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Turning Point Brands (NYSE:TPB) Upgraded at Zacks Investment Research

Posted on Tuesday, June 30th, 2020 by MarketBeat

Turning Point Brands (NYSE:TPB) was upgraded by Zacks Investment Research from a "sell" rating to a "hold" rating in a report released on Tuesday, Zacks.com reports.

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. "

Separately, ValuEngine downgraded Turning Point Brands from a "hold" rating to a "sell" rating in a research report on Thursday, April 30th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and two have given a buy rating to the company's stock. The company presently has an average rating of "Hold" and an average target price of $36.00.

Shares of NYSE:TPB traded down $0.19 during mid-day trading on Tuesday, reaching $24.80. The stock had a trading volume of 21,702 shares, compared to its average volume of 78,158. The company has a current ratio of 3.30, a quick ratio of 2.11 and a debt-to-equity ratio of 2.66. The company has a market cap of $461.33 million, a P/E ratio of 48.51 and a beta of 0.73. Turning Point Brands has a 1 year low of $14.09 and a 1 year high of $57.06. The business's 50 day moving average price is $23.94 and its 200 day moving average price is $23.65.

Turning Point Brands (NYSE:TPB) last posted its earnings results on Tuesday, April 28th. The company reported $0.51 EPS for the quarter, topping analysts' consensus estimates of $0.38 by $0.13. The company had revenue of $90.69 million for the quarter, compared to the consensus estimate of $83.70 million. Turning Point Brands had a return on equity of 39.28% and a net margin of 2.91%. The firm's revenue for the quarter was down 1.0% on a year-over-year basis. During the same period in the previous year, the business earned $0.43 earnings per share. Analysts predict that Turning Point Brands will post 1.87 earnings per share for the current fiscal year.

In other news, major shareholder General L.P. Standard acquired 136,545 shares of the company's stock in a transaction that occurred on Tuesday, April 7th. The shares were bought at an average price of $21.94 per share, with a total value of $2,995,797.30. Following the completion of the purchase, the insider now directly owns 9,978,918 shares in the company, valued at $218,937,460.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Lawrence Wexler acquired 1,500 shares of the company's stock in a transaction that occurred on Friday, May 1st. The stock was purchased at an average cost of $23.29 per share, for a total transaction of $34,935.00. Following the purchase, the chief executive officer now owns 352,970 shares of the company's stock, valued at $8,220,671.30. The disclosure for this purchase can be found here. In the last ninety days, insiders have bought 139,045 shares of company stock worth $3,052,872. Insiders own 4.80% of the company's stock.

A number of large investors have recently made changes to their positions in TPB. Advisor Group Holdings Inc. purchased a new position in Turning Point Brands in the 1st quarter worth approximately $51,000. Tower Research Capital LLC TRC purchased a new position in Turning Point Brands in the 1st quarter worth approximately $26,000. Invesco Ltd. lifted its stake in Turning Point Brands by 47.8% in the 1st quarter. Invesco Ltd. now owns 16,804 shares of the company's stock worth $355,000 after purchasing an additional 5,434 shares in the last quarter. Two Sigma Advisers LP lifted its stake in Turning Point Brands by 6.6% in the 1st quarter. Two Sigma Advisers LP now owns 63,000 shares of the company's stock worth $1,330,000 after purchasing an additional 3,900 shares in the last quarter. Finally, Northern Right Capital Management L.P. lifted its stake in Turning Point Brands by 162.0% in the 1st quarter. Northern Right Capital Management L.P. now owns 224,400 shares of the company's stock worth $4,737,000 after purchasing an additional 138,753 shares in the last quarter. 44.24% of the stock is currently owned by institutional investors.

Turning Point Brands Company Profile

Turning Point Brands, Inc, together with its subsidiaries, provides other tobacco products 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 loose leaf chewing tobacco products.

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