 95,324 shares during the last quarter. Finally, Point72 Hong Kong Ltd bought a new stake in shares of Turning Point Brands during the 2nd quarter valued at $38,000. Hedge funds and other institutional investors own 35.99% of the company’s stock.
TPB has been the subject of several research analyst reports. ValuEngine cut shares of Turning Point Brands from a “hold” rating to a “sell” rating in a research report on Tuesday. Zacks Investment Research upgraded shares of Turning Point Brands from a “hold” rating to a “buy” rating and set a $47.00 price objective for the company in a research report on Tuesday, July 30th.
TPB stock traded down $1.43 during trading on Friday, hitting $26.70. The company had a trading volume of 264,838 shares, compared to its average volume of 180,123. The company has a quick ratio of 0.39, a current ratio of 1.78 and a debt-to-equity ratio of 1.80. The firm has a 50-day moving average price of $36.61 and a 200-day moving average price of $45.03. Turning Point Brands has a 12 month low of $26.39 and a 12 month high of $57.06. The stock has a market cap of $563.80 million, a price-to-earnings ratio of 15.61 and a beta of 0.68.
Turning Point Brands (NYSE:TPB) last posted its quarterly earnings data on Wednesday, July 31st. The company reported $0.53 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.01. Turning Point Brands had a net margin of 9.02% and a return on equity of 42.97%. The firm had revenue of $93.30 million during the quarter, compared to analysts’ expectations of $93.30 million. During the same quarter in the previous year, the company posted $0.50 EPS. Turning Point Brands’s revenue was up 15.0% on a year-over-year basis. Equities analysts expect that Turning Point Brands will post 1.98 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 20th will be given a $0.045 dividend. This represents a $0.18 annualized dividend and a yield of 0.67%. The ex-dividend date is Thursday, September 19th. Turning Point Brands’s dividend payout ratio (DPR) is presently 10.53%.
Turning Point Brands Company Profile
Turning Point Brands, Inc, together with its subsidiaries, provides other tobacco products in the United States. The company operates in three segments: Smokeless Products, Smoking Products, and NewGen Products. The Smokeless Products segment manufactures and markets moist snuff; and contracts for and markets loose leaf chewing tobacco products.
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