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

Oppenheimer initiated coverage on shares of Turning Point Brands (NYSE:TPB) in a research note issued to investors on Thursday, Marketbeat Ratings reports. The brokerage set an “outperform” rating and a $65.00 price target on the stock. Oppenheimer’s target price points to a potential upside of 7.28% from the company’s current price.

TPB has been the subject of a number of other research reports. Roth Mkm assumed coverage on shares of Turning Point Brands in a research report on Thursday, September 19th. They set a “buy” rating and a $50.00 price objective for the company. Benchmark boosted their price objective on shares of Turning Point Brands from $45.00 to $65.00 and gave the company a “buy” rating in a research report on Tuesday. StockNews.com downgraded shares of Turning Point Brands from a “strong-buy” rating to a “buy” rating in a research report on Thursday, October 24th. Finally, Roth Capital raised shares of Turning Point Brands to a “strong-buy” rating in a research report on Friday, November 8th. Four equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Turning Point Brands has an average rating of “Buy” and an average target price of $60.00.

Turning Point Brands Trading Up 4.4 %

NYSE:TPB opened at $60.59 on Thursday. The company has a current ratio of 4.21, a quick ratio of 1.17 and a debt-to-equity ratio of 1.33. Turning Point Brands has a 12 month low of $21.66 and a 12 month high of $61.47. The company has a market cap of $1.07 billion, a PE ratio of 24.04 and a beta of 0.63. The company has a 50 day simple moving average of $44.18 and a two-hundred day simple moving average of $38.16.

Turning Point Brands (NYSE:TPB) last posted its 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. Turning Point Brands had a net margin of 11.63% and a return on equity of 33.14%. The business had revenue of $105.62 million during the quarter, compared to the consensus estimate of $100.71 million. During the same quarter in the previous year, the firm posted $0.69 EPS. The firm’s revenue was up 3.8% on a year-over-year basis. Research analysts forecast that Turning Point Brands will post 2.62 earnings per share for the current year.

Insider Activity at Turning Point Brands

In related news, Director Gregory H.A. Baxter sold 2,000 shares of Turning Point Brands stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $39.42, for a total transaction of $78,840.00. Following the transaction, the director now owns 46,544 shares in the company, valued at approximately $1,834,764.48. The trade was a 4.12 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 5.20% of the stock is owned by corporate insiders.

Institutional Trading of Turning Point Brands

Several hedge funds have recently bought and sold shares of the stock. First Sabrepoint Capital Management LP purchased a new stake in Turning Point Brands in the 3rd quarter worth $7,517,000. Barclays PLC lifted its stake in Turning Point Brands by 298.6% in the 3rd quarter. Barclays PLC now owns 29,274 shares of the company’s stock worth $1,262,000 after purchasing an additional 21,930 shares in the last quarter. Jane Street Group LLC lifted its stake in Turning Point Brands by 9.9% in the 3rd quarter. Jane Street Group LLC now owns 29,228 shares of the company’s stock worth $1,261,000 after purchasing an additional 2,637 shares in the last quarter. Stifel Financial Corp lifted its stake in Turning Point Brands by 6.8% in the 3rd quarter. Stifel Financial Corp now owns 25,646 shares of the company’s stock worth $1,107,000 after purchasing an additional 1,634 shares in the last quarter. Finally, 272 Capital LP purchased a new stake in Turning Point Brands in the 3rd quarter worth $1,488,000. Hedge funds and other institutional investors own 96.12% of the company’s stock.

Turning Point Brands Company Profile

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.