Turning Point Brands (NYSE:TPB) Coverage Initiated at Oppenheimer

Oppenheimer assumed coverage on shares of Turning Point Brands (NYSE:TPB) in a research note issued to investors on Thursday morning, Marketbeat reports. The brokerage issued an outperform rating and a $65.00 target price on the stock.

TPB has been the subject of several other reports. Roth Capital upgraded Turning Point Brands to a “strong-buy” rating in a research report on Friday, November 8th. Benchmark raised 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 shares of Turning Point Brands from a “strong-buy” rating to a “buy” rating in a report on Thursday, October 24th. Finally, Roth Mkm initiated coverage on shares of Turning Point Brands in a research note on Thursday, September 19th. They set a “buy” rating and a $50.00 price target 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 company currently has a consensus rating of “Buy” and a consensus price target of $60.00.

Turning Point Brands Trading Up 4.4 %

Shares of Turning Point Brands stock opened at $60.58 on Thursday. The firm’s 50 day moving average is $44.60 and its 200 day moving average is $38.38. The firm has a market capitalization of $1.07 billion, a PE ratio of 24.04 and a beta of 0.63. Turning Point Brands has a 1 year low of $21.66 and a 1 year high of $61.47. The company has a current ratio of 4.21, a quick ratio of 1.17 and a debt-to-equity ratio of 1.33.

Turning Point Brands (NYSE:TPB) last posted its earnings results on Thursday, November 7th. The company reported $0.68 earnings per share for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $105.62 million for the quarter, compared to analysts’ expectations of $100.71 million. During the same quarter in the previous year, the firm posted $0.69 earnings per share. The company’s revenue was up 3.8% on a year-over-year basis. Equities research analysts forecast that Turning Point Brands will post 2.62 earnings per share 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 paid a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.46%. The ex-dividend date is Friday, December 20th. Turning Point Brands’s dividend payout ratio is currently 11.11%.

Insider Activity at Turning Point Brands

In related news, Director Gregory H.A. Baxter sold 2,000 shares of the business’s stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $39.42, for a total value of $78,840.00. Following the transaction, the director now owns 46,544 shares in the company, valued at $1,834,764.48. The trade was a 4.12 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 5.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Martingale Asset Management L P boosted its position in shares of Turning Point Brands by 1.4% during the 3rd quarter. Martingale Asset Management L P now owns 24,686 shares of the company’s stock valued at $1,065,000 after purchasing an additional 329 shares in the last quarter. Marshall Wace LLP boosted its position in shares of Turning Point Brands by 0.3% during the 2nd quarter. Marshall Wace LLP now owns 119,954 shares of the company’s stock valued at $3,849,000 after purchasing an additional 367 shares in the last quarter. Principal Financial Group Inc. boosted its position in shares of Turning Point Brands by 8.9% during the 2nd quarter. Principal Financial Group Inc. now owns 8,456 shares of the company’s stock valued at $271,000 after purchasing an additional 693 shares in the last quarter. Access Investment Management LLC boosted its position in shares of Turning Point Brands by 0.6% during the 2nd quarter. Access Investment Management LLC now owns 121,385 shares of the company’s stock valued at $3,895,000 after purchasing an additional 745 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its position in shares of Turning Point Brands by 6.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 12,637 shares of the company’s stock valued at $371,000 after purchasing an additional 800 shares in the last quarter. 96.12% of the stock is owned by institutional investors.

Turning Point Brands Company Profile

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.