Turning Point Brands, Inc. (TPB) Rating Reiterated by Cowen and Company
Turning Point Brands, Inc. (NYSE:TPB)‘s stock had its “buy” rating reissued by equities researchers at Cowen and Company in a research note issued on Sunday. They presently have a $20.00 price target on the stock. Cowen and Company’s price target would indicate a potential upside of 19.62% from the stock’s previous close.
Separately, Zacks Investment Research upgraded shares of Turning Point Brands from a “sell” rating to a “hold” rating in a report on Tuesday, July 18th.
Turning Point Brands (NYSE:TPB) opened at 16.72 on Friday. The stock’s 50 day moving average is $16.32 and its 200 day moving average is $15.67. Turning Point Brands has a 12-month low of $11.67 and a 12-month high of $18.05. The stock has a market capitalization of $318.16 million, a PE ratio of 10.50 and a beta of 0.28.
Turning Point Brands (NYSE:TPB) last issued its quarterly earnings data on Thursday, August 10th. The company reported $0.38 EPS for the quarter, topping analysts’ consensus estimates of $0.36 by $0.02. Turning Point Brands had a net margin of 13.62% and a return on equity of 114.77%. The business had revenue of $72.10 million for the quarter, compared to analyst estimates of $67.35 million. During the same period last year, the business posted $0.05 earnings per share. The firm’s quarterly revenue was up 39.7% on a year-over-year basis. Analysts forecast that Turning Point Brands will post $1.28 EPS for the current year.
In related news, VP James Michael Murray sold 3,000 shares of the firm’s stock in a transaction on Monday, August 14th. The shares were sold at an average price of $16.15, for a total value of $48,450.00. Following the completion of the transaction, the vice president now owns 19,629 shares of the company’s stock, valued at $317,008.35. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, major shareholder General L.P. Standard bought 100,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 14th. The stock was acquired at an average cost of $17.09 per share, with a total value of $1,709,000.00. The disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 203,303 shares of company stock worth $3,415,466 and have sold 21,002 shares worth $347,884. Company insiders own 14.20% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in TPB. Argent Capital Management LLC bought a new position in Turning Point Brands in the second quarter valued at $2,552,000. Western Standard LLC bought a new position in Turning Point Brands in the first quarter valued at $750,000. Northern Right Capital Management L.P. grew its position in Turning Point Brands by 13.3% in the second quarter. Northern Right Capital Management L.P. now owns 365,308 shares of the company’s stock valued at $5,604,000 after purchasing an additional 42,800 shares in the last quarter. Renaissance Technologies LLC bought a new position in Turning Point Brands in the first quarter valued at $658,000. Finally, AJO LP bought a new position in Turning Point Brands in the second quarter valued at $520,000. 15.85% of the stock is owned by institutional investors and hedge funds.
About Turning Point Brands
Turning Point Brands, Inc is an independent provider of Other Tobacco Products (OTP) 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 chewing tobacco products.
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