Short Interest in Turning Point Brands, Inc. (NYSE:TPB) Declines By 21.1%

Turning Point Brands, Inc. (NYSE:TPB) was the target of a significant drop in short interest in August. As of August 31st, there was short interest totalling 875,800 shares, a drop of 21.1% from the August 15th total of 1,110,000 shares. Currently, 4.9% of the company’s stock are sold short. Based on an average daily trading volume, of 188,200 shares, the days-to-cover ratio is presently 4.7 days.

Shares of NYSE:TPB traded down $0.63 during midday trading on Tuesday, reaching $43.93. The company had a trading volume of 5,163 shares, compared to its average volume of 198,147. The stock has a market capitalization of $831.33 million, a P/E ratio of 18.74 and a beta of 0.54. The stock’s fifty day moving average price is $48.55 and its 200-day moving average price is $47.75. The company has a debt-to-equity ratio of 3.11, a current ratio of 4.70 and a quick ratio of 3.09. Turning Point Brands has a one year low of $25.99 and a one year high of $61.08.

Turning Point Brands (NYSE:TPB) last released its earnings results on Monday, July 26th. The company reported $0.84 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.65 by $0.19. The company had revenue of $122.60 million during the quarter, compared to the consensus estimate of $106.22 million. Turning Point Brands had a net margin of 10.84% and a return on equity of 51.99%. The company’s revenue was up 16.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.71 EPS. As a group, sell-side analysts forecast that Turning Point Brands will post 2.85 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 8th. Investors of record on Friday, September 17th will be issued a $0.055 dividend. This represents a $0.22 annualized dividend and a yield of 0.50%. The ex-dividend date is Thursday, September 16th. Turning Point Brands’s dividend payout ratio is currently 7.83%.

In related news, major shareholder General L.P. Standard sold 818,000 shares of the firm’s stock in a transaction dated Tuesday, August 3rd. The stock was sold at an average price of $50.65, for a total transaction of $41,431,700.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 4.80% of the stock is currently owned by company insiders.

A number of large investors have recently added to or reduced their stakes in TPB. Royal Bank of Canada raised its holdings in shares of Turning Point Brands by 270.6% during the first quarter. Royal Bank of Canada now owns 882 shares of the company’s stock worth $46,000 after purchasing an additional 644 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Turning Point Brands by 89.2% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,138 shares of the company’s stock worth $112,000 after acquiring an additional 1,008 shares during the period. Financial Management Professionals Inc. lifted its holdings in Turning Point Brands by 57.5% in the second quarter. Financial Management Professionals Inc. now owns 3,082 shares of the company’s stock worth $141,000 after acquiring an additional 1,125 shares during the last quarter. Citigroup Inc. boosted its stake in Turning Point Brands by 231.4% in the second quarter. Citigroup Inc. now owns 3,294 shares of the company’s stock valued at $150,000 after acquiring an additional 2,300 shares during the period. Finally, Metropolitan Life Insurance Co NY grew its holdings in shares of Turning Point Brands by 147,033.3% during the second quarter. Metropolitan Life Insurance Co NY now owns 4,414 shares of the company’s stock valued at $202,000 after purchasing an additional 4,411 shares during the last quarter. 84.17% of the stock is currently owned by institutional investors.

A number of equities analysts have commented on TPB shares. Zacks Investment Research lowered shares of Turning Point Brands from a “buy” rating to a “hold” rating in a report on Friday. B. Riley boosted their price target on Turning Point Brands from $63.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday, July 28th.

Turning Point Brands Company Profile

Turning Point Brands, Inc provides tobacco products. It operates through following segments: Smokeless products, Smoking products and NewGen products. The Smokeless products segment manufactures and markets moist snuff and contracts for and markets chewing tobacco products. The Smoking products segment imports and markets cigarette papers, tubes, finished cigars, NYO cigar tobaccos and cigar wraps and processes, packages and markets pipe tobaccos.

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