Turning Point Brands (NYSE:TPB) Stock Rating Upgraded by StockNews.com

StockNews.com upgraded shares of Turning Point Brands (NYSE:TPB) from a hold rating to a buy rating in a research note released on Friday.

A number of other brokerages have also issued reports on TPB. Benchmark upped their target price on Turning Point Brands from $45.00 to $65.00 and gave the company a “buy” rating in a research report on Tuesday, November 12th. Oppenheimer started coverage on shares of Turning Point Brands in a report on Thursday, November 14th. They set an “outperform” rating and a $65.00 price objective for the company. Roth Capital upgraded shares of Turning Point Brands to a “strong-buy” rating in a research note on Friday, November 8th. Roth Mkm reiterated a “buy” rating and issued a $70.00 price target (up from $55.00) on shares of Turning Point Brands in a research note on Tuesday, December 17th. Finally, Craig Hallum boosted their price objective on Turning Point Brands from $60.00 to $75.00 and gave the company a “buy” rating in a report on Thursday, December 5th. Five analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Turning Point Brands presently has an average rating of “Buy” and a consensus price target of $68.75.

Turning Point Brands Trading Up 0.1 %

TPB opened at $60.71 on Friday. The firm has a market capitalization of $1.07 billion, a P/E ratio of 24.09 and a beta of 0.66. The firm’s 50 day moving average is $58.08 and its 200-day moving average is $45.31. The company has a quick ratio of 1.78, a current ratio of 4.21 and a debt-to-equity ratio of 1.33. Turning Point Brands has a 52-week low of $21.98 and a 52-week high of $66.18.

Turning Point Brands (NYSE:TPB) last issued its quarterly earnings data on Thursday, November 7th. The company reported $0.68 EPS for the quarter, topping analysts’ consensus estimates of $0.67 by $0.01. The firm had revenue of $105.62 million for the quarter, compared to analyst estimates of $100.71 million. Turning Point Brands had a net margin of 11.63% and a return on equity of 33.14%. The firm’s revenue was up 3.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.69 EPS. Analysts expect that Turning Point Brands will post 2.59 EPS for the current fiscal year.

Turning Point Brands Dividend Announcement

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

Hedge Funds Weigh In On Turning Point Brands

Several institutional investors have recently modified their holdings of TPB. First Sabrepoint Capital Management LP bought a new position in Turning Point Brands in the 3rd quarter worth approximately $7,517,000. Federated Hermes Inc. lifted its holdings in shares of Turning Point Brands by 245.9% in the second quarter. Federated Hermes Inc. now owns 154,708 shares of the company’s stock valued at $4,965,000 after buying an additional 109,983 shares during the period. JPMorgan Chase & Co. boosted its stake in Turning Point Brands by 84.5% during the third quarter. JPMorgan Chase & Co. now owns 123,079 shares of the company’s stock valued at $5,311,000 after buying an additional 56,364 shares in the last quarter. Renaissance Technologies LLC grew its holdings in Turning Point Brands by 21.1% during the second quarter. Renaissance Technologies LLC now owns 302,697 shares of the company’s stock worth $9,714,000 after acquiring an additional 52,800 shares during the period. Finally, 272 Capital LP bought a new stake in Turning Point Brands in the third quarter worth about $1,488,000. 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.