Turning Point Brands (NYSE:TPB) Cut to “Hold” at StockNews.com

Turning Point Brands (NYSE:TPB) was downgraded by equities researchers at StockNews.com from a “buy” rating to a “hold” rating in a note issued to investors on Tuesday.

A number of other equities research analysts also recently commented on TPB. Roth Capital raised shares of Turning Point Brands to a “strong-buy” rating in a research report on Friday, November 8th. Oppenheimer initiated coverage on Turning Point Brands in a report on Thursday, November 14th. They issued an “outperform” rating and a $65.00 price objective for the company. Craig Hallum increased their target price on Turning Point Brands from $60.00 to $75.00 and gave the company a “buy” rating in a report on Thursday, December 5th. Benchmark boosted their price target on Turning Point Brands from $45.00 to $65.00 and gave the company a “buy” rating in a research note on Tuesday, November 12th. Finally, Roth Mkm reiterated a “buy” rating and issued a $70.00 price objective on shares of Turning Point Brands in a research note on Friday. One analyst has rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $68.75.

Turning Point Brands Stock Performance

Shares of NYSE:TPB traded up $0.13 during midday trading on Tuesday, reaching $55.84. 143,484 shares of the company’s stock traded hands, compared to its average volume of 211,723. Turning Point Brands has a one year low of $21.98 and a one year high of $66.18. The stock has a 50 day moving average of $59.28 and a 200 day moving average of $46.67. The company has a market cap of $988.20 million, a price-to-earnings ratio of 22.16 and a beta of 0.66. The company has a debt-to-equity ratio of 1.33, a quick ratio of 1.78 and a current ratio of 4.21.

Turning Point Brands (NYSE:TPB) last posted its earnings results on Thursday, November 7th. The company reported $0.68 earnings per share (EPS) for the quarter, beating the consensus estimate 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 business had revenue of $105.62 million for the quarter, compared to analysts’ expectations of $100.71 million. During the same quarter in the prior year, the business earned $0.69 EPS. The business’s revenue for the quarter was up 3.8% compared to the same quarter last year. As a group, equities research analysts anticipate that Turning Point Brands will post 2.59 EPS for the current fiscal year.

Institutional Investors Weigh In On Turning Point Brands

Hedge funds have recently made changes to their positions in the company. Corsair Capital Management L.P. increased its holdings in shares of Turning Point Brands by 49.0% in the 3rd quarter. Corsair Capital Management L.P. now owns 30,412 shares of the company’s stock valued at $1,312,000 after acquiring an additional 10,000 shares during the period. Pekin Hardy Strauss Inc. acquired a new stake in Turning Point Brands in the 3rd quarter worth approximately $1,260,000. Millennium Management LLC lifted its stake in shares of Turning Point Brands by 14.1% during the second quarter. Millennium Management LLC now owns 178,367 shares of the company’s stock worth $5,724,000 after buying an additional 22,035 shares during the period. Federated Hermes Inc. grew its stake in Turning Point Brands by 245.9% during the 2nd quarter. Federated Hermes Inc. now owns 154,708 shares of the company’s stock valued at $4,965,000 after purchasing an additional 109,983 shares during the last quarter. Finally, Harspring Capital Management LLC increased its holdings in Turning Point Brands by 13.4% in the 2nd quarter. Harspring Capital Management LLC now owns 181,500 shares of the company’s stock worth $5,824,000 after buying an additional 21,500 shares during the period. 96.12% of the stock is currently owned by hedge funds and other institutional investors.

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.