Turning Point Brands, Inc. (TPB) Rating Lowered to Sell at Zacks Investment Research
Turning Point Brands, Inc. (NYSE:TPB) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Tuesday.
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 equities research analysts have also weighed in on TPB. B. Riley reaffirmed a “buy” rating on shares of Turning Point Brands in a research note on Wednesday, November 1st. FBR & Co reaffirmed a “buy” rating and set a $17.00 target price on shares of Turning Point Brands in a research note on Monday, October 2nd. Finally, Cowen and Company reissued a “buy” rating and set a $20.00 price objective on shares of Turning Point Brands in a research note on Sunday, September 17th.
Shares of Turning Point Brands (NYSE TPB) traded down $0.13 on Tuesday, hitting $16.17. 23,000 shares of the stock were exchanged, compared to its average volume of 33,023. The company has a market cap of $313.12, a price-to-earnings ratio of 8.45 and a beta of 0.15. The company has a debt-to-equity ratio of 3.77, a current ratio of 1.81 and a quick ratio of 0.37. Turning Point Brands has a 52-week low of $11.67 and a 52-week high of $18.99.
Turning Point Brands (NYSE:TPB) last announced its 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 company had revenue of $73.30 million for the quarter, compared to the consensus estimate of $71.15 million. Turning Point Brands had a net margin of 12.70% and a return on equity of 93.53%. The company’s revenue for the quarter was up 43.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.34 EPS. sell-side analysts expect that Turning Point Brands will post 1.15 earnings per share for the current fiscal year.
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In other Turning Point Brands news, Director H.C. Charles Diao acquired 7,697 shares of the company’s stock in a transaction that occurred on Monday, November 13th. The shares were acquired at an average price of $15.91 per share, with a total value of $122,459.27. Following the completion of the purchase, the director now directly owns 11,000 shares of the company’s stock, valued at approximately $175,010. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder General L.P. Standard acquired 100,000 shares of the company’s stock in a transaction that occurred on Thursday, September 14th. The shares were acquired at an average cost of $17.09 per share, for a total transaction of $1,709,000.00. The disclosure for this purchase can be found here. Insiders have purchased 111,000 shares of company stock worth $1,885,926 in the last three months. 14.20% of the stock is currently owned by insiders.
A number of large investors have recently bought and sold shares of the stock. Teachers Advisors LLC boosted its stake in Turning Point Brands by 25.6% during the second quarter. Teachers Advisors LLC now owns 10,249 shares of the company’s stock worth $157,000 after acquiring an additional 2,087 shares in the last quarter. Vanguard Group Inc. boosted its stake in Turning Point Brands by 1.1% during the second quarter. Vanguard Group Inc. now owns 255,127 shares of the company’s stock worth $3,914,000 after acquiring an additional 2,834 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in Turning Point Brands by 11.1% in the third quarter. Bank of New York Mellon Corp now owns 42,473 shares of the company’s stock worth $722,000 after buying an additional 4,256 shares during the last quarter. State Street Corp raised its holdings in Turning Point Brands by 5.8% in the second quarter. State Street Corp now owns 84,823 shares of the company’s stock worth $1,301,000 after buying an additional 4,663 shares during the last quarter. Finally, Bessemer Group Inc. purchased a new position in Turning Point Brands in the second quarter worth about $143,000. 15.11% of the stock is currently owned by institutional investors and hedge funds.
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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