Turning Point Brands, Inc. (NYSE:TPB) Short Interest Update

Turning Point Brands, Inc. (NYSE:TPB) saw a significant growth in short interest in February. As of February 15th, there was short interest totalling 727,400 shares, a growth of 87.1% from the January 31st total of 388,800 shares. Currently, 4.4% of the shares of the stock are sold short. Based on an average daily volume of 205,700 shares, the days-to-cover ratio is currently 3.5 days.

Turning Point Brands Stock Performance

Shares of Turning Point Brands stock opened at $70.08 on Friday. Turning Point Brands has a 12 month low of $24.27 and a 12 month high of $70.99. The firm has a market capitalization of $1.24 billion, a P/E ratio of 27.81 and a beta of 0.65. The business has a fifty day simple moving average of $62.26 and a two-hundred day simple moving average of $53.10. The company has a current ratio of 4.21, a quick ratio of 1.78 and a debt-to-equity ratio of 1.33.

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 0.43%. This is a positive change from Turning Point Brands’s previous quarterly dividend of $0.07. The ex-dividend date of this dividend is Friday, March 21st. Turning Point Brands’s dividend payout ratio (DPR) is presently 11.11%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on TPB shares. StockNews.com cut shares of Turning Point Brands from a “buy” rating to a “hold” rating in a research note on Tuesday, February 4th. Roth Mkm reaffirmed a “buy” rating and set a $70.00 target price on shares of Turning Point Brands in a report on Friday, January 10th. Benchmark increased 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. Roth Capital raised Turning Point Brands to a “strong-buy” rating in a research note on Friday, November 8th. Finally, Craig Hallum lifted 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. One equities 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 company. According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $68.75.

Institutional Investors Weigh In On Turning Point Brands

Several hedge funds have recently added to or reduced their stakes in TPB. Allspring Global Investments Holdings LLC increased its holdings in shares of Turning Point Brands by 72,406.7% during the third quarter. Allspring Global Investments Holdings LLC now owns 10,876 shares of the company’s stock valued at $469,000 after acquiring an additional 10,861 shares in the last quarter. Aigen Investment Management LP bought a new stake in shares of Turning Point Brands in the third quarter worth $221,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Turning Point Brands during the 3rd quarter valued at about $326,000. Moran Wealth Management LLC purchased a new stake in shares of Turning Point Brands during the 3rd quarter valued at about $236,000. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Turning Point Brands by 1.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 145,281 shares of the company’s stock valued at $6,269,000 after purchasing an additional 2,442 shares during the last quarter. 96.12% of the stock is 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.