Oppenheimer Initiates Coverage on Turning Point Brands (NYSE:TPB)

Stock analysts at Oppenheimer began coverage on shares of Turning Point Brands (NYSE:TPB) in a research report issued to clients and investors on Thursday,Briefing.com Automated Import reports. The firm set an “outperform” rating and a $65.00 price target on the stock. Oppenheimer’s price target would suggest a potential upside of 18.18% from the stock’s previous close.

TPB has been the subject of a number of other research reports. Roth Capital upgraded Turning Point Brands to a “strong-buy” rating in a report on Friday, November 8th. StockNews.com cut Turning Point Brands from a “strong-buy” rating to a “buy” rating in a report on Thursday, October 24th. Roth Mkm began coverage on Turning Point Brands in a report on Thursday, September 19th. They set a “buy” rating and a $50.00 target price for the company. Finally, Benchmark raised their price objective on Turning Point Brands from $45.00 to $65.00 and gave the company a “buy” rating in a report on Tuesday. Four research 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, the company currently has an average rating of “Buy” and a consensus target price of $60.00.

Turning Point Brands Stock Performance

Shares of Turning Point Brands stock opened at $55.00 on Thursday. The company has a market capitalization of $973.34 million, a PE ratio of 21.83 and a beta of 0.63. Turning Point Brands has a 12 month low of $21.66 and a 12 month high of $55.75. The company has a current ratio of 4.21, a quick ratio of 1.17 and a debt-to-equity ratio of 1.33. The stock’s fifty day simple moving average is $43.51 and its 200 day simple moving average is $37.90.

Turning Point Brands (NYSE:TPB) last released its earnings results on Thursday, November 7th. The company reported $0.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.67 by $0.01. The firm had revenue of $105.62 million during the quarter, compared to analysts’ expectations of $100.71 million. Turning Point Brands had a return on equity of 33.14% and a net margin of 11.63%. The company’s revenue was up 3.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.69 EPS. On average, research analysts predict that Turning Point Brands will post 2.62 EPS for the current year.

Insider Buying and Selling

In related news, Director Gregory H.A. Baxter sold 2,000 shares of Turning Point Brands stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $39.42, for a total transaction of $78,840.00. Following the completion of the transaction, the director now owns 46,544 shares in the company, 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 document filed with the SEC, which is accessible through this hyperlink. 5.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Turning Point Brands

Several hedge funds have recently bought and sold shares of TPB. Federated Hermes Inc. lifted its position in Turning Point Brands by 245.9% during the second quarter. Federated Hermes Inc. now owns 154,708 shares of the company’s stock worth $4,965,000 after acquiring an additional 109,983 shares during the last quarter. Vanguard Group Inc. lifted its position in Turning Point Brands by 6.6% during 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 during the last quarter. 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 worth $7,481,000 after acquiring an additional 79,489 shares during the last quarter. Tidal Investments LLC acquired a new stake in Turning Point Brands during the first quarter worth approximately $1,661,000. Finally, Renaissance Technologies LLC lifted its position 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 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.