Turning Point Brands (NYSE: NYSE:TPB), the maker of Zig-Zag® and Stoker's®, in the NewGen segment, has revised its one-year price target upwards by 16.18% to $40.29 per share, indicating a potential increase of 100.95% from the current closing price of $20.05, announced Wednesday.
TPB also declared a regular quarterly dividend of $0.06 per share, leading to an annualized dividend of $0.26 and a yield of 1.30%, which is two standard deviations above the five-year average yield of 0.73%. The company's three-year dividend growth rate stands at 0.30%, with a payout ratio of 0.36.
However, the institutional ownership structure remains unchanged with 295 funds holding stakes in the company. Despite this stability, the portfolio weight dedicated to TPB decreased by 2.77%, and total shares owned by institutions decreased by 3.28%. The put/call ratio stands at 7.12, suggesting a bearish outlook from options traders.
Among the major shareholders is Thrivent Financial For Lutherans, holding 10.85% of shares and increasing its portfolio allocation by a substantial 154.06%. Other significant stakeholders include ArrowMark Colorado Holdings with a 7.09% stake, Mangrove Partners owning 4.86%, AASMX - Thrivent Small Cap Stock Fund holding 4.78% (which decreased its portfolio allocation by 6.63%), and American Century Companies with a stake of 4.75%.
InvestingPro Insights
InvestingPro's real-time data reveals that Turning Point Brands (NYSE: TPB) has a market cap of $349.8 million and a P/E ratio of 27.56. This is supported by a revenue of $417.75 million over the last twelve months as of Q2 2023. Interestingly, the company has experienced a quarterly revenue growth of 2.59% in Q2 2023.
InvestingPro Tips suggest that the management's aggressive share buyback strategy and the company's ability to yield high returns on invested capital are significant factors to consider. Additionally, the company's strong earnings are expected to allow the continuation of dividend payments, adding to the value for shareholders. It's also worth noting that the company has raised its dividend for 6 consecutive years, a trend that is expected to continue.
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