Turning Point Brands Inc (NYSE:TPB) Sees Large Increase in Short Interest

Turning Point Brands Inc (NYSE:TPB) was the recipient of a large growth in short interest in the month of January. As of January 31st, there was short interest totalling 1,170,000 shares, a growth of 7.3% from the January 15th total of 1,090,000 shares. Based on an average daily volume of 169,000 shares, the short-interest ratio is currently 6.9 days. Approximately 13.3% of the shares of the stock are sold short.

NYSE TPB traded down $0.39 on Friday, reaching $21.75. The company had a trading volume of 124,200 shares, compared to its average volume of 139,121. The company has a quick ratio of 2.40, a current ratio of 4.68 and a debt-to-equity ratio of 3.25. The stock has a market capitalization of $435.52 million, a PE ratio of 14.03 and a beta of 0.79. The firm’s 50 day moving average price is $25.81 and its 200 day moving average price is $27.81. Turning Point Brands has a 12 month low of $20.10 and a 12 month high of $57.06.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. boosted its holdings in shares of Turning Point Brands by 0.7% during the second quarter. Vanguard Group Inc. now owns 404,562 shares of the company’s stock worth $19,816,000 after purchasing an additional 2,904 shares during the period. Morgan Stanley boosted its holdings in shares of Turning Point Brands by 9.7% during the second quarter. Morgan Stanley now owns 82,342 shares of the company’s stock worth $4,034,000 after purchasing an additional 7,291 shares during the period. Nuveen Asset Management LLC purchased a new stake in shares of Turning Point Brands during the second quarter worth about $4,681,000. Garnet Equity Capital Holdings Inc. boosted its holdings in shares of Turning Point Brands by 366.7% during the third quarter. Garnet Equity Capital Holdings Inc. now owns 70,000 shares of the company’s stock worth $1,614,000 after purchasing an additional 55,000 shares during the period. Finally, Virginia Retirement Systems ET AL boosted its holdings in shares of Turning Point Brands by 24.5% during the third quarter. Virginia Retirement Systems ET AL now owns 27,400 shares of the company’s stock worth $632,000 after purchasing an additional 5,400 shares during the period. Institutional investors own 43.79% of the company’s stock.

Several brokerages have recently commented on TPB. B. Riley decreased their price objective on shares of Turning Point Brands from $56.00 to $38.00 and set a “buy” rating on the stock in a research report on Monday, October 21st. Buckingham Research began coverage on shares of Turning Point Brands in a research report on Tuesday, November 26th. They set a “buy” rating and a $40.00 price objective on the stock. ValuEngine downgraded shares of Turning Point Brands from a “buy” rating to a “hold” rating in a research report on Tuesday, February 4th. Finally, Zacks Investment Research downgraded shares of Turning Point Brands from a “hold” rating to a “sell” rating in a research report on Friday, January 31st. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and two have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $41.67.

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.

Featured Story: How can you know how many shares are floating?

Receive News & Ratings for Turning Point Brands Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Turning Point Brands and related companies with MarketBeat.com's FREE daily email newsletter.