Turning Point Brands (NYSE:TPB) Rating Increased to Buy at StockNews.com

StockNews.com upgraded shares of Turning Point Brands (NYSE:TPB) from a hold rating to a buy rating in a research note released on Monday.

TPB has been the subject of a number of other reports. Oppenheimer assumed coverage on Turning Point Brands in a research report on Thursday, November 14th. They issued an “outperform” rating and a $65.00 target price for the company. Craig Hallum lifted their price objective on Turning Point Brands from $60.00 to $75.00 and gave the stock a “buy” rating in a report on Thursday, December 5th. Roth Mkm reiterated a “buy” rating and set a $70.00 price target on shares of Turning Point Brands in a report on Friday, January 10th. Benchmark raised their price target on shares of Turning Point Brands from $45.00 to $65.00 and gave the stock a “buy” rating in a report on Tuesday, November 12th. Finally, Roth Capital raised shares of Turning Point Brands to a “strong-buy” rating in a research note on Friday, November 8th. Five research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $68.75.

Turning Point Brands Price Performance

Shares of NYSE:TPB opened at $60.48 on Monday. The company has a market capitalization of $1.07 billion, a P/E ratio of 24.00 and a beta of 0.66. The company’s 50-day moving average is $59.75 and its 200 day moving average is $48.00. The company has a debt-to-equity ratio of 1.33, a quick ratio of 1.78 and a current ratio of 4.21. Turning Point Brands has a fifty-two week low of $21.98 and a fifty-two week high of $66.18.

Turning Point Brands (NYSE:TPB) last released its earnings results on Thursday, November 7th. The company reported $0.68 earnings per share for the quarter, beating analysts’ consensus estimates of $0.67 by $0.01. Turning Point Brands had a net margin of 11.63% and a return on equity of 33.14%. The firm had revenue of $105.62 million for the quarter, compared to analysts’ expectations of $100.71 million. During the same period in the previous year, the company earned $0.69 earnings per share. The company’s quarterly revenue was up 3.8% on a year-over-year basis. On average, equities research analysts forecast that Turning Point Brands will post 2.59 earnings per share for the current year.

Turning Point Brands Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Friday, December 20th were issued a $0.07 dividend. The ex-dividend date of this dividend was Friday, December 20th. This represents a $0.28 annualized dividend and a yield of 0.46%. Turning Point Brands’s dividend payout ratio (DPR) is presently 11.11%.

Institutional Investors Weigh In On Turning Point Brands

Large investors have recently modified their holdings of the stock. Corsair Capital Management L.P. lifted its holdings in Turning Point Brands by 49.0% in the third quarter. Corsair Capital Management L.P. now owns 30,412 shares of the company’s stock worth $1,312,000 after buying an additional 10,000 shares during the period. Pekin Hardy Strauss Inc. bought a new stake in shares of Turning Point Brands during the third quarter valued at approximately $1,260,000. Millennium Management LLC boosted its position in shares of Turning Point Brands by 14.1% during the second quarter. Millennium Management LLC now owns 178,367 shares of the company’s stock valued at $5,724,000 after purchasing an additional 22,035 shares in the last quarter. Allspring Global Investments Holdings LLC grew its stake in Turning Point Brands by 72,406.7% in the third quarter. Allspring Global Investments Holdings LLC now owns 10,876 shares of the company’s stock worth $469,000 after purchasing an additional 10,861 shares during the period. Finally, 272 Capital LP bought a new position in Turning Point Brands in the third quarter worth $1,488,000. Institutional investors 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.