Oppenheimer Raises Turning Point Brands (NYSE:TPB) Price Target to $98.00

Key Points

• Oppenheimer raised the price target for Turning Point Brands (TPB) from $85.00 to $98.00, while maintaining an "outperform" rating, indicating an expected upside of 8.01% from the stock's prior close.
• Turning Point Brands reported earnings of $0.98 EPS for the last quarter, exceeding the consensus estimate by $0.19, with revenue increasing by 25.1% year-over-year to $116.63 million.
• Insider selling activity has been notable, with senior executives selling over 111,800 shares in the last quarter, reflecting a decrease in their ownership stake in the company.

Turning Point Brands (NYSE:TPB - Free Report) had its price objective upped by Oppenheimer from $85.00 to $98.00 in a research note issued to investors on Thursday,Benzinga reports. Oppenheimer currently has an outperform rating on the stock.

A number of other research analysts have also commented on TPB. Wall Street Zen lowered Turning Point Brands from a "buy" rating to a "hold" rating in a research report on Saturday, July 26th. Needham & Company LLC initiated coverage on Turning Point Brands in a research note on Friday, August 1st. They issued a "hold" rating on the stock. Two analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Turning Point Brands has an average rating of "Moderate Buy" and an average target price of $78.83.

Turning Point Brands Stock Performance

Turning Point Brands stock traded down $0.09 during mid-day trading on Thursday, reaching $96.67. 201,746 shares of the company's stock were exchanged, compared to its average volume of 261,590. The business's fifty day simple moving average is $77.27 and its 200 day simple moving average is $68.61. The firm has a market capitalization of $1.73 billion, a PE ratio of 40.45 and a beta of 0.66. Turning Point Brands has a one year low of $36.35 and a one year high of $99.49. The company has a quick ratio of 2.64, a current ratio of 4.42 and a debt-to-equity ratio of 1.44.

Turning Point Brands (NYSE:TPB - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $0.98 earnings per share for the quarter, beating the consensus estimate of $0.79 by $0.19. The company had revenue of $116.63 million during the quarter, compared to analysts' expectations of $107.30 million. Turning Point Brands had a return on equity of 26.34% and a net margin of 10.34%. The firm's quarterly revenue was up 25.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.68 earnings per share. On average, sell-side analysts expect that Turning Point Brands will post 2.59 earnings per share for the current year.

Turning Point Brands Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Friday, September 19th will be issued a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date of this dividend is Friday, September 19th. Turning Point Brands's dividend payout ratio (DPR) is currently 12.55%.

Insider Buying and Selling

In related news, SVP Brittani Cushman sold 7,500 shares of the firm's stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $74.36, for a total value of $557,700.00. Following the transaction, the senior vice president directly owned 34,687 shares of the company's stock, valued at approximately $2,579,325.32. This trade represents a 17.78% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Graham Purdy sold 30,000 shares of the firm's stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $75.03, for a total value of $2,250,900.00. Following the completion of the transaction, the chief executive officer directly owned 227,466 shares in the company, valued at approximately $17,066,773.98. This represents a 11.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 110,300 shares of company stock worth $8,291,282 in the last quarter. Company insiders own 6.60% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in TPB. SG Americas Securities LLC lifted its holdings in Turning Point Brands by 1,369.7% during the second quarter. SG Americas Securities LLC now owns 123,648 shares of the company's stock worth $9,369,000 after buying an additional 115,235 shares during the period. Northern Right Capital Management L.P. boosted its position in Turning Point Brands by 356.6% during the 4th quarter. Northern Right Capital Management L.P. now owns 134,354 shares of the company's stock valued at $8,075,000 after acquiring an additional 104,931 shares in the last quarter. 4D Advisors LLC bought a new stake in Turning Point Brands during the 1st quarter valued at $5,647,000. Access Investment Management LLC bought a new stake in Turning Point Brands during the 2nd quarter valued at $6,325,000. Finally, Teacher Retirement System of Texas boosted its position in Turning Point Brands by 122.3% during the 1st quarter. Teacher Retirement System of Texas now owns 121,804 shares of the company's stock valued at $7,240,000 after acquiring an additional 67,005 shares in the last quarter. Hedge funds and other institutional investors own 96.12% of the company's stock.

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.