Zacks Investment Research Downgrades Turning Point Brands (NYSE:TPB) to Hold

Turning Point Brands (NYSE:TPB) was downgraded by Zacks Investment Research from a “buy” 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. “

Separately, B. Riley increased their price target on shares of Turning Point Brands from $63.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, July 28th.

NYSE TPB opened at $44.79 on Friday. Turning Point Brands has a 1 year low of $25.99 and a 1 year high of $61.08. The company has a debt-to-equity ratio of 3.11, a current ratio of 4.70 and a quick ratio of 3.09. The firm has a market cap of $847.61 million, a price-to-earnings ratio of 19.06 and a beta of 0.54. The company has a fifty day moving average price of $48.42 and a 200-day moving average price of $47.64.

Turning Point Brands (NYSE:TPB) last posted its earnings results on Monday, July 26th. The company reported $0.84 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.65 by $0.19. Turning Point Brands had a net margin of 10.84% and a return on equity of 51.99%. The firm had revenue of $122.60 million during the quarter, compared to analyst estimates of $106.22 million. During the same quarter in the prior year, the business posted $0.71 EPS. The business’s revenue was up 16.8% compared to the same quarter last year. On average, research analysts anticipate that Turning Point Brands will post 2.85 EPS for the current fiscal year.

In related news, major shareholder General L.P. Standard sold 818,000 shares of the firm’s stock in a transaction on Tuesday, August 3rd. The stock was sold at an average price of $50.65, for a total value of $41,431,700.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 4.80% of the stock is currently owned by company insiders.

Several institutional investors and hedge funds have recently bought and sold shares of TPB. Barclays PLC increased its holdings in Turning Point Brands by 94.6% in the 1st quarter. Barclays PLC now owns 537,153 shares of the company’s stock worth $28,023,000 after buying an additional 261,074 shares in the last quarter. DG Capital Management LLC increased its holdings in Turning Point Brands by 60.3% in the 2nd quarter. DG Capital Management LLC now owns 430,258 shares of the company’s stock worth $19,693,000 after buying an additional 161,898 shares in the last quarter. Marshall Wace North America L.P. increased its holdings in Turning Point Brands by 436.8% in the 2nd quarter. Marshall Wace North America L.P. now owns 148,345 shares of the company’s stock worth $6,790,000 after buying an additional 120,712 shares in the last quarter. BlackRock Inc. increased its holdings in Turning Point Brands by 9.9% in the 2nd quarter. BlackRock Inc. now owns 985,127 shares of the company’s stock worth $45,090,000 after buying an additional 88,855 shares in the last quarter. Finally, Caas Capital Management LP bought a new stake in shares of Turning Point Brands during the 1st quarter valued at about $4,289,000. 84.17% of the stock is owned by hedge funds and other institutional investors.

About Turning Point Brands

Turning Point Brands, Inc provides tobacco products. It operates through following segments: Smokeless products, Smoking products and NewGen products. The Smokeless products segment manufactures and markets moist snuff and contracts for and markets chewing tobacco products. The Smoking products segment imports and markets cigarette papers, tubes, finished cigars, NYO cigar tobaccos and cigar wraps and processes, packages and markets pipe tobaccos.

See Also: What is a growth and income fund?

Get a free copy of the Zacks research report on Turning Point Brands (TPB)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Turning Point Brands Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Turning Point Brands and related companies with MarketBeat.com's FREE daily email newsletter.