Turning Point Brands (TPB) Stock Rating Upgraded by Zacks Investment Research
Zacks Investment Research upgraded shares of Turning Point Brands (NYSE:TPB) from a strong sell rating to a hold rating in a report issued 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. “
Other equities research analysts have also recently issued reports about the stock. B. Riley reissued a buy rating on shares of Turning Point Brands in a research report on Wednesday, November 1st. 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, FBR & Co restated a buy rating and set a $17.00 price objective on shares of Turning Point Brands in a research note on Monday, October 2nd.
Turning Point Brands (NYSE:TPB) last issued its quarterly earnings results on Thursday, November 9th. The company reported $0.38 EPS for the quarter, missing the consensus estimate of $0.44 by ($0.06). Turning Point Brands had a return on equity of 93.53% and a net margin of 12.70%. The business had revenue of $73.30 million for the quarter, compared to the consensus estimate of $71.15 million. During the same period last year, the firm earned $0.34 earnings per share. The company’s quarterly revenue was up 43.9% compared to the same quarter last year. research analysts expect that Turning Point Brands will post 1.15 EPS for the current year.
The company also recently disclosed an annual dividend, which was paid on Friday, December 15th. Stockholders of record on Monday, November 27th were paid a dividend of $0.04 per share. The ex-dividend date of this dividend was Friday, November 24th. Turning Point Brands’s dividend payout ratio is presently 2.31%.
In other news, major shareholder General L.P. Standard acquired 150,000 shares of the stock in a transaction dated Wednesday, January 3rd. The shares were bought at an average cost of $20.80 per share, for a total transaction of $3,120,000.00. Following the purchase, the insider now directly owns 2,500 shares of the company’s stock, valued at $52,000. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director H.C. Charles Diao acquired 7,697 shares of the stock in a transaction dated Monday, November 13th. The shares were purchased at an average price of $15.91 per share, for a total transaction of $122,459.27. Following the completion of the purchase, the director now directly owns 11,000 shares in the company, valued at $175,010. The disclosure for this purchase can be found here. 14.20% of the stock is owned by insiders.
Institutional investors and hedge funds have recently made changes to their positions in the stock. Argent Capital Management LLC grew its stake in Turning Point Brands by 8.7% in the 3rd quarter. Argent Capital Management LLC now owns 180,929 shares of the company’s stock valued at $3,076,000 after buying an additional 14,555 shares during the last quarter. Wells Fargo & Company MN grew its stake in Turning Point Brands by 30.5% in the 2nd quarter. Wells Fargo & Company MN now owns 62,412 shares of the company’s stock valued at $957,000 after buying an additional 14,584 shares during the last quarter. Vanguard Group Inc. grew its stake in Turning Point Brands by 1.1% in the 2nd quarter. Vanguard Group Inc. now owns 255,127 shares of the company’s stock valued at $3,914,000 after buying an additional 2,834 shares during the last quarter. Northern Right Capital Management L.P. grew its stake in Turning Point Brands by 13.3% in the 2nd quarter. Northern Right Capital Management L.P. now owns 365,308 shares of the company’s stock valued at $5,604,000 after buying an additional 42,800 shares during the last quarter. Finally, Martingale Asset Management L P acquired a new position in Turning Point Brands in the 2nd quarter valued at about $280,000. Institutional investors and hedge funds own 17.62% of the company’s stock.
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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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