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

Turning Point Brands (NYSE:TPB) was upgraded by investment analysts at BTIG Research to a “strong-buy” rating in a research note issued on Tuesday,Zacks.com reports.

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

Turning Point Brands Stock Performance

Shares of NYSE TPB opened at $78.18 on Tuesday. The company has a market cap of $1.51 billion, a PE ratio of 26.59 and a beta of 0.92. Turning Point Brands has a 12 month low of $65.80 and a 12 month high of $146.90. The company has a debt-to-equity ratio of 0.76, a current ratio of 5.87 and a quick ratio of 4.05. The company has a 50-day simple moving average of $84.78 and a 200-day simple moving average of $95.88.

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

Insider Transactions at Turning Point Brands

In other Turning Point Brands news, CAO Brian Wigginton sold 4,000 shares of the business’s stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $91.67, for a total value of $366,680.00. Following the transaction, the chief accounting officer owned 9,230 shares in the company, valued at $846,114.10. The trade was a 30.23% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 5.40% of the stock is owned by company insiders.

Institutional Trading of Turning Point Brands

Several large investors have recently modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Turning Point Brands by 4.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,198 shares of the company’s stock worth $606,000 after acquiring an additional 459 shares during the last quarter. Russell Investments Group Ltd. lifted its stake in shares of Turning Point Brands by 1,428.7% in the second quarter. Russell Investments Group Ltd. now owns 4,586 shares of the company’s stock worth $347,000 after acquiring an additional 4,286 shares in the last quarter. First Trust Advisors LP boosted its holdings in Turning Point Brands by 150.8% in the second quarter. First Trust Advisors LP now owns 141,995 shares of the company’s stock valued at $10,759,000 after purchasing an additional 85,378 shares during the last quarter. Baird Financial Group Inc. purchased a new position in Turning Point Brands in the second quarter valued at about $220,000. Finally, Qube Research & Technologies Ltd grew its stake in Turning Point Brands by 21.3% during the 2nd quarter. Qube Research & Technologies Ltd now owns 182,812 shares of the company’s stock valued at $13,852,000 after purchasing an additional 32,109 shares in the last quarter. 96.12% of the stock is currently owned by institutional investors and hedge funds.

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.