Turning Point Brands (NYSE:TPB) Price Target Raised to $65.00 at Benchmark

Turning Point Brands (NYSE:TPB) had its price objective raised by Benchmark from $45.00 to $65.00 in a research note released on Tuesday morning,Benzinga reports. Benchmark currently has a buy rating on the stock.

A number of other equities research analysts have also recently weighed in on the stock. Roth Mkm started coverage on shares of Turning Point Brands in a research note on Thursday, September 19th. They set a “buy” rating and a $50.00 price objective on the stock. StockNews.com lowered shares of Turning Point Brands from a “strong-buy” rating to a “buy” rating in a research note on Thursday, October 24th. Finally, Roth Capital upgraded 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 assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $60.00.

Turning Point Brands Stock Up 5.5 %

Turning Point Brands stock opened at $58.04 on Tuesday. The firm has a market capitalization of $1.03 billion, a P/E ratio of 23.03 and a beta of 0.63. The company has a 50-day simple moving average of $43.81 and a 200-day simple moving average of $38.02. Turning Point Brands has a one year low of $21.66 and a one year high of $60.20. The company has a debt-to-equity ratio of 1.33, a quick ratio of 1.17 and a current ratio of 4.21.

Turning Point Brands (NYSE:TPB) last released its quarterly earnings results 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. Turning Point Brands had a return on equity of 33.14% and a net margin of 11.63%. The company had revenue of $105.62 million for the quarter, compared to analysts’ expectations of $100.71 million. During the same quarter in the previous year, the company posted $0.69 earnings per share. The business’s revenue for the quarter was up 3.8% compared to the same quarter last year. As a group, equities analysts expect that Turning Point Brands will post 2.62 earnings per share for the current year.

Turning Point Brands Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Friday, December 20th will be paid a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a yield of 0.48%. The ex-dividend date is Friday, December 20th. Turning Point Brands’s dividend payout ratio is presently 11.11%.

Insiders Place Their Bets

In other news, Director Gregory H.A. Baxter sold 2,000 shares of the firm’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $39.42, for a total transaction of $78,840.00. Following the completion of the sale, the director now directly owns 46,544 shares of the company’s stock, valued at $1,834,764.48. This trade represents a 4.12 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 5.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Turning Point Brands

Institutional investors and hedge funds have recently modified their holdings of the stock. Federated Hermes Inc. lifted its stake in Turning Point Brands by 245.9% during the second quarter. Federated Hermes Inc. now owns 154,708 shares of the company’s stock valued at $4,965,000 after buying an additional 109,983 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Turning Point Brands by 6.6% in the 1st quarter. Vanguard Group Inc. now owns 1,497,110 shares of the company’s stock valued at $43,865,000 after acquiring an additional 92,147 shares in the last quarter. Lord Abbett & CO. LLC boosted its stake 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 worth $7,481,000 after purchasing an additional 79,489 shares during the period. Tidal Investments LLC acquired a new stake in Turning Point Brands during the 1st quarter valued at $1,661,000. Finally, Renaissance Technologies LLC lifted its holdings in shares of Turning Point Brands by 21.1% in the second quarter. Renaissance Technologies LLC now owns 302,697 shares of the company’s stock valued at $9,714,000 after purchasing an additional 52,800 shares in the last quarter. 96.12% of the stock is owned by institutional investors and hedge funds.

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.