BTIG Research Upgrades Turning Point Brands (NYSE:TPB) to “Strong-Buy”

Turning Point Brands (NYSE:TPB) was upgraded by equities researchers at BTIG Research to a “strong-buy” rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

Other analysts have also recently issued reports about the company. Compass Point set a $103.00 target price on Turning Point Brands in a research note on Tuesday. Wall Street Zen upgraded Turning Point Brands from a “strong sell” rating to a “sell” rating in a research note on Saturday, June 6th. Weiss Ratings cut Turning Point Brands from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, June 2nd. Finally, Needham & Company LLC raised shares of Turning Point Brands from a “hold” rating to a “buy” rating and set a $125.00 price target for the company in a research report on Friday, May 8th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $113.50.

Turning Point Brands Stock Performance

Shares of Turning Point Brands stock opened at $78.18 on Tuesday. The firm has a fifty day moving average of $84.78 and a two-hundred day moving average of $95.88. The stock has a market capitalization of $1.51 billion, a price-to-earnings ratio of 26.59 and a beta of 0.92. The company has a debt-to-equity ratio of 0.76, a quick ratio of 4.05 and a current ratio of 5.87. Turning Point Brands has a 52 week low of $65.80 and a 52 week high of $146.90.

Turning Point Brands (NYSE:TPB) last released its earnings results on Thursday, May 7th. The company reported $0.76 earnings per share for the quarter, beating the consensus estimate of $0.68 by $0.08. Turning Point Brands had a return on equity of 16.54% and a net margin of 11.53%.The firm had revenue of $124.28 million for the quarter, compared to analyst estimates of $115.67 million. During the same quarter in the prior year, the firm posted $0.91 earnings per share. The company’s quarterly revenue was up 16.8% on a year-over-year basis. As a group, equities research analysts predict that Turning Point Brands will post 1.39 EPS for the current year.

Insider Buying and Selling

In other Turning Point Brands news, CAO Brian Wigginton sold 4,000 shares of the firm’s stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $91.67, for a total transaction of $366,680.00. Following the sale, the chief accounting officer owned 9,230 shares in the company, valued at $846,114.10. This trade represents a 30.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 5.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Turning Point Brands

Several institutional investors and hedge funds have recently made changes to their positions in TPB. Kemnay Advisory Services Inc. bought a new stake in shares of Turning Point Brands in the 4th quarter valued at about $27,000. Empowered Funds LLC bought a new position in shares of Turning Point Brands in the 4th quarter worth about $27,000. Caitong International Asset Management Co. Ltd bought a new stake in Turning Point Brands in the third quarter worth $28,000. Advisory Services Network LLC bought a new stake in shares of Turning Point Brands during the third quarter valued at approximately $28,000. Finally, First Horizon Corp grew its position in Turning Point Brands by 96.0% in the 4th quarter. First Horizon Corp now owns 492 shares of the company’s stock worth $53,000 after purchasing an additional 241 shares during the period. Institutional investors own 96.12% of the company’s stock.

About Turning Point Brands

Turning Point Brands, Inc (NYSE: TPB) is a U.S.-based consumer products company focused on the manufacture, marketing and distribution of smokeless tobacco, vaping and cigar products. Headquartered in Old Hickory, Tennessee, the company serves retail outlets across all 50 states through a direct-store-delivery network and select third-party distributors. Turning Point Brands operates two reporting segments—Smokeless Products and Cigar—and leverages its logistics capabilities to offer a broad portfolio of brands and SKUs.

In its Smokeless Products segment, Turning Point Brands produces moist smokeless tobacco under leading brand names such as Grizzly, Kodiak and Stoker’s.