Benchmark Forecasts Strong Price Appreciation for Turning Point Brands (NYSE:TPB) Stock

Turning Point Brands (NYSE:TPB) had its target price upped by Benchmark from $45.00 to $65.00 in a report released on Tuesday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other research firms have also recently weighed in on TPB. StockNews.com cut shares of Turning Point Brands from a “strong-buy” rating to a “buy” rating in a research note on Thursday, October 24th. Roth Capital raised Turning Point Brands to a “strong-buy” rating in a research report on Friday, November 8th. Finally, Roth Mkm initiated coverage on Turning Point Brands in a report on Thursday, September 19th. They issued a “buy” rating and a $50.00 price target on the stock.

Turning Point Brands Trading Up 4.8 %

NYSE TPB opened at $55.00 on Tuesday. Turning Point Brands has a twelve month low of $21.19 and a twelve month high of $55.21. The firm has a market capitalization of $973.50 million, a PE ratio of 21.83 and a beta of 0.63. The company has a quick ratio of 1.17, a current ratio of 4.21 and a debt-to-equity ratio of 1.33. The stock’s 50 day moving average is $43.21 and its 200 day moving average is $37.71.

Turning Point Brands (NYSE:TPB) last released its quarterly earnings data on Thursday, November 7th. The company reported $0.68 earnings per share for the quarter, beating analysts’ consensus estimates of $0.67 by $0.01. The business had revenue of $105.62 million during the quarter, compared to analyst estimates of $100.71 million. Turning Point Brands had a net margin of 11.63% and a return on equity of 33.14%. Turning Point Brands’s revenue was up 3.8% compared to the same quarter last year. During the same period last year, the business earned $0.69 EPS.

Turning Point Brands Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Friday, December 20th will be given a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.51%. The ex-dividend date of this dividend is Friday, December 20th. Turning Point Brands’s payout ratio is presently 11.11%.

Insider Activity

In other Turning Point Brands news, Director Gregory H.A. Baxter sold 2,000 shares of the business’s stock in a transaction that occurred 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 sale, the director now owns 46,544 shares of the company’s stock, valued at approximately $1,834,764.48. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 5.80% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Lord Abbett & CO. LLC grew its holdings in Turning Point Brands by 45.2% in the 1st quarter. Lord Abbett & CO. LLC now owns 255,309 shares of the company’s stock valued at $7,481,000 after buying an additional 79,489 shares in the last quarter. Boston Partners purchased a new stake in shares of Turning Point Brands in the first quarter valued at about $964,000. Tidal Investments LLC acquired a new stake in shares of Turning Point Brands during the 1st quarter worth approximately $1,661,000. Vanguard Group Inc. increased its position in shares of Turning Point Brands by 6.6% during the 1st quarter. Vanguard Group Inc. now owns 1,497,110 shares of the company’s stock worth $43,865,000 after purchasing an additional 92,147 shares during the last quarter. Finally, Federated Hermes Inc. raised its stake 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 acquiring an additional 109,983 shares during the period. 96.12% of the stock is owned by hedge funds and other institutional investors.

About Turning Point Brands

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.