Turning Point Brands (NYSE:TPB) issued its earnings results on Wednesday. The company reported $0.47 earnings per share for the quarter, missing the consensus estimate of $0.52 by ($0.05), MarketWatch Earnings reports. Turning Point Brands had a return on equity of 51.44% and a net margin of 7.70%. The company had revenue of $83.30 million for the quarter, compared to analyst estimates of $84.10 million. During the same quarter in the previous year, the company posted $0.38 earnings per share. The company’s quarterly revenue was up 13.6% compared to the same quarter last year. Turning Point Brands updated its FY 2018 guidance to EPS.
Shares of NYSE TPB traded down $5.39 on Wednesday, hitting $36.56. The company’s stock had a trading volume of 133,867 shares, compared to its average volume of 110,748. Turning Point Brands has a 12-month low of $15.34 and a 12-month high of $47.00. The company has a market capitalization of $795.15 million, a PE ratio of 33.85 and a beta of 0.69. The company has a debt-to-equity ratio of 2.86, a current ratio of 2.03 and a quick ratio of 0.55.
TPB has been the topic of several recent analyst reports. B. Riley upped their target price on shares of Turning Point Brands from $30.00 to $34.00 and gave the stock a “$32.61” rating in a research report on Wednesday, July 18th. Zacks Investment Research upgraded shares of Turning Point Brands from a “hold” rating to a “buy” rating and set a $47.00 target price on the stock in a research report on Wednesday. Finally, Cowen restated a “buy” rating on shares of Turning Point Brands in a research report on Friday, August 10th.
In other Turning Point Brands news, major shareholder General L.P. Standard purchased 153,079 shares of Turning Point Brands stock in a transaction on Wednesday, September 5th. The shares were bought at an average price of $34.60 per share, with a total value of $5,296,533.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP James Michael Murray sold 4,047 shares of the company’s stock in a transaction dated Tuesday, August 28th. The shares were sold at an average price of $33.09, for a total transaction of $133,915.23. Following the completion of the sale, the vice president now directly owns 21,546 shares in the company, valued at approximately $712,957.14. The disclosure for this sale can be found here. Insiders sold 66,547 shares of company stock worth $2,460,405 in the last ninety days. Insiders own 6.90% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in the business. O Shaughnessy Asset Management LLC lifted its holdings in shares of Turning Point Brands by 9.3% in the third quarter. O Shaughnessy Asset Management LLC now owns 19,436 shares of the company’s stock valued at $806,000 after purchasing an additional 1,655 shares in the last quarter. D.A. Davidson & CO. lifted its holdings in shares of Turning Point Brands by 7.4% in the second quarter. D.A. Davidson & CO. now owns 32,653 shares of the company’s stock valued at $1,042,000 after purchasing an additional 2,254 shares in the last quarter. Harvest Fund Management Co. Ltd purchased a new stake in shares of Turning Point Brands in the third quarter valued at about $109,000. First Quadrant L P CA purchased a new stake in shares of Turning Point Brands in the third quarter valued at about $130,000. Finally, Wedge Capital Management L L P NC lifted its holdings in shares of Turning Point Brands by 9.6% in the second quarter. Wedge Capital Management L L P NC now owns 37,042 shares of the company’s stock valued at $1,182,000 after purchasing an additional 3,238 shares in the last quarter. 27.23% of the stock is currently owned by institutional investors.
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About Turning Point Brands
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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