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

Oppenheimer assumed coverage on shares of Turning Point Brands (NYSE:TPB) in a report published on Thursday, Marketbeat Ratings reports. The brokerage issued an outperform rating and a $65.00 price objective on the stock.

Several other brokerages have also recently issued reports on TPB. Benchmark lifted their target price on Turning Point Brands from $45.00 to $65.00 and gave the stock a “buy” rating in a report on Tuesday, November 12th. Roth Capital raised Turning Point Brands to a “strong-buy” rating in a research note 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. Finally, Roth Mkm assumed coverage on shares of Turning Point Brands in a report on Thursday, September 19th. They issued a “buy” rating and a $50.00 target price for the company. Four investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $60.00.

Turning Point Brands Stock Up 4.4 %

Shares of TPB stock opened at $60.58 on Thursday. The company has a debt-to-equity ratio of 1.33, a current ratio of 4.21 and a quick ratio of 1.17. Turning Point Brands has a one year low of $21.66 and a one year high of $61.47. The company’s fifty day moving average price is $44.60 and its 200-day moving average price is $38.45. The company has a market capitalization of $1.07 billion, a price-to-earnings ratio of 24.04 and a beta of 0.63.

Turning Point Brands (NYSE:TPB) last announced its quarterly earnings data on Thursday, November 7th. The company reported $0.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.67 by $0.01. The business had revenue of $105.62 million during the quarter, compared to analyst estimates of $100.71 million. Turning Point Brands had a net margin of 11.63% and a return on equity of 33.14%. The company’s revenue was up 3.8% on a year-over-year basis. During the same period last year, the firm posted $0.69 EPS. Sell-side analysts expect that Turning Point Brands will post 2.62 EPS for the current fiscal year.

Turning Point Brands Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Friday, December 20th will be given a dividend of $0.07 per share. The ex-dividend date is Friday, December 20th. This represents a $0.28 dividend on an annualized basis and a yield of 0.46%. Turning Point Brands’s dividend payout ratio (DPR) is presently 11.11%.

Insider Activity

In other news, Director Gregory H.A. Baxter sold 2,000 shares of the stock in a transaction 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 owns 46,544 shares of the company’s stock, valued at approximately $1,834,764.48. This represents a 4.12 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 5.20% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of TPB. First Sabrepoint Capital Management LP purchased a new position in Turning Point Brands during the 3rd quarter valued at $7,517,000. Federated Hermes Inc. boosted its stake in shares of Turning Point Brands by 245.9% during the second 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 period. Vanguard Group Inc. grew its holdings 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 purchasing an additional 92,147 shares during the last quarter. Lord Abbett & CO. LLC increased its stake in Turning Point Brands by 45.2% in the 1st quarter. Lord Abbett & CO. LLC now owns 255,309 shares of the company’s stock worth $7,481,000 after buying an additional 79,489 shares during the period. Finally, Tidal Investments LLC bought a new stake in Turning Point Brands during the 1st quarter valued at about $1,661,000. Institutional investors own 96.12% of the company’s stock.

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.