Zacks Investment Research upgraded shares of Turning Point Brands (NYSE:TPB) from a hold rating to a buy rating in a report released on Wednesday. Zacks Investment Research currently has $47.00 price objective 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. “

Several other brokerages have also issued reports on TPB. B. Riley lifted their price target on shares of Turning Point Brands from $30.00 to $34.00 and gave the company a $32.61 rating in a research note on Wednesday, July 18th. Cowen reiterated a buy rating on shares of Turning Point Brands in a research note on Friday, August 10th.

Shares of NYSE:TPB opened at $37.24 on Wednesday. Turning Point Brands has a 12 month low of $15.51 and a 12 month high of $47.00. The company has a current ratio of 2.03, a quick ratio of 0.55 and a debt-to-equity ratio of 2.86. The firm has a market cap of $720.98 million, a P/E ratio of 24.08 and a beta of 0.69.

Turning Point Brands (NYSE:TPB) last issued its quarterly earnings data on Wednesday, November 7th. The company reported $0.47 EPS for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.05). Turning Point Brands had a return on equity of 53.06% and a net margin of 7.64%. The company had revenue of $83.30 million for the quarter, compared to analyst estimates of $84.10 million. During the same quarter in the previous year, the business earned $0.38 earnings per share. The company’s revenue was up 13.6% on a year-over-year basis. Research analysts predict that Turning Point Brands will post 1.99 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 11th. Shareholders of record on Friday, December 21st will be paid a $0.045 dividend. This is a positive change from Turning Point Brands’s previous quarterly dividend of $0.04. This represents a $0.18 annualized dividend and a yield of 0.48%. The ex-dividend date of this dividend is Thursday, December 20th. Turning Point Brands’s payout ratio is presently 14.81%.

In other Turning Point Brands news, Director Thomas F. Jr. Helms sold 7,500 shares of Turning Point Brands stock in a transaction on Wednesday, August 15th. The shares were sold at an average price of $32.18, for a total value of $241,350.00. Following the sale, the director now directly owns 1,650 shares in the company, valued at approximately $53,097. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder General L.P. Standard purchased 153,079 shares of the stock in a transaction on Wednesday, September 5th. The stock was acquired at an average price of $34.60 per share, for a total transaction of $5,296,533.40. The disclosure for this purchase can be found here. Insiders sold a total of 67,547 shares of company stock worth $2,497,905 over the last quarter. Company insiders own 6.90% of the company’s stock.

Hedge funds have recently modified their holdings of the business. Harvest Fund Management Co. Ltd acquired a new stake in Turning Point Brands in the 3rd quarter valued at $109,000. First Quadrant L P CA acquired a new stake in Turning Point Brands in the 3rd quarter valued at $130,000. Stone Ridge Asset Management LLC acquired a new stake in Turning Point Brands in the 3rd quarter valued at $236,000. OppenheimerFunds Inc. acquired a new stake in Turning Point Brands in the 2nd quarter valued at $200,000. Finally, Rhumbline Advisers acquired a new stake in Turning Point Brands in the 2nd quarter valued at $239,000. Hedge funds and other institutional investors own 27.23% of the company’s stock.

Turning Point Brands Company Profile

Turning Point Brands, Inc, together with its subsidiaries, provides other tobacco products primarily in the United States. It operates through three segments: Smokeless Products, Smoking Products, and NewGen Products. The Smokeless Products segment manufactures and markets moist snuff; and contracts for and markets loose leaf chewing tobacco products.

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