Turning Point Brands (NYSE:TPB) Now Covered by Needham & Company LLC

Key Points

• Needham & Company LLC initiated coverage of Turning Point Brands with a "hold" rating, while Oppenheimer raised their price objective significantly from $65.00 to $85.00, giving an "outperform" rating.
• Turning Point Brands reported $0.91 EPS for its latest quarter, surpassing estimates and showing a 28.2% increase in revenue compared to the previous year.
• Insider selling activity was noted, with SVP Brittani Cushman selling 7,500 shares and Director Lawrence Wexler selling 25,000 shares, indicating recent profit-taking by executives.

Needham & Company LLC initiated coverage on shares of Turning Point Brands (NYSE:TPB - Get Free Report) in a note issued to investors on Friday, Marketbeat reports. The brokerage set a "hold" rating on the stock.

Other equities research analysts have also recently issued research reports about the company. Oppenheimer raised their price objective on Turning Point Brands from $65.00 to $85.00 and gave the company an "outperform" rating in a research note on Thursday, May 8th. Wall Street Zen cut Turning Point Brands from a "buy" rating to a "hold" rating in a research note on Saturday, July 26th. Two investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $76.67.

Turning Point Brands Trading Up 0.6%

Shares of Turning Point Brands stock opened at $83.05 on Friday. The company has a debt-to-equity ratio of 1.44, a quick ratio of 2.64 and a current ratio of 4.42. Turning Point Brands has a 52 week low of $34.78 and a 52 week high of $84.05. The stock has a 50 day moving average price of $75.49 and a two-hundred day moving average price of $67.17. The stock has a market capitalization of $1.49 billion, a PE ratio of 36.43 and a beta of 0.75.

Turning Point Brands (NYSE:TPB - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The company reported $0.91 EPS for the quarter, beating analysts' consensus estimates of $0.75 by $0.16. Turning Point Brands had a return on equity of 27.70% and a net margin of 10.19%. The firm had revenue of $106.44 million during the quarter, compared to analysts' expectations of $95.75 million. During the same quarter last year, the firm posted $0.63 earnings per share. The company's revenue for the quarter was up 28.2% compared to the same quarter last year. As a group, equities analysts anticipate that Turning Point Brands will post 2.59 earnings per share for the current fiscal year.

Insider Activity at Turning Point Brands

In related news, SVP Brittani Cushman sold 7,500 shares of Turning Point Brands stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $74.36, for a total transaction of $557,700.00. Following the transaction, the senior vice president owned 34,687 shares of the company's stock, valued at $2,579,325.32. The trade was a 17.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Lawrence Wexler sold 25,000 shares of Turning Point Brands stock in a transaction that occurred on Tuesday, June 17th. The shares were sold at an average price of $75.94, for a total value of $1,898,500.00. Following the transaction, the director directly owned 330,186 shares in the company, valued at approximately $25,074,324.84. The trade was a 7.04% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 115,300 shares of company stock valued at $8,666,867 over the last 90 days. Corporate insiders own 6.60% of the company's stock.

Institutional Trading of Turning Point Brands

Hedge funds have recently bought and sold shares of the business. Allspring Global Investments Holdings LLC lifted its holdings in Turning Point Brands by 53.9% during the first quarter. Allspring Global Investments Holdings LLC now owns 13,693 shares of the company's stock worth $819,000 after acquiring an additional 4,797 shares during the period. Teacher Retirement System of Texas lifted its holdings in Turning Point Brands by 122.3% during the first quarter. Teacher Retirement System of Texas now owns 121,804 shares of the company's stock worth $7,240,000 after acquiring an additional 67,005 shares during the period. Ameriprise Financial Inc. bought a new stake in Turning Point Brands during the fourth quarter worth $957,000. ProShare Advisors LLC bought a new stake in Turning Point Brands during the fourth quarter worth $290,000. Finally, Rhumbline Advisers lifted its holdings in Turning Point Brands by 1.9% during the first quarter. Rhumbline Advisers now owns 24,531 shares of the company's stock worth $1,458,000 after acquiring an additional 464 shares during the period. 96.12% of the stock is currently owned by institutional investors.

About Turning Point Brands

Turning Point Brands, Inc, together with its subsidiaries, manufactures, markets, and distributes branded consumer products. The company operates through three segments: Zig-Zag Products, Stoker's Products, and Creative Distribution Solutions. Zig-Zag Products segment markets and distributes rolling papers, tubes, finished cigars, make-your-own cigar wraps, and related products, as well as lighters and other accessories under the Zig-Zag brand.

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