Turning Point Brands (NYSE:TPB) Now Covered by Analysts at Oppenheimer

Oppenheimer initiated coverage on shares of Turning Point Brands (NYSE:TPB) in a report published on Thursday morning, Marketbeat reports. The firm issued an outperform rating and a $65.00 price objective on the stock.

A number of other equities research analysts have also weighed in on the stock. Benchmark boosted their price objective on shares of Turning Point Brands from $45.00 to $65.00 and gave the company a “buy” rating in a report on Tuesday, November 12th. StockNews.com lowered Turning Point Brands from a “strong-buy” rating to a “buy” rating in a research report on Thursday, October 24th. Roth Capital raised shares of Turning Point Brands to a “strong-buy” rating in a research report on Friday, November 8th. Finally, Roth Mkm initiated coverage on shares of Turning Point Brands in a report on Thursday, September 19th. They set a “buy” rating and a $50.00 target price for the company. Four analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $60.00.

Turning Point Brands Stock Performance

Shares of TPB stock opened at $60.58 on Thursday. The firm has a market cap of $1.07 billion, a price-to-earnings ratio of 24.04 and a beta of 0.63. Turning Point Brands has a 52-week low of $21.66 and a 52-week high of $61.47. The company has a quick ratio of 1.17, a current ratio of 4.21 and a debt-to-equity ratio of 1.33. The company’s 50 day moving average is $44.60 and its 200 day moving average is $38.45.

Turning Point Brands (NYSE:TPB) last released its quarterly earnings results on Thursday, November 7th. The company reported $0.68 EPS for the quarter, beating the consensus estimate of $0.67 by $0.01. Turning Point Brands had a net margin of 11.63% and a return on equity of 33.14%. The business had revenue of $105.62 million during the quarter, compared to analyst estimates of $100.71 million. During the same period in the prior year, the firm posted $0.69 earnings per share. The company’s quarterly revenue was up 3.8% on a year-over-year basis. On average, sell-side analysts anticipate that Turning Point Brands will post 2.62 EPS for the current fiscal year.

Turning Point Brands Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Friday, December 20th will be issued a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a yield of 0.46%. The ex-dividend date of this dividend is Friday, December 20th. Turning Point Brands’s payout ratio is presently 11.11%.

Insiders Place Their Bets

In other Turning Point Brands news, Director Gregory H.A. Baxter sold 2,000 shares of the company’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $39.42, for a total value of $78,840.00. Following the completion of the transaction, the director now owns 46,544 shares in the company, valued at approximately $1,834,764.48. This represents a 4.12 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 5.20% of the company’s stock.

Hedge Funds Weigh In On Turning Point Brands

A number of large investors have recently bought and sold shares of TPB. Allspring Global Investments Holdings LLC purchased a new stake in shares of Turning Point Brands in the first quarter valued at approximately $64,000. BNP Paribas Financial Markets raised its position in Turning Point Brands by 6.8% during the first quarter. BNP Paribas Financial Markets now owns 18,159 shares of the company’s stock worth $532,000 after acquiring an additional 1,159 shares during the period. Sei Investments Co. lifted its holdings in Turning Point Brands by 6.1% during the first quarter. Sei Investments Co. now owns 111,958 shares of the company’s stock valued at $3,280,000 after purchasing an additional 6,470 shares in the last quarter. Lord Abbett & CO. LLC grew its position in shares of Turning Point Brands by 45.2% in the first quarter. Lord Abbett & CO. LLC now owns 255,309 shares of the company’s stock valued at $7,481,000 after purchasing an additional 79,489 shares during the period. Finally, Vanguard Group Inc. increased its stake in shares of Turning Point Brands by 6.6% during the first quarter. Vanguard Group Inc. now owns 1,497,110 shares of the company’s stock worth $43,865,000 after purchasing an additional 92,147 shares in the last quarter. Institutional investors and hedge funds 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.