Turning Point Brands (NYSE:TPB) Downgraded by StockNews.com to “Hold”

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

TPB has been the topic of a number of other reports. Roth Mkm started coverage on shares of Turning Point Brands in a research note on Thursday, September 19th. They issued a “buy” rating and a $50.00 price objective on the stock. Craig Hallum boosted their price target on Turning Point Brands from $60.00 to $75.00 and gave the stock a “buy” rating in a report on Thursday, December 5th. Benchmark raised their price objective 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. Oppenheimer assumed coverage on Turning Point Brands in a research note on Thursday, November 14th. They set an “outperform” rating and a $65.00 target price for the company. Finally, Roth Capital raised shares of Turning Point Brands to a “strong-buy” rating in a research note on Friday, November 8th. One research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Turning Point Brands has an average rating of “Buy” and an average target price of $63.75.

Turning Point Brands Price Performance

Shares of TPB stock traded up $1.06 during trading on Tuesday, hitting $63.88. The company had a trading volume of 227,368 shares, compared to its average volume of 127,086. The stock’s 50-day moving average price is $51.89 and its 200 day moving average price is $41.95. Turning Point Brands has a one year low of $21.98 and a one year high of $66.18. The company has a debt-to-equity ratio of 1.33, a quick ratio of 1.78 and a current ratio of 4.21. The firm has a market capitalization of $1.13 billion, a P/E ratio of 25.35 and a beta of 0.66.

Turning Point Brands (NYSE:TPB) last issued its quarterly earnings results on Thursday, November 7th. The company reported $0.68 EPS for the quarter, topping analysts’ consensus estimates of $0.67 by $0.01. The company had revenue of $105.62 million for 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%. Turning Point Brands’s revenue was up 3.8% on a year-over-year basis. During the same quarter last year, the business earned $0.69 earnings per share. Equities analysts expect that Turning Point Brands will post 2.59 EPS for the current fiscal year.

Institutional Trading of Turning Point Brands

Several institutional investors have recently added to or reduced their stakes in the stock. First Sabrepoint Capital Management LP acquired a new position in shares of Turning Point Brands in the 3rd quarter worth approximately $7,517,000. Federated Hermes Inc. boosted its position in shares of 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 in the last quarter. Renaissance Technologies LLC grew its stake 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 purchasing an additional 52,800 shares during the period. 272 Capital LP bought a new stake in Turning Point Brands in the third quarter worth approximately $1,488,000. Finally, Pekin Hardy Strauss Inc. acquired a new position in Turning Point Brands in the third quarter valued at approximately $1,260,000. 96.12% of the stock is currently owned by 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.