Zacks Investment Research upgraded shares of Turning Point Brands (NYSE:TPB) from a strong sell rating to a hold rating in a research report report published on Thursday morning. They currently have $24.00 target price on the stock.
According to Zacks, “Turning Point Brands, Inc. provides tobacco products. The Company’s product consists of moist snuff, loose leaf chewing tobacco, cigarette papers, make-your-own cigar wraps and cigar smoking tobacco, cigars and liquid and tobacco vapour. Its portfolio of brands includes Zig-Zag(R), Beech-Nut(R) and Stoker’s(R). Turning Point Brands, Inc. is based in Louisville, Kentucky. “
A number of other brokerages have also recently weighed in on TPB. FBR & Co reissued a buy rating and set a $17.00 price target on shares of Turning Point Brands in a research report on Monday, October 2nd. Cowen reissued a buy rating and set a $20.00 price target on shares of Turning Point Brands in a research report on Sunday, September 17th. Finally, B. Riley reissued a buy rating on shares of Turning Point Brands in a research report on Wednesday, November 1st.
Turning Point Brands (NYSE:TPB) last announced its quarterly earnings results on Thursday, November 9th. The company reported $0.38 earnings per share for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.06). The firm had revenue of $73.30 million for the quarter, compared to the consensus estimate of $71.15 million. Turning Point Brands had a return on equity of 93.53% and a net margin of 12.70%. The company’s revenue for the quarter was up 43.9% compared to the same quarter last year. During the same period in the prior year, the business earned $0.34 earnings per share. analysts forecast that Turning Point Brands will post 1.15 EPS for the current fiscal year.
The business also recently disclosed an annual dividend, which was paid on Friday, December 15th. Investors of record on Monday, November 27th were given a $0.04 dividend. The ex-dividend date was Friday, November 24th. Turning Point Brands’s dividend payout ratio is currently 2.31%.
In related news, major shareholder General L.P. Standard acquired 150,000 shares of the business’s stock in a transaction that occurred on Wednesday, January 3rd. The shares were acquired at an average cost of $20.80 per share, with a total value of $3,120,000.00. Following the transaction, the insider now owns 2,500 shares of the company’s stock, valued at approximately $52,000. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director H.C. Charles Diao acquired 7,697 shares of the business’s stock in a transaction that occurred on Monday, November 13th. The stock was bought at an average cost of $15.91 per share, for a total transaction of $122,459.27. Following the completion of the transaction, the director now directly owns 11,000 shares in the company, valued at approximately $175,010. The disclosure for this purchase can be found here. Insiders own 14.20% of the company’s stock.
A number of institutional investors and hedge funds have recently bought and sold shares of TPB. Argent Capital Management LLC bought a new stake in Turning Point Brands in the 2nd quarter valued at $2,552,000. Northern Right Capital Management L.P. lifted its position in Turning Point Brands by 13.3% during the 2nd quarter. Northern Right Capital Management L.P. now owns 365,308 shares of the company’s stock worth $5,604,000 after buying an additional 42,800 shares in the last quarter. AJO LP bought a new stake in Turning Point Brands during the 2nd quarter worth about $520,000. D.A. Davidson & CO. bought a new stake in Turning Point Brands during the 2nd quarter worth about $413,000. Finally, Wells Fargo & Company MN lifted its position in Turning Point Brands by 30.2% during the 3rd quarter. Wells Fargo & Company MN now owns 81,278 shares of the company’s stock worth $1,383,000 after buying an additional 18,866 shares in the last quarter. 17.62% of the stock is currently owned by institutional investors and hedge funds.
Turning Point Brands Company Profile
Turning Point Brands, Inc is an independent provider of Other Tobacco Products (OTP) in the United States. The Company operates in three segments smokeless products, smoking products and NewGen products. The smokeless products segment manufactures and markets moist snuff; and contracts for and markets chewing tobacco products.
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