StockNews.com Upgrades Turning Point Brands (NYSE:TPB) to Buy

Turning Point Brands (NYSE:TPB) was upgraded by StockNews.com from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday.

TPB has been the topic of several other reports. Oppenheimer upped their price target on shares of Turning Point Brands from $65.00 to $85.00 and gave the stock an “outperform” rating in a research note on Thursday, May 8th. Alliance Global Partners began coverage on shares of Turning Point Brands in a report on Monday, March 3rd. They issued a “buy” rating and a $80.00 price target on the stock. Finally, Industrial Alliance Securities set a $85.00 price objective on shares of Turning Point Brands in a research note on Thursday, March 6th. Six equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $76.67.

Turning Point Brands Price Performance

Shares of NYSE TPB opened at $69.89 on Wednesday. The company has a debt-to-equity ratio of 1.33, a current ratio of 4.21 and a quick ratio of 1.78. The business’s fifty day moving average price is $60.04 and its two-hundred day moving average price is $60.32. The firm has a market capitalization of $1.25 billion, a PE ratio of 27.73 and a beta of 0.69. Turning Point Brands has a 1-year low of $30.61 and a 1-year high of $81.05.

Turning Point Brands (NYSE:TPB) last announced its earnings results on Wednesday, May 7th. The company reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.75 by $0.16. Turning Point Brands had a return on equity of 33.14% and a net margin of 11.63%. The business had revenue of $106.44 million during the quarter, compared to analysts’ expectations of $95.75 million. During the same quarter last year, the business posted $0.63 earnings per share. The company’s quarterly revenue was up 28.2% on a year-over-year basis. On average, research analysts expect that Turning Point Brands will post 2.59 EPS for the current year.

Insider Buying and Selling at Turning Point Brands

In related news, CAO Brian Wigginton sold 3,500 shares of Turning Point Brands stock in a transaction that occurred on Thursday, May 8th. The shares were sold at an average price of $75.75, for a total transaction of $265,125.00. Following the transaction, the chief accounting officer now owns 10,171 shares of the company’s stock, valued at $770,453.25. This trade represents a 25.60% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Gregory H.A. Baxter sold 1,500 shares of the business’s stock in a transaction that occurred on Friday, May 9th. The shares were sold at an average price of $73.64, for a total transaction of $110,460.00. Following the transaction, the director now owns 40,419 shares of the company’s stock, valued at approximately $2,976,455.16. This represents a 3.58% decrease in their position. The disclosure for this sale can be found here. Insiders own 6.60% of the company’s stock.

Hedge Funds Weigh In On Turning Point Brands

Several institutional investors and hedge funds have recently made changes to their positions in TPB. Virtus Fund Advisers LLC bought a new stake in Turning Point Brands during the 4th quarter worth approximately $48,000. USA Financial Formulas bought a new stake in shares of Turning Point Brands during the fourth quarter worth $73,000. Sunbelt Securities Inc. bought a new stake in shares of Turning Point Brands during the fourth quarter worth $96,000. Tower Research Capital LLC TRC lifted its position in Turning Point Brands by 29.0% in the 4th quarter. Tower Research Capital LLC TRC now owns 2,364 shares of the company’s stock valued at $142,000 after acquiring an additional 532 shares in the last quarter. Finally, Baird Financial Group Inc. bought a new stake in Turning Point Brands in the 4th quarter valued at $201,000. Institutional investors and hedge funds own 96.12% of the company’s stock.

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.