Turning Point Brands (NYSE:TPB) Stock Rating Lowered by Zacks Research

Turning Point Brands (NYSE:TPB) was downgraded by Zacks Research from a “strong-buy” rating to a “hold” rating in a report issued on Monday,Zacks.com reports.

Other research analysts also recently issued research reports about the company. Industrial Alliance Securities set a $110.00 price target on Turning Point Brands in a research note on Wednesday, November 5th. Wall Street Zen upgraded shares of Turning Point Brands from a “hold” rating to a “buy” rating in a research report on Sunday, December 21st. Alliance Global Partners upped their price target on shares of Turning Point Brands from $103.00 to $110.00 and gave the company a “buy” rating in a research report on Wednesday, November 5th. Oppenheimer increased their price target on shares of Turning Point Brands from $110.00 to $120.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 19th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Turning Point Brands in a research note on Tuesday, December 23rd. Four analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Turning Point Brands presently has a consensus rating of “Moderate Buy” and an average price target of $102.50.

Turning Point Brands Price Performance

TPB stock opened at $103.60 on Monday. The stock has a market cap of $1.98 billion, a price-to-earnings ratio of 36.48 and a beta of 0.86. Turning Point Brands has a fifty-two week low of $51.48 and a fifty-two week high of $113.31. The company has a quick ratio of 3.98, a current ratio of 5.56 and a debt-to-equity ratio of 0.82. The business has a 50 day moving average price of $102.06 and a 200 day moving average price of $93.76.

Turning Point Brands (NYSE:TPB) last issued its earnings results on Wednesday, November 5th. The company reported $1.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.81 by $0.46. Turning Point Brands had a net margin of 12.02% and a return on equity of 24.44%. The business had revenue of $118.98 million during the quarter, compared to analysts’ expectations of $111.42 million. During the same quarter in the prior year, the business posted $0.68 EPS. The company’s revenue for the quarter was up 12.7% on a year-over-year basis. Equities research analysts anticipate that Turning Point Brands will post 2.59 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Gregory H.A. Baxter sold 1,500 shares of the firm’s stock in a transaction dated Friday, November 21st. The shares were sold at an average price of $98.23, for a total value of $147,345.00. Following the completion of the sale, the director owned 38,919 shares in the company, valued at $3,823,013.37. This trade represents a 3.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Chairman David Edward Glazek sold 30,000 shares of Turning Point Brands stock in a transaction that occurred on Friday, December 19th. The shares were sold at an average price of $110.26, for a total value of $3,307,800.00. Following the completion of the sale, the chairman directly owned 127,083 shares in the company, valued at $14,012,171.58. This represents a 19.10% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 96,220 shares of company stock valued at $9,958,542 over the last ninety days. 6.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Turning Point Brands

Hedge funds and other institutional investors have recently bought and sold shares of the business. GAMMA Investing LLC grew its stake in shares of Turning Point Brands by 90.7% during the 2nd quarter. GAMMA Investing LLC now owns 328 shares of the company’s stock worth $25,000 after purchasing an additional 156 shares during the period. First Horizon Corp acquired a new position in Turning Point Brands during the third quarter worth about $25,000. Caitong International Asset Management Co. Ltd acquired a new position in Turning Point Brands during the third quarter worth about $28,000. Advisory Services Network LLC purchased a new position in Turning Point Brands in the third quarter valued at about $28,000. Finally, Briaud Financial Planning Inc acquired a new stake in shares of Turning Point Brands during the 2nd quarter valued at approximately $31,000. Institutional investors and hedge funds own 96.12% of the company’s stock.

Turning Point Brands Company Profile

Turning Point Brands, Inc (NYSE: TPB) is a U.S.-based consumer products company focused on the manufacture, marketing and distribution of smokeless tobacco, vaping and cigar products. Headquartered in Old Hickory, Tennessee, the company serves retail outlets across all 50 states through a direct-store-delivery network and select third-party distributors. Turning Point Brands operates two reporting segments—Smokeless Products and Cigar—and leverages its logistics capabilities to offer a broad portfolio of brands and SKUs.

In its Smokeless Products segment, Turning Point Brands produces moist smokeless tobacco under leading brand names such as Grizzly, Kodiak and Stoker’s.