Turning Point Brands (NYSE:TPB) Downgraded by Zacks Investment Research to “Sell”

Turning Point Brands (NYSE:TPB) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Wednesday, Zacks.com reports.

According to Zacks, “Turning Point Brands, Inc. provides tobacco products. The Company’s product consists of moist snuff, loose leaf chewing tobacco, cigarette papers, make-your-own cigar wraps and cigar smoking tobacco, cigars and liquid and tobacco vapour. Its portfolio of brands includes Zig-Zag(R), Beech-Nut(R) and Stoker’s(R). Turning Point Brands, Inc. is based in Louisville, Kentucky. “

Several other analysts have also recently commented on TPB. B. Riley reduced their price target on Turning Point Brands from $56.00 to $38.00 and set a “buy” rating for the company in a report on Monday. ValuEngine raised Turning Point Brands from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd.

Turning Point Brands stock traded down $0.49 during mid-day trading on Wednesday, reaching $21.35. 7,938 shares of the company were exchanged, compared to its average volume of 310,142. Turning Point Brands has a twelve month low of $21.01 and a twelve month high of $57.06. The firm’s 50-day simple moving average is $25.32 and its two-hundred day simple moving average is $40.91. The company has a debt-to-equity ratio of 1.80, a quick ratio of 0.39 and a current ratio of 1.78. The firm has a market cap of $426.98 million, a PE ratio of 12.49 and a beta of 0.61.

Turning Point Brands (NYSE:TPB) last posted its quarterly earnings results on Wednesday, July 31st. The company reported $0.53 EPS for the quarter, beating the consensus estimate of $0.52 by $0.01. The business had revenue of $93.30 million during the quarter, compared to analysts’ expectations of $93.30 million. Turning Point Brands had a return on equity of 42.97% and a net margin of 9.02%. The company’s quarterly revenue was up 15.0% compared to the same quarter last year. During the same period last year, the firm earned $0.50 EPS. As a group, equities research analysts anticipate that Turning Point Brands will post 1.98 EPS for the current year.

In other news, CFO Robert M. Lavan acquired 2,500 shares of Turning Point Brands stock in a transaction that occurred on Friday, August 2nd. The stock was purchased at an average cost of $37.03 per share, with a total value of $92,575.00. Following the completion of the acquisition, the chief financial officer now owns 6,000 shares in the company, valued at approximately $222,180. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director H.C. Charles Diao acquired 2,000 shares of Turning Point Brands stock in a transaction that occurred on Friday, August 2nd. The shares were purchased at an average cost of $37.70 per share, with a total value of $75,400.00. Following the completion of the acquisition, the director now owns 14,000 shares of the company’s stock, valued at approximately $527,800. The disclosure for this purchase can be found here. Insiders bought a total of 6,763 shares of company stock valued at $250,183 over the last three months. Insiders own 5.50% of the company’s stock.

A number of hedge funds have recently modified their holdings of TPB. ETF Managers Group LLC acquired a new position in Turning Point Brands during the second quarter worth $17,603,000. Nuveen Asset Management LLC acquired a new position in Turning Point Brands during the second quarter worth $4,681,000. D. E. Shaw & Co. Inc. raised its holdings in Turning Point Brands by 524.8% during the second quarter. D. E. Shaw & Co. Inc. now owns 113,487 shares of the company’s stock worth $5,559,000 after purchasing an additional 95,324 shares during the last quarter. BlackRock Inc. raised its holdings in Turning Point Brands by 14.5% during the second quarter. BlackRock Inc. now owns 654,240 shares of the company’s stock worth $32,044,000 after purchasing an additional 82,870 shares during the last quarter. Finally, Colony Group LLC acquired a new position in Turning Point Brands during the second quarter worth $2,818,000. 35.70% of the stock is owned by hedge funds and other institutional investors.

About Turning Point Brands

Turning Point Brands, Inc, together with its subsidiaries, provides other tobacco products 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 loose leaf chewing tobacco products.

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