Turning Point Brands, Inc. (TPB) Rating Reiterated by FBR & Co
FBR & Co reissued their buy rating on shares of Turning Point Brands, Inc. (NYSE:TPB) in a research report report published on Monday morning. FBR & Co currently has a $17.00 price target on the stock.
“Last week we hosted upbeat meetings with Chief Executive Officer Larry Wexler, Chief Financial Officer Mark Stegeman and SVP of Business Planning Jim Murray. Management sounded positive on the market outlook across the three OTP (other tobacco products) categories and on their recent acquisitions of VaporBeast and Vapor Shark. We believe there is significant room to run for TPB in the vapor market as they integrate Vapor Beast and begin to realize operating efficiencies. We expect continued growth through acquisitions, MST cans, and Zig-Zag papers, coupled with solid FCF generation, to continue to drive the stock higher.”,” FBR & Co’s analyst wrote.
Several other research analysts also recently commented on TPB. Zacks Investment Research upgraded shares of Turning Point Brands from a sell rating to a hold rating in a report on Tuesday, July 18th. Cowen and Company reiterated a buy rating and issued a $19.00 target price on shares of Turning Point Brands in a report on Thursday, August 3rd.
Shares of Turning Point Brands (NYSE TPB) opened at 17.04 on Monday. The firm has a market capitalization of $324.25 million, a P/E ratio of 10.70 and a beta of 0.18. Turning Point Brands has a 52 week low of $11.67 and a 52 week high of $18.05. The stock’s 50 day moving average price is $16.99 and its 200 day moving average price is $16.04.
Turning Point Brands (NYSE:TPB) last announced its earnings results on Thursday, August 10th. The company reported $0.38 EPS for the quarter, topping the consensus estimate of $0.36 by $0.02. The firm had revenue of $72.10 million for the quarter, compared to the consensus estimate of $67.35 million. Turning Point Brands had a net margin of 13.62% and a return on equity of 114.77%. The business’s quarterly revenue was up 39.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.05 EPS. On average, analysts predict that Turning Point Brands will post $1.28 EPS for the current fiscal year.
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In other news, VP James Michael Murray sold 3,000 shares of the business’s stock in a transaction dated Monday, August 14th. The shares were sold at an average price of $16.15, for a total transaction of $48,450.00. Following the transaction, the vice president now owns 19,629 shares in the company, valued at approximately $317,008.35. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, major shareholder General L.P. Standard acquired 100,000 shares of the company’s stock in a transaction dated Wednesday, August 16th. The shares were bought at an average price of $16.52 per share, for a total transaction of $1,652,000.00. The disclosure for this purchase can be found here. In the last 90 days, insiders have bought 203,303 shares of company stock worth $3,415,466 and have sold 21,002 shares worth $347,884. Insiders own 14.20% of the company’s stock.
Large investors have recently bought and sold shares of the company. Bank of New York Mellon Corp increased its holdings in shares of Turning Point Brands by 55.7% during the 1st quarter. Bank of New York Mellon Corp now owns 40,236 shares of the company’s stock worth $628,000 after purchasing an additional 14,396 shares during the period. Spark Investment Management LLC increased its holdings in shares of Turning Point Brands by 33.7% during the 1st quarter. Spark Investment Management LLC now owns 23,400 shares of the company’s stock worth $365,000 after purchasing an additional 5,900 shares during the period. Renaissance Technologies LLC bought a new position in shares of Turning Point Brands during the 1st quarter worth about $658,000. Neuberger Berman Group LLC increased its holdings in shares of Turning Point Brands by 10.0% during the 1st quarter. Neuberger Berman Group LLC now owns 33,000 shares of the company’s stock worth $515,000 after purchasing an additional 3,000 shares during the period. Finally, Western Standard LLC bought a new position in shares of Turning Point Brands during the 1st quarter worth about $750,000. Institutional investors own 15.85% of the company’s stock.
About Turning Point Brands
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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