Zacks Investment Research upgraded shares of Turning Point Brands (NYSE:TPB) from a hold rating to a strong-buy rating in a research note released on Wednesday morning. They currently have $26.00 price target on the stock.
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. “
TPB has been the topic of a number of other reports. Cowen restated a buy rating on shares of Turning Point Brands in a report on Thursday, March 15th. B. Riley set a $30.00 target price on Turning Point Brands and gave the stock a buy rating in a report on Wednesday, May 9th.
Shares of Turning Point Brands opened at $23.77 on Wednesday, Marketbeat Ratings reports. The stock has a market capitalization of $468.83 million, a PE ratio of 22.01 and a beta of 0.75. Turning Point Brands has a one year low of $14.45 and a one year high of $24.94. The company has a debt-to-equity ratio of 3.43, a quick ratio of 0.61 and a current ratio of 2.53.
Turning Point Brands (NYSE:TPB) last issued its quarterly earnings results on Wednesday, May 9th. The company reported $0.35 EPS for the quarter, beating analysts’ consensus estimates of $0.30 by $0.05. The company had revenue of $73.90 million for the quarter, compared to analyst estimates of $70.70 million. Turning Point Brands had a return on equity of 52.48% and a net margin of 7.29%. The company’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.29 earnings per share. analysts predict that Turning Point Brands will post 1.62 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, July 13th. Investors of record on Friday, June 22nd will be issued a dividend of $0.04 per share. The ex-dividend date of this dividend is Thursday, June 21st. This represents a $0.16 annualized dividend and a yield of 0.67%. Turning Point Brands’s payout ratio is presently 14.81%.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. O Shaughnessy Asset Management LLC bought a new stake in Turning Point Brands during the first quarter worth about $234,000. Citadel Advisors LLC bought a new stake in Turning Point Brands during the first quarter worth about $265,000. Schwab Charles Investment Management Inc. bought a new stake in Turning Point Brands during the first quarter worth about $315,000. Brandywine Global Investment Management LLC bought a new stake in Turning Point Brands during the fourth quarter worth about $381,000. Finally, JPMorgan Chase & Co. raised its holdings in Turning Point Brands by 274.7% during the first quarter. JPMorgan Chase & Co. now owns 18,035 shares of the company’s stock worth $350,000 after acquiring an additional 13,222 shares in the last quarter. Institutional investors and hedge funds own 21.18% of the company’s stock.
Turning Point Brands Company Profile
Turning Point Brands, Inc, together with its subsidiaries, provides other tobacco products primarily in the United States. It operates through 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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