Zacks Investment Research Lowers Turning Point Brands (NYSE:TPB) to Strong Sell

Turning Point Brands (NYSE:TPB) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors on Wednesday, March 14th.

According to Zacks, “Turning Point Brands, Inc. provides tobacco products. The Company’s product consists of moist snuff, loose leaf chewing tobacco, cigarette papers, make-your-own cigar wraps and cigar smoking tobacco, cigars and liquid and tobacco vapour. Its portfolio of brands includes Zig-Zag(R), Beech-Nut(R) and Stoker’s(R). Turning Point Brands, Inc. is based in Louisville, Kentucky. “

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Shares of NYSE:TPB traded down $0.05 during midday trading on Wednesday, reaching $20.09. The company’s stock had a trading volume of 21,570 shares, compared to its average volume of 62,029. The company has a market capitalization of $386.89, a PE ratio of 18.60 and a beta of 0.80. The company has a debt-to-equity ratio of 3.49, a current ratio of 2.08 and a quick ratio of 0.42. Turning Point Brands has a 12-month low of $14.45 and a 12-month high of $22.99.

Turning Point Brands (NYSE:TPB) last released its earnings results on Thursday, March 8th. The company reported $0.23 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.33 by ($0.10). The business had revenue of $73.56 million during the quarter, compared to analysts’ expectations of $72.35 million. Turning Point Brands had a return on equity of 55.65% and a net margin of 7.07%. The firm’s quarterly revenue was up 36.7% compared to the same quarter last year. During the same period in the prior year, the company earned $0.87 earnings per share. equities analysts anticipate that Turning Point Brands will post 1.37 EPS for the current fiscal year.

In related news, insider James Wells Dobbins sold 10,000 shares of the company’s stock in a transaction dated Monday, January 8th. The shares were sold at an average price of $20.94, for a total value of $209,400.00. Following the transaction, the insider now owns 94,041 shares in the company, valued at approximately $1,969,218.54. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders sold a total of 10,301 shares of company stock worth $215,444 over the last ninety days. Insiders own 14.20% of the company’s stock.

A number of institutional investors have recently made changes to their positions in TPB. Teachers Advisors LLC boosted its stake in Turning Point Brands by 25.6% in the 2nd quarter. Teachers Advisors LLC now owns 10,249 shares of the company’s stock worth $157,000 after purchasing an additional 2,087 shares in the last quarter. Vanguard Group Inc. boosted its stake in Turning Point Brands by 1.1% in the 2nd quarter. Vanguard Group Inc. now owns 255,127 shares of the company’s stock worth $3,914,000 after purchasing an additional 2,834 shares in the last quarter. State Street Corp boosted its stake in Turning Point Brands by 5.8% in the 2nd quarter. State Street Corp now owns 84,823 shares of the company’s stock worth $1,301,000 after purchasing an additional 4,663 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in Turning Point Brands by 11.1% in the 3rd quarter. Bank of New York Mellon Corp now owns 42,473 shares of the company’s stock worth $722,000 after purchasing an additional 4,256 shares in the last quarter. Finally, Wells Fargo & Company MN boosted its stake in Turning Point Brands by 30.2% in the 3rd quarter. Wells Fargo & Company MN now owns 81,278 shares of the company’s stock worth $1,383,000 after purchasing an additional 18,866 shares in the last quarter. Institutional investors own 19.83% of the company’s stock.

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Turning Point Brands Company Profile

Turning Point Brands, Inc is an independent provider of Other Tobacco Products (OTP) 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 chewing tobacco products.

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