Turning Point Brands (NYSE:TPB) Downgraded to Strong Sell Rating by Wall Street Zen

Key Points

• Wall Street Zen downgraded Turning Point Brands to “Strong Sell” from “Sell,” despite MarketBeat’s overall analyst consensus remaining “Moderate Buy” with an average price target of $113.50.
• Shares opened at $74.90, well below the 52-week high of $146.90 and the 50- and 200-day moving averages of $82.88 and $94.50, respectively.
• Turning Point Brands exceeded quarterly expectations, reporting $0.76 in EPS and $124.28 million in revenue, while revenue increased 16.8% year over year; institutional investors own 96.12% of the stock.

Turning Point Brands (NYSE:TPB - Get Free Report) was downgraded by equities researchers at Wall Street Zen from a "sell" rating to a "strong sell" rating in a research report issued to clients and investors on Sunday.

Several other equities analysts have also commented on the company. BTIG Research assumed coverage on Turning Point Brands in a research report on Tuesday, July 21st. They set a "buy" rating and a $103.00 price objective for the company. Needham & Company LLC raised shares of Turning Point Brands from a "hold" rating to a "buy" rating and set a $125.00 target price on the stock in a research report on Friday, May 8th. Weiss Ratings lowered shares of Turning Point Brands from a "hold (c+)" rating to a "hold (c)" rating in a research note on Tuesday, June 2nd. Finally, Compass Point set a $103.00 price target on shares of Turning Point Brands in a research report on Tuesday, July 21st. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $113.50.

Turning Point Brands Stock Down 1.5%

Shares of NYSE:TPB opened at $74.90 on Friday. Turning Point Brands has a 52-week low of $65.80 and a 52-week high of $146.90. The firm has a market capitalization of $1.45 billion, a P/E ratio of 25.48 and a beta of 0.92. The stock has a 50 day moving average price of $82.88 and a 200-day moving average price of $94.50. The company has a debt-to-equity ratio of 0.76, a quick ratio of 4.05 and a current ratio of 5.87.

Turning Point Brands (NYSE:TPB - Get Free Report) last released its earnings results on Thursday, May 7th. The company reported $0.76 EPS for the quarter, beating analysts' consensus estimates of $0.68 by $0.08. The company had revenue of $124.28 million during the quarter, compared to analysts' expectations of $115.67 million. Turning Point Brands had a return on equity of 16.54% and a net margin of 11.53%.The firm's revenue for the quarter was up 16.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.91 EPS. As a group, equities research analysts anticipate that Turning Point Brands will post 1.39 EPS for the current fiscal year.

Insider Transactions at Turning Point Brands

In other Turning Point Brands news, CAO Brian Wigginton sold 4,000 shares of the business's stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $91.67, for a total value of $366,680.00. Following the sale, the chief accounting officer directly owned 9,230 shares of the company's stock, valued at approximately $846,114.10. The trade was a 30.23% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 5.40% of the company's stock.

Hedge Funds Weigh In On Turning Point Brands

Large investors have recently modified their holdings of the stock. Apis Capital Advisors LLC increased its stake in Turning Point Brands by 186.2% during the 4th quarter. Apis Capital Advisors LLC now owns 164,377 shares of the company's stock valued at $17,818,000 after purchasing an additional 106,948 shares in the last quarter. Copeland Capital Management LLC grew its holdings in shares of Turning Point Brands by 29,795.8% during the fourth quarter. Copeland Capital Management LLC now owns 204,188 shares of the company's stock valued at $22,134,000 after buying an additional 203,505 shares during the last quarter. Bronte Capital Management Pty Ltd. bought a new stake in shares of Turning Point Brands during the fourth quarter valued at approximately $2,642,000. M&T Bank Corp raised its holdings in Turning Point Brands by 712.5% in the 4th quarter. M&T Bank Corp now owns 19,499 shares of the company's stock worth $2,114,000 after acquiring an additional 17,099 shares during the last quarter. Finally, Capelight Capital Asset Management LP bought a new position in Turning Point Brands in the 4th quarter valued at approximately $1,951,000. Hedge funds and other institutional investors 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.