Turning Point Brands (NYSE:TPB) Downgraded to “Sell” at Zacks Investment Research

Turning Point Brands (NYSE:TPB) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Tuesday, November 14th.

According to Zacks, “Turning Point Brands, Inc. provides tobacco products. The Company’s product consists of moist snuff, loose leaf chewing tobacco, cigarette papers, make-your-own cigar wraps and cigar smoking tobacco, cigars and liquid and tobacco vapour. Its portfolio of brands includes Zig-Zag(R), Beech-Nut(R) and Stoker’s(R). Turning Point Brands, Inc. is based in Louisville, Kentucky. “

TPB has been the topic of a number of other reports. FBR & Co restated a “buy” rating and issued a $17.00 price target on shares of Turning Point Brands in a report on Monday, October 2nd. Cowen reaffirmed a “buy” rating and issued a $20.00 price objective on shares of Turning Point Brands in a research note on Sunday, September 17th. Finally, B. Riley reaffirmed a “buy” rating and issued a $20.00 price objective on shares of Turning Point Brands in a research note on Friday, November 10th.

Turning Point Brands (NYSE:TPB) traded up $0.18 during mid-day trading on Tuesday, reaching $17.62. 15,954 shares of the company’s stock were exchanged, compared to its average volume of 49,985. The company has a debt-to-equity ratio of 3.77, a current ratio of 1.81 and a quick ratio of 0.37. Turning Point Brands has a fifty-two week low of $11.67 and a fifty-two week high of $18.99. The company has a market capitalization of $338.48, a PE ratio of 9.13 and a beta of 0.02.

Turning Point Brands (NYSE:TPB) last posted its quarterly earnings data on Thursday, November 9th. The company reported $0.38 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.44 by ($0.06). The firm had revenue of $73.30 million for the quarter, compared to the consensus estimate of $71.15 million. Turning Point Brands had a net margin of 10.05% and a return on equity of 64.62%. The company’s revenue was up 43.9% on a year-over-year basis. During the same quarter last year, the firm earned $0.34 EPS. equities research analysts forecast that Turning Point Brands will post 1.15 earnings per share for the current fiscal year.

In other news, major shareholder General L.P. Standard purchased 100,000 shares of the firm’s stock in a transaction on Thursday, September 14th. The stock was acquired at an average cost of $17.09 per share, with a total value of $1,709,000.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director H.C. Charles Diao acquired 7,697 shares of the firm’s stock in a transaction that occurred on Monday, November 13th. The stock was bought at an average cost of $15.91 per share, with a total value of $122,459.27. Following the completion of the transaction, the director now directly owns 11,000 shares in the company, valued at $175,010. The disclosure for this purchase can be found here. Corporate insiders own 14.20% of the company’s stock.

Several institutional investors have recently made changes to their positions in TPB. Bessemer Group Inc. purchased a new position in shares of Turning Point Brands in the 2nd quarter valued at approximately $143,000. Teachers Advisors LLC increased its holdings in Turning Point Brands by 25.6% in the 2nd quarter. Teachers Advisors LLC now owns 10,249 shares of the company’s stock worth $157,000 after buying an additional 2,087 shares during the period. OxFORD Asset Management LLP acquired a new position in Turning Point Brands in the 3rd quarter worth approximately $197,000. Martingale Asset Management L P acquired a new position in Turning Point Brands in the 2nd quarter worth approximately $280,000. Finally, D.A. Davidson & CO. acquired a new position in Turning Point Brands in the 2nd quarter worth approximately $413,000. 17.61% of the stock is owned by hedge funds and other institutional investors.

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Turning Point Brands Company Profile

Turning Point Brands, Inc is an independent provider of Other Tobacco Products (OTP) in the United States. The Company operates in three segments smokeless products, smoking products and NewGen products. The smokeless products segment manufactures and markets moist snuff; and contracts for and markets chewing tobacco products.

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