Benchmark Issues Positive Forecast for Turning Point Brands (NYSE:TPB) Stock Price

Turning Point Brands (NYSE:TPB) had its price objective hoisted by analysts at Benchmark from $45.00 to $65.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Benchmark’s price objective suggests a potential upside of 23.74% from the company’s previous close.

Several other brokerages also recently weighed in on TPB. Roth Capital raised shares of Turning Point Brands to a “strong-buy” rating in a research note on Friday. StockNews.com lowered shares of Turning Point Brands from a “strong-buy” rating to a “buy” rating in a research report on Thursday, October 24th. Finally, Roth Mkm began coverage on shares of Turning Point Brands in a research report on Thursday, September 19th. They set a “buy” rating and a $50.00 target price on the stock.

Turning Point Brands Trading Up 1.6 %

Shares of TPB opened at $52.53 on Tuesday. The company has a debt-to-equity ratio of 1.43, a current ratio of 1.80 and a quick ratio of 1.17. Turning Point Brands has a 1-year low of $21.19 and a 1-year high of $52.92. The stock has a market cap of $930.31 million, a price-to-earnings ratio of 20.85 and a beta of 0.63. The firm has a 50 day simple moving average of $42.95 and a 200-day simple moving average of $37.54.

Turning Point Brands (NYSE:TPB) last released its quarterly earnings results on Thursday, November 7th. The company reported $0.68 earnings per share for the quarter, topping the consensus estimate of $0.67 by $0.01. Turning Point Brands had a return on equity of 34.39% and a net margin of 11.63%. The company had revenue of $105.62 million during the quarter, compared to the consensus estimate of $100.71 million. During the same quarter last year, the business posted $0.69 earnings per share. Turning Point Brands’s revenue was up 3.8% compared to the same quarter last year. Equities analysts forecast that Turning Point Brands will post 2.68 EPS for the current fiscal year.

Insider Activity

In related news, Director Gregory H.A. Baxter sold 2,000 shares of the firm’s stock in a transaction that occurred 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 sale, the director now directly owns 46,544 shares of the company’s stock, valued at approximately $1,834,764.48. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 5.20% of the company’s stock.

Institutional Trading of Turning Point Brands

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC acquired a new stake in Turning Point Brands during the first quarter worth about $64,000. BNP Paribas Financial Markets increased its position in Turning Point Brands by 6.8% during the 1st quarter. BNP Paribas Financial Markets now owns 18,159 shares of the company’s stock worth $532,000 after purchasing an additional 1,159 shares in the last quarter. Sei Investments Co. raised its holdings in Turning Point Brands by 6.1% in the first quarter. Sei Investments Co. now owns 111,958 shares of the company’s stock valued at $3,280,000 after buying an additional 6,470 shares during the period. Lord Abbett & CO. LLC lifted its position in Turning Point Brands by 45.2% during the first quarter. Lord Abbett & CO. LLC now owns 255,309 shares of the company’s stock valued at $7,481,000 after buying an additional 79,489 shares in the last quarter. Finally, Vanguard Group Inc. increased its position in shares of Turning Point Brands by 6.6% in the first quarter. Vanguard Group Inc. now owns 1,497,110 shares of the company’s stock worth $43,865,000 after acquiring an additional 92,147 shares in the last quarter. 96.12% of the stock is currently owned by institutional investors and hedge funds.

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.