Brokerages Set Turning Point Brands, Inc. (NYSE:TPB) Price Target at $76.67

Turning Point Brands, Inc. (NYSE:TPB) has received a consensus recommendation of “Buy” from the six ratings firms that are covering the company, Marketbeat.com reports. Five analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $76.67.

TPB has been the topic of several analyst reports. Alliance Global Partners initiated coverage on Turning Point Brands in a research report on Monday, March 3rd. They set a “buy” rating and a $80.00 target price on the stock. Wall Street Zen upgraded Turning Point Brands from a “hold” rating to a “buy” rating in a research report on Wednesday, May 14th. Industrial Alliance Securities set a $85.00 target price on Turning Point Brands in a research report on Thursday, March 6th. Finally, Oppenheimer lifted their target price on Turning Point Brands from $65.00 to $85.00 and gave the company an “outperform” rating in a research report on Thursday, May 8th.

Turning Point Brands Stock Performance

TPB stock opened at $73.21 on Monday. The company has a market cap of $1.31 billion, a P/E ratio of 32.11 and a beta of 0.76. Turning Point Brands has a 1 year low of $31.45 and a 1 year high of $81.25. The company has a debt-to-equity ratio of 1.44, a current ratio of 4.42 and a quick ratio of 2.64. The stock’s fifty day moving average price is $70.24 and its 200-day moving average price is $64.11.

Turning Point Brands (NYSE:TPB) last released its quarterly earnings results on Wednesday, May 7th. The company reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.75 by $0.16. The firm had revenue of $106.44 million for the quarter, compared to the consensus estimate of $95.75 million. Turning Point Brands had a return on equity of 27.70% and a net margin of 10.19%. The company’s revenue for the quarter was up 28.2% on a year-over-year basis. During the same period last year, the business posted $0.63 EPS. On average, equities analysts forecast that Turning Point Brands will post 2.59 earnings per share for the current year.

Turning Point Brands Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Friday, June 20th will be given a $0.075 dividend. The ex-dividend date is Friday, June 20th. This represents a $0.30 annualized dividend and a dividend yield of 0.41%. Turning Point Brands’s payout ratio is 13.16%.

Insider Activity

In other news, CAO Brian Wigginton sold 3,500 shares of the business’s stock in a transaction dated Thursday, May 8th. The stock was sold at an average price of $75.75, for a total value of $265,125.00. Following the transaction, the chief accounting officer now directly owns 10,171 shares in the company, valued at $770,453.25. The trade was a 25.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Gregory H.A. Baxter sold 1,500 shares of Turning Point Brands stock in a transaction dated Friday, May 9th. The stock was sold at an average price of $73.64, for a total value of $110,460.00. Following the completion of the sale, the director now directly owns 40,419 shares in the company, valued at $2,976,455.16. This trade represents a 3.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 115,300 shares of company stock worth $8,666,867 over the last ninety days. Corporate insiders own 6.60% of the company’s stock.

Institutional Investors Weigh In On Turning Point Brands

Large investors have recently added to or reduced their stakes in the stock. Ameriprise Financial Inc. bought a new stake in Turning Point Brands during the fourth quarter worth approximately $957,000. ProShare Advisors LLC purchased a new stake in shares of Turning Point Brands in the fourth quarter valued at approximately $290,000. Rhumbline Advisers lifted its holdings in Turning Point Brands by 1.9% during the first quarter. Rhumbline Advisers now owns 24,531 shares of the company’s stock worth $1,458,000 after buying an additional 464 shares during the period. Northern Trust Corp lifted its holdings in Turning Point Brands by 7.9% during the fourth quarter. Northern Trust Corp now owns 160,386 shares of the company’s stock worth $9,639,000 after buying an additional 11,808 shares during the period. Finally, GAMMA Investing LLC lifted its holdings in Turning Point Brands by 14,100.0% during the first quarter. GAMMA Investing LLC now owns 10,224 shares of the company’s stock worth $608,000 after buying an additional 10,152 shares during the period. 96.12% of the stock is owned by 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.