Zacks Investment Research Upgrades Turning Point Brands (NYSE:TPB) to “Hold”

Zacks Investment Research upgraded shares of Turning Point Brands (NYSE:TPB) from a sell rating to a hold rating in a report issued on Friday, Zacks.com reports.

According to Zacks, “Turning Point Brands, Inc. provides tobacco products. The Company’s product consists of moist snuff, loose leaf chewing tobacco, cigarette papers, make-your-own cigar wraps and cigar smoking tobacco, cigars and liquid and tobacco vapour. Its portfolio of brands includes Zig-Zag(R), Beech-Nut(R) and Stoker’s(R). Turning Point Brands, Inc. is based in Louisville, Kentucky. “

Several other equities analysts also recently commented on the stock. ValuEngine upgraded shares of Turning Point Brands from a hold rating to a buy rating in a report on Wednesday, January 8th. Buckingham Research assumed coverage on shares of Turning Point Brands in a report on Tuesday, November 26th. They set a buy rating and a $40.00 price target on the stock. Finally, B. Riley cut their price target on shares of Turning Point Brands from $56.00 to $38.00 and set a buy rating on the stock in a report on Monday, October 21st. One analyst has rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock currently has an average rating of Buy and a consensus price target of $41.67.

Shares of NYSE:TPB opened at $29.05 on Friday. The company has a market capitalization of $569.61 million, a price-to-earnings ratio of 16.99 and a beta of 0.73. Turning Point Brands has a 12 month low of $20.10 and a 12 month high of $57.06. The firm’s 50-day moving average is $27.31 and its 200 day moving average is $31.97. The company has a current ratio of 4.68, a quick ratio of 2.40 and a debt-to-equity ratio of 3.25.

Turning Point Brands (NYSE:TPB) last issued its quarterly earnings results on Friday, November 1st. The company reported $0.56 EPS for the quarter, beating the consensus estimate of $0.46 by $0.10. The company had revenue of $96.80 million for the quarter, compared to the consensus estimate of $80.55 million. Turning Point Brands had a net margin of 8.25% and a return on equity of 42.94%. The firm’s revenue was up 16.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.48 EPS. As a group, equities analysts forecast that Turning Point Brands will post 1.72 EPS for the current fiscal year.

The business also recently announced a dividend, which was paid on Friday, January 10th. Shareholders of record on Friday, December 20th were paid a $0.045 dividend. The ex-dividend date of this dividend was Thursday, December 19th. Turning Point Brands’s dividend payout ratio is currently 10.53%.

A number of hedge funds have recently modified their holdings of the business. BlackRock Inc. grew its stake in Turning Point Brands by 14.5% in the 2nd quarter. BlackRock Inc. now owns 654,240 shares of the company’s stock worth $32,044,000 after acquiring an additional 82,870 shares in the last quarter. Vanguard Group Inc. grew its stake in Turning Point Brands by 0.7% in the 2nd quarter. Vanguard Group Inc. now owns 404,562 shares of the company’s stock worth $19,816,000 after acquiring an additional 2,904 shares in the last quarter. Millennium Management LLC grew its stake in Turning Point Brands by 576.7% in the 3rd quarter. Millennium Management LLC now owns 362,878 shares of the company’s stock worth $8,367,000 after acquiring an additional 309,252 shares in the last quarter. ETF Managers Group LLC bought a new position in Turning Point Brands in the 2nd quarter worth about $17,603,000. Finally, Barclays PLC lifted its position in shares of Turning Point Brands by 2,006.4% in the 3rd quarter. Barclays PLC now owns 235,162 shares of the company’s stock worth $5,423,000 after purchasing an additional 223,998 shares during the period. Institutional investors and hedge funds own 44.48% of the company’s stock.

Turning Point Brands Company Profile

Turning Point Brands, Inc, together with its subsidiaries, provides other tobacco products in the United States. The company operates in three segments: Smokeless Products, Smoking Products, and NewGen Products. The Smokeless Products segment manufactures and markets moist snuff; and contracts for and markets loose leaf chewing tobacco products.

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