Turning Point Brands (NYSE:TPB) Rating Lowered to “Hold” at StockNews.com

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

TPB has been the topic of a number of other reports. Roth Mkm restated a “buy” rating and issued a $70.00 price objective (up from $55.00) on shares of Turning Point Brands in a report on Tuesday, December 17th. Benchmark raised their price target on shares of Turning Point Brands from $45.00 to $65.00 and gave the company a “buy” rating in a report on Tuesday, November 12th. Oppenheimer started coverage on shares of Turning Point Brands in a research note on Thursday, November 14th. They set an “outperform” rating and a $65.00 price objective for the company. Roth Capital raised shares of Turning Point Brands to a “strong-buy” rating in a research note on Friday, November 8th. Finally, Craig Hallum lifted their target price on shares of Turning Point Brands from $60.00 to $75.00 and gave the company a “buy” rating in a report on Thursday, December 5th. One research analyst has rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Turning Point Brands currently has an average rating of “Buy” and a consensus price target of $68.75.

Turning Point Brands Price Performance

Turning Point Brands stock opened at $59.84 on Thursday. Turning Point Brands has a 1 year low of $21.98 and a 1 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 50 day moving average price of $56.54 and a 200 day moving average price of $44.31. The company has a market cap of $1.06 billion, a price-to-earnings ratio of 23.75 and a beta of 0.66.

Turning Point Brands (NYSE:TPB) last announced its quarterly earnings data on Thursday, November 7th. The company reported $0.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.67 by $0.01. The company had revenue of $105.62 million during the quarter, compared to analysts’ expectations of $100.71 million. Turning Point Brands had a net margin of 11.63% and a return on equity of 33.14%. The business’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.69 EPS. Sell-side analysts predict that Turning Point Brands will post 2.59 earnings per share for the current year.

Hedge Funds Weigh In On Turning Point Brands

A number of institutional investors have recently added to or reduced their stakes in the company. Corsair Capital Management L.P. increased its position in shares of Turning Point Brands by 49.0% during the third quarter. Corsair Capital Management L.P. now owns 30,412 shares of the company’s stock worth $1,312,000 after acquiring an additional 10,000 shares during the last quarter. Pekin Hardy Strauss Inc. purchased a new stake in Turning Point Brands during the 3rd quarter worth approximately $1,260,000. Federated Hermes Inc. raised its position in shares of Turning Point Brands by 245.9% in 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. Millennium Management LLC raised its position in shares of Turning Point Brands by 14.1% in the 2nd quarter. Millennium Management LLC now owns 178,367 shares of the company’s stock valued at $5,724,000 after purchasing an additional 22,035 shares in the last quarter. Finally, Harspring Capital Management LLC boosted its stake in shares of Turning Point Brands by 13.4% during the 2nd quarter. Harspring Capital Management LLC now owns 181,500 shares of the company’s stock valued at $5,824,000 after buying an additional 21,500 shares during the last quarter. Institutional investors and hedge funds 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.