Turning Point Brands, Inc. (TPB) Downgraded by Zacks Investment Research to Sell
Turning Point Brands, Inc. (NYSE:TPB) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Wednesday.
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. “
Other research analysts also recently issued research reports about the company. Cowen and Company restated a “buy” rating and issued a $19.00 target price on shares of Turning Point Brands in a research note on Thursday, August 3rd. FBR & Co restated a “buy” rating and issued a $17.00 target price on shares of Turning Point Brands in a research note on Friday, May 12th.
Turning Point Brands (TPB) opened at 15.65 on Wednesday. The stock has a 50 day moving average price of $15.28 and a 200 day moving average price of $15.11. The firm has a market capitalization of $295.57 million, a price-to-earnings ratio of 9.83 and a beta of 0.51. Turning Point Brands has a 1-year low of $10.03 and a 1-year high of $18.05.
Turning Point Brands (NYSE:TPB) last posted its quarterly earnings results on Thursday, August 10th. The company reported $0.38 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.02. The firm had revenue of $72.10 million for the quarter, compared to analyst estimates of $67.35 million. Turning Point Brands had a return on equity of 114.77% and a net margin of 13.62%. Turning Point Brands’s quarterly revenue was up 39.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.05 earnings per share. Analysts predict that Turning Point Brands will post $1.30 EPS for the current year.
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In other Turning Point Brands news, insider James Wells Dobbins sold 6,000 shares of the business’s stock in a transaction dated Monday, August 14th. The stock was sold at an average price of $16.04, for a total value of $96,240.00. Following the transaction, the insider now owns 90,041 shares in the company, valued at $1,444,257.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Lawrence Wexler sold 1,858 shares of the business’s stock in a transaction dated Thursday, May 25th. The shares were sold at an average price of $16.42, for a total value of $30,508.36. Following the completion of the transaction, the insider now owns 219,137 shares in the company, valued at approximately $3,598,229.54. The disclosure for this sale can be found here. Insiders sold 16,858 shares of company stock worth $275,218 in the last 90 days.
A number of hedge funds and other institutional investors have recently modified their holdings of TPB. Acadian Asset Management LLC increased its position in shares of Turning Point Brands by 351.0% in the first quarter. Acadian Asset Management LLC now owns 6,530 shares of the company’s stock worth $102,000 after buying an additional 5,082 shares during the period. Bessemer Group Inc. purchased a new position in shares of Turning Point Brands during the second quarter worth approximately $143,000. Teachers Advisors LLC increased its position in shares of Turning Point Brands by 25.6% in the second quarter. Teachers Advisors LLC now owns 10,249 shares of the company’s stock worth $157,000 after buying an additional 2,087 shares during the period. Martingale Asset Management L P purchased a new position in shares of Turning Point Brands during the second quarter worth approximately $280,000. Finally, potrero capital research llc purchased a new position in shares of Turning Point Brands during the first quarter worth approximately $356,000. Hedge funds and other institutional investors own 68.18% of the company’s stock.
About Turning Point Brands
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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