Oppenheimer Issues Positive Forecast for Turning Point Brands (NYSE:TPB) Stock Price

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 target price increased by Oppenheimer from $85.00 to $98.00 in a research note published on Thursday morning,Benzinga reports. The brokerage currently has an outperform rating on the stock.

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

Turning Point Brands Stock Up 2.9%

Shares of Turning Point Brands stock traded up $2.69 on Thursday, hitting $96.83. The company had a trading volume of 348,949 shares, compared to its average volume of 448,246. The stock has a market capitalization of $1.73 billion, a price-to-earnings ratio of 40.51 and a beta of 0.66. Turning Point Brands has a 1 year low of $36.35 and a 1 year high of $98.37. The stock has a 50 day moving average of $77.27 and a 200-day moving average of $68.44. 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 (NYSE:TPB - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $0.98 EPS for the quarter, topping the consensus estimate of $0.79 by $0.19. The firm had revenue of $116.63 million during the quarter, compared to the consensus estimate of $107.30 million. Turning Point Brands had a return on equity of 26.34% and a net margin of 10.34%. The company's quarterly revenue was up 25.1% compared to the same quarter last year. During the same period in the prior year, the business posted $0.68 earnings per share. As a group, sell-side analysts forecast that Turning Point Brands will post 2.59 earnings per share for the current year.

Turning Point Brands Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Friday, September 19th will be issued a $0.075 dividend. The ex-dividend date of this dividend is Friday, September 19th. This represents a $0.30 annualized dividend and a dividend yield of 0.3%. Turning Point Brands's dividend payout ratio is currently 13.16%.

Insider Buying and Selling

In other news, Director Lawrence Wexler sold 25,000 shares of the company's stock in a transaction that occurred on Tuesday, June 17th. The stock was sold at an average price of $75.94, for a total value of $1,898,500.00. Following the completion of the transaction, the director directly owned 330,186 shares of the company's stock, valued at $25,074,324.84. This represents a 7.04% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Brian Wigginton sold 10,800 shares of the stock in a transaction on Monday, June 16th. The shares were sold at an average price of $75.67, for a total value of $817,236.00. Following the transaction, the chief accounting officer directly owned 10,171 shares of the company's stock, valued at approximately $769,639.57. This trade represents a 51.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 110,300 shares of company stock valued at $8,291,282 over the last quarter. Corporate insiders own 6.60% of the company's stock.

Hedge Funds Weigh In On Turning Point Brands

Institutional investors and hedge funds have recently bought and sold shares of the company. Allspring Global Investments Holdings LLC grew 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 valued at $819,000 after purchasing an additional 4,797 shares during the period. Y Intercept Hong Kong Ltd bought a new position in Turning Point Brands during the first quarter valued at $325,000. Teacher Retirement System of Texas grew 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 valued at $7,240,000 after purchasing an additional 67,005 shares during the period. Ameriprise Financial Inc. bought a new position in Turning Point Brands during the fourth quarter valued at $957,000. Finally, ProShare Advisors LLC bought a new position in Turning Point Brands during the fourth quarter valued at $290,000. 96.12% of the stock is 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.