Turning Point Brands (NYSE:TPB) Coverage Initiated at Oppenheimer

Investment analysts at Oppenheimer initiated coverage on shares of Turning Point Brands (NYSE:TPB) in a report released on Thursday, MarketBeat.com reports. The brokerage set an “outperform” rating and a $65.00 price target on the stock. Oppenheimer’s target price would suggest a potential upside of 7.28% from the company’s current price.

Several other equities analysts have also issued reports on the company. StockNews.com lowered Turning Point Brands from a “strong-buy” rating to a “buy” rating in a report on Thursday, October 24th. Roth Capital raised Turning Point Brands to a “strong-buy” rating in a report on Friday, November 8th. Roth Mkm assumed coverage on Turning Point Brands in a research report on Thursday, September 19th. They set a “buy” rating and a $50.00 target price on the stock. Finally, Benchmark increased their target price on Turning Point Brands from $45.00 to $65.00 and gave the stock a “buy” rating in a research report on Tuesday. Four research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Turning Point Brands has an average rating of “Buy” and a consensus price target of $60.00.

Turning Point Brands Trading Up 4.4 %

NYSE TPB opened at $60.59 on Thursday. The company has a quick ratio of 1.17, a current ratio of 4.21 and a debt-to-equity ratio of 1.33. Turning Point Brands has a twelve month low of $21.66 and a twelve month high of $61.47. The company has a market cap of $1.07 billion, a price-to-earnings ratio of 24.04 and a beta of 0.63. The business’s fifty day moving average is $44.18 and its 200 day moving average is $38.16.

Turning Point Brands (NYSE:TPB) last announced its quarterly earnings data 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. Turning Point Brands had a return on equity of 33.14% and a net margin of 11.63%. The company had revenue of $105.62 million for the quarter, compared to the consensus estimate of $100.71 million. During the same period in the previous year, the business earned $0.69 EPS. The firm’s revenue was up 3.8% compared to the same quarter last year. As a group, sell-side analysts expect that Turning Point Brands will post 2.62 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Gregory H.A. Baxter sold 2,000 shares of the stock in a transaction 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 owns 46,544 shares of the company’s stock, valued at $1,834,764.48. This represents a 4.12 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 5.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Lord Abbett & CO. LLC grew its stake in shares of Turning Point Brands by 45.2% in the first quarter. Lord Abbett & CO. LLC now owns 255,309 shares of the company’s stock worth $7,481,000 after purchasing an additional 79,489 shares during the last quarter. Boston Partners bought a new stake in shares of Turning Point Brands in the first quarter worth about $964,000. Tidal Investments LLC bought a new stake in shares of Turning Point Brands in the first quarter worth about $1,661,000. Vanguard Group Inc. grew its stake in shares of Turning Point Brands by 6.6% in the first quarter. Vanguard Group Inc. now owns 1,497,110 shares of the company’s stock worth $43,865,000 after purchasing an additional 92,147 shares during the last quarter. Finally, Federated Hermes Inc. grew its stake in shares of Turning Point Brands by 245.9% in the second quarter. Federated Hermes Inc. now owns 154,708 shares of the company’s stock worth $4,965,000 after purchasing an additional 109,983 shares during the last quarter. 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.