Turning Point Brands Inc (NYSE:TPB) Short Interest Update
Turning Point Brands Inc (NYSE:TPB) was the recipient of a large increase in short interest in the month of August. As of August 31st, there was short interest totalling 1,487,900 shares, an increase of 33.7% from the July 31st total of 1,112,900 shares. Currently, 17.0% of the company’s stock are short sold. Based on an average daily volume of 220,500 shares, the short-interest ratio is presently 6.7 days.
A number of equities analysts recently weighed in on TPB shares. Zacks Investment Research raised shares of Turning Point Brands from a “hold” rating to a “buy” rating and set a $47.00 target price for the company in a research note on Tuesday, July 30th. ValuEngine downgraded shares of Turning Point Brands from a “hold” rating to a “sell” rating in a research note on Tuesday.
Shares of Turning Point Brands stock traded down $1.43 during trading hours on Friday, reaching $26.70. 264,838 shares of the company’s stock were exchanged, compared to its average volume of 180,123. The company has a 50 day moving average of $36.61 and a two-hundred day moving average of $45.03. Turning Point Brands has a fifty-two week low of $26.39 and a fifty-two week high of $57.06. The company has a current ratio of 1.78, a quick ratio of 0.39 and a debt-to-equity ratio of 1.80. The stock has a market cap of $563.80 million, a P/E ratio of 15.61 and a beta of 0.68.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, September 20th will be paid a dividend of $0.045 per share. The ex-dividend date of this dividend is Thursday, September 19th. This represents a $0.18 dividend on an annualized basis and a dividend yield of 0.67%. Turning Point Brands’s dividend payout ratio is 10.53%.
In related news, Director H.C. Charles Diao bought 1,000 shares of Turning Point Brands stock in a transaction that occurred on Thursday, August 29th. The stock was purchased at an average cost of $35.84 per share, with a total value of $35,840.00. Following the purchase, the director now owns 17,000 shares in the company, valued at $609,280. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Robert M. Lavan bought 2,500 shares of Turning Point Brands stock in a transaction that occurred on Friday, August 2nd. The stock was bought at an average cost of $37.03 per share, with a total value of $92,575.00. Following the completion of the purchase, the chief financial officer now owns 6,000 shares in the company, valued at approximately $222,180. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 6,763 shares of company stock valued at $250,183. Company insiders own 5.50% of the company’s stock.
Several institutional investors have recently bought and sold shares of TPB. ETF Managers Group LLC acquired a new position in shares of Turning Point Brands during the 2nd quarter worth about $17,603,000. Nuveen Asset Management LLC acquired a new position in shares of Turning Point Brands during the 2nd quarter worth about $4,681,000. D. E. Shaw & Co. Inc. boosted its stake 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 worth $5,559,000 after buying an additional 95,324 shares during the last quarter. BlackRock Inc. boosted its stake in shares of Turning Point Brands by 14.5% during the 2nd quarter. BlackRock Inc. now owns 654,240 shares of the company’s stock worth $32,044,000 after buying an additional 82,870 shares during the last quarter. Finally, Colony Group LLC acquired a new position in shares of Turning Point Brands during the 2nd quarter worth about $2,818,000. Institutional investors own 35.99% of the company’s stock.
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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