Zacks Investment Research Lowers Turning Point Brands, Inc. (TPB) to Sell

Zacks Investment Research cut shares of Turning Point Brands, Inc. (NYSE:TPB) from a hold rating to a sell rating in a research note issued to investors on Tuesday.

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 commented on TPB. Cowen and Company reaffirmed a buy rating and set a $19.00 price target on shares of Turning Point Brands in a research report on Thursday, August 3rd. FBR & Co reissued a buy rating and issued a $17.00 target price on shares of Turning Point Brands in a research report on Monday, October 2nd. Finally, B. Riley reissued a buy rating on shares of Turning Point Brands in a research report on Wednesday, November 1st.

Shares of Turning Point Brands (NYSE TPB) opened at $16.73 on Tuesday. The stock has a market capitalization of $318.34 and a P/E ratio of 8.45. Turning Point Brands has a 12-month low of $11.67 and a 12-month high of $18.99. The company has a debt-to-equity ratio of 3.77, a current ratio of 1.81 and a quick ratio of 0.37.

Turning Point Brands (NYSE:TPB) last released its quarterly earnings results on Thursday, November 9th. The company reported $0.38 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.44 by ($0.06). The firm had revenue of $73.30 million for the quarter, compared to analysts’ expectations of $71.15 million. Turning Point Brands had a net margin of 12.70% and a return on equity of 93.53%. The firm’s quarterly revenue was up 43.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.34 EPS. equities research analysts expect that Turning Point Brands will post 1.15 EPS for the current year.

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The firm also recently declared an annual dividend, which will be paid on Friday, December 15th. Shareholders of record on Monday, November 27th will be paid a $0.04 dividend. The ex-dividend date is Friday, November 24th.

In other Turning Point Brands news, Director H.C. Charles Diao purchased 7,697 shares of the company’s stock in a transaction on Monday, November 13th. The stock was acquired at an average price of $15.91 per share, for a total transaction of $122,459.27. Following the completion of the purchase, the director now directly owns 11,000 shares in the company, valued at approximately $175,010. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, insider James Wells Dobbins sold 12,002 shares of the business’s stock in a transaction on Thursday, August 31st. The stock was sold at an average price of $16.93, for a total transaction of $203,193.86. Following the completion of the transaction, the insider now owns 96,043 shares of the company’s stock, valued at approximately $1,626,007.99. The disclosure for this sale can be found here. Insiders own 14.20% of the company’s stock.

Several large investors have recently bought and sold shares of the business. Argent Capital Management LLC grew its stake in shares of Turning Point Brands by 8.7% in the third quarter. Argent Capital Management LLC now owns 180,929 shares of the company’s stock worth $3,076,000 after acquiring an additional 14,555 shares in the last quarter. OxFORD Asset Management LLP acquired a new position in shares of Turning Point Brands in the third quarter worth $197,000. Wells Fargo & Company MN grew its stake in shares of Turning Point Brands by 30.2% during the third quarter. Wells Fargo & Company MN now owns 81,278 shares of the company’s stock worth $1,383,000 after purchasing an additional 18,866 shares in the last quarter. Bank of New York Mellon Corp grew its stake in shares of Turning Point Brands by 11.1% during the third quarter. Bank of New York Mellon Corp now owns 42,473 shares of the company’s stock worth $722,000 after purchasing an additional 4,256 shares in the last quarter. Finally, State Street Corp grew its stake in shares of Turning Point Brands by 5.8% during the second quarter. State Street Corp now owns 84,823 shares of the company’s stock worth $1,301,000 after purchasing an additional 4,663 shares in the last quarter. Institutional investors and hedge funds own 15.11% of the company’s stock.

Turning Point Brands Company Profile

Turning Point Brands, Inc is an independent provider of Other Tobacco Products (OTP) 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 chewing tobacco products.

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