Turning Point Brands (NYSE:TPB) Now Covered by Analysts at Oppenheimer

Oppenheimer initiated coverage on shares of Turning Point Brands (NYSE:TPB) in a report published on Thursday morning, MarketBeat reports. The brokerage issued an outperform rating and a $65.00 target price on the stock.

A number of other brokerages also recently issued reports on TPB. Benchmark lifted their price target on Turning Point Brands from $45.00 to $65.00 and gave the company a “buy” rating in a research report on Tuesday. Roth Mkm started coverage on Turning Point Brands in a research report on Thursday, September 19th. They set a “buy” rating and a $50.00 price target for the company. StockNews.com downgraded Turning Point Brands from a “strong-buy” rating to a “buy” rating in a research report on Thursday, October 24th. Finally, Roth Capital upgraded Turning Point Brands to a “strong-buy” rating in a research report on Friday, November 8th. Four investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $60.00.

Turning Point Brands Price Performance

Turning Point Brands stock traded up $2.57 during midday trading on Thursday, hitting $60.61. 310,652 shares of the company’s stock were exchanged, compared to its average volume of 121,123. The company has a market cap of $1.07 billion, a P/E ratio of 23.03 and a beta of 0.63. The company has a debt-to-equity ratio of 1.33, a quick ratio of 1.17 and a current ratio of 4.21. The stock has a 50-day moving average price of $43.81 and a two-hundred day moving average price of $38.02. Turning Point Brands has a 52-week low of $21.66 and a 52-week high of $61.47.

Turning Point Brands (NYSE:TPB) last issued its quarterly earnings results on Thursday, November 7th. The company reported $0.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.67 by $0.01. The firm had revenue of $105.62 million during the quarter, compared to the consensus estimate of $100.71 million. Turning Point Brands had a return on equity of 33.14% and a net margin of 11.63%. The company’s revenue for the quarter was up 3.8% on a year-over-year basis. During the same quarter last year, the company posted $0.69 EPS. On average, equities research analysts forecast that Turning Point Brands will post 2.62 earnings per share for the current year.

Turning Point Brands Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Friday, December 20th will be given a $0.07 dividend. The ex-dividend date of this dividend is Friday, December 20th. This represents a $0.28 dividend on an annualized basis and a yield of 0.46%. Turning Point Brands’s payout ratio is 11.11%.

Insider Buying and Selling

In other Turning Point Brands news, Director Gregory H.A. Baxter sold 2,000 shares of Turning Point Brands stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $39.42, for a total value of $78,840.00. Following the transaction, the director now directly owns 46,544 shares of the company’s stock, valued at $1,834,764.48. The trade was a 4.12 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 5.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Turning Point Brands

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Lazard Asset Management LLC purchased a new stake in Turning Point Brands in the first quarter worth $48,000. Copeland Capital Management LLC bought a new stake in Turning Point Brands in the third quarter worth $61,000. Allspring Global Investments Holdings LLC bought a new stake in Turning Point Brands in the first quarter worth $64,000. SG Americas Securities LLC bought a new stake in Turning Point Brands in the second quarter worth $129,000. Finally, The Manufacturers Life Insurance Company bought a new stake in Turning Point Brands in the second quarter worth $209,000. 96.12% of the stock is owned by hedge funds and other institutional investors.

About Turning Point Brands

Turning Point Brands, Inc, together with its subsidiaries, manufactures, markets, and distributes branded consumer products. The company operates through three segments: Zig-Zag Products, Stoker’s Products, and Creative Distribution Solutions. Zig-Zag Products segment markets and distributes rolling papers, tubes, finished cigars, make-your-own cigar wraps, and related products, as well as lighters and other accessories under the Zig-Zag brand.