Turning Point Brands (TPB) Upgraded to “Buy” at Zacks Investment Research

Turning Point Brands (NYSE:TPB) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Wednesday. The firm currently has a $47.00 price objective on the stock. Zacks Investment Research‘s price target would indicate a potential upside of 29.12% from the company’s current price.

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. “

Several other equities analysts also recently weighed in on TPB. B. Riley raised their price target on 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. Cowen reissued a “buy” rating on shares of Turning Point Brands in a research report on Friday, August 10th.

Turning Point Brands stock traded down $5.55 during mid-day trading on Wednesday, hitting $36.40. 2,022 shares of the company were exchanged, compared to its average volume of 110,748. The company has a debt-to-equity ratio of 2.86, a quick ratio of 0.55 and a current ratio of 2.03. The company has a market capitalization of $795.15 million, a price-to-earnings ratio of 34.15 and a beta of 0.69. Turning Point Brands has a 12-month low of $15.34 and a 12-month high of $47.00.

Turning Point Brands (NYSE:TPB) last released its quarterly earnings results on Wednesday, November 7th. The company reported $0.47 earnings per share for the quarter, missing the consensus estimate of $0.52 by ($0.05). The company had revenue of $83.30 million for the quarter, compared to analysts’ expectations of $84.10 million. Turning Point Brands had a return on equity of 51.44% and a net margin of 7.70%. The business’s quarterly revenue was up 13.6% on a year-over-year basis. During the same period in the previous year, the business posted $0.38 EPS. On average, analysts forecast that Turning Point Brands will post 1.99 EPS for the current fiscal year.

In other news, Director Thomas F. Jr. Helms sold 25,000 shares of Turning Point Brands stock in a transaction on Monday, September 10th. The stock was sold at an average price of $42.04, for a total value of $1,051,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP James Michael Murray sold 1,000 shares of Turning Point Brands stock in a transaction on Thursday, August 30th. The shares were sold at an average price of $33.44, for a total value of $33,440.00. Following the completion of the sale, the vice president now directly owns 24,046 shares of the company’s stock, valued at approximately $804,098.24. The disclosure for this sale can be found here. In the last ninety days, insiders sold 66,547 shares of company stock valued at $2,460,405. Company insiders own 6.90% of the company’s stock.

Several large investors have recently made changes to their positions in TPB. Chicago Equity Partners LLC purchased a new stake in Turning Point Brands during the second quarter valued at about $501,000. Zacks Investment Management purchased a new stake in Turning Point Brands during the second quarter valued at about $1,945,000. Dimensional Fund Advisors LP grew its position in Turning Point Brands by 182.9% during the first quarter. Dimensional Fund Advisors LP now owns 80,958 shares of the company’s stock valued at $1,574,000 after acquiring an additional 52,341 shares during the period. Renaissance Technologies LLC grew its position in Turning Point Brands by 36.5% during the second quarter. Renaissance Technologies LLC now owns 336,762 shares of the company’s stock valued at $10,743,000 after acquiring an additional 90,062 shares during the period. Finally, D.A. Davidson & CO. grew its position in Turning Point Brands by 7.4% during the second quarter. D.A. Davidson & CO. now owns 32,653 shares of the company’s stock valued at $1,042,000 after acquiring an additional 2,254 shares during the period. 27.23% of the stock is owned by institutional investors and hedge funds.

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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