Turning Point Brands (NYSE:TPB) Stock Falls 4.2% on Analyst Downgrade

Shares of Turning Point Brands, Inc. (NYSE:TPB) dropped 4.2% on Wednesday after Needham & Company LLC lowered their price target on the stock from $125.00 to $95.00. Needham & Company LLC currently has a buy rating on the stock. Turning Point Brands traded as low as $59.83 and last traded at $60.1480. Approximately 59,345 shares changed hands during trading, a decline of 86% from the average session volume of 412,638 shares. The stock had previously closed at $62.81.

A number of other analysts have also weighed in on the stock. BTIG Research reaffirmed a “buy” rating on shares of Turning Point Brands in a report on Monday, August 10th. Wall Street Zen raised shares of Turning Point Brands from a “strong sell” rating to a “sell” rating in a research note on Monday, August 10th. Oppenheimer dropped their price objective on Turning Point Brands from $130.00 to $90.00 and set an “outperform” rating for the company in a research note on Tuesday, September 22nd. Weiss Ratings reissued a “hold (c)” rating on shares of Turning Point Brands in a research note on Friday, August 28th. Finally, Compass Point set a $116.00 price target on Turning Point Brands in a research note on Monday, August 10th. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Turning Point Brands presently has a consensus rating of “Hold” and an average price target of $101.00.

Institutional Trading of Turning Point Brands

Several hedge funds have recently bought and sold shares of the stock. Bank of New York Mellon Corp bought a new position in shares of Turning Point Brands in the second quarter worth approximately $6,958,000. Osterweis Capital Management Inc. bought a new position in shares of Turning Point Brands during the 2nd quarter valued at approximately $6,452,000. Copeland Capital Management LLC raised its position in Turning Point Brands by 2.6% in the 3rd quarter. Copeland Capital Management LLC now owns 708,507 shares of the company’s stock worth $41,589,000 after purchasing an additional 18,184 shares during the period. Bank of America Corp DE purchased a new stake in Turning Point Brands in the second quarter worth $47,278,000. Finally, Maple Rock Capital Partners Inc. raised its stake in shares of Turning Point Brands by 57.5% during the second quarter. Maple Rock Capital Partners Inc. now owns 686,800 shares of the company’s stock valued at $58,248,000 after acquiring an additional 250,800 shares in the last quarter. Institutional investors own 96.12% of the company’s stock.

Turning Point Brands Price Performance

The firm has a fifty day moving average of $64.85 and a two-hundred day moving average of $85.21. The company has a debt-to-equity ratio of 0.65, a current ratio of 5.67 and a quick ratio of 4.16. The stock has a market capitalization of $1.17 billion, a P/E ratio of 43.30 and a beta of 1.08.

Turning Point Brands (NYSE:TPB) last announced its earnings results on Monday, November 9th. The company reported $0.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.21. Turning Point Brands had a return on equity of 6.79% and a net margin of 5.08%. The business had revenue of $151.10 million for the quarter, compared to analysts’ expectations of $146.68 million. During the same quarter last year, the firm earned $1.27 EPS. The business’s revenue for the quarter was up 27.0% on a year-over-year basis. On average, analysts predict that Turning Point Brands, Inc. will post 1.19 EPS for the current year.

Turning Point Brands Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 8th. Investors of record on Friday, December 18th will be given a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.5%. The ex-dividend date of this dividend is Friday, December 18th. Turning Point Brands’s dividend payout ratio (DPR) is presently 23.02%.

Turning Point Brands Company Profile

Turning Point Brands, Inc. is a U.S.-based manufacturer, marketer and distributor of branded consumer products, with a portfolio focused on tobacco and nicotine products and related accessories. Its products are sold primarily in the United States, with distribution in international markets as well. The company’s Zig-Zag Products business includes rolling papers, wraps, cones and other products associated with the Zig-Zag brand. Its Stoker’s Products business offers products such as loose-leaf chewing tobacco and moist snuff, along with nicotine pouches sold under brands including Stoker’s and FRE.