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

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

A number of other research firms have also weighed in on TPB. Roth Capital raised shares of Turning Point Brands to a “strong-buy” rating in a research report on Friday, November 8th. StockNews.com cut Turning Point Brands from a “strong-buy” rating to a “buy” rating in a report on Thursday, October 24th. Finally, Roth Mkm began coverage on Turning Point Brands in a research note on Thursday, September 19th. They issued a “buy” rating and a $50.00 target price for the company. Four equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Turning Point Brands has a consensus rating of “Buy” and a consensus target price of $60.00.

Turning Point Brands Stock Up 5.5 %

TPB stock opened at $58.04 on Tuesday. The company has a debt-to-equity ratio of 1.33, a current ratio of 4.21 and a quick ratio of 1.17. Turning Point Brands has a 12 month low of $21.66 and a 12 month high of $60.20. The firm has a market capitalization of $1.03 billion, a PE ratio of 23.03 and a beta of 0.63. The company’s 50 day simple moving average is $43.81 and its 200-day simple moving average is $38.02.

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, topping analysts’ consensus estimates 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 return on equity of 33.14% and a net margin of 11.63%. The business’s revenue for the quarter was up 3.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.69 earnings per share. Equities analysts expect that Turning Point Brands will post 2.62 earnings per share for the current fiscal year.

Turning Point Brands Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Shareholders 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 yield of 0.48%. The ex-dividend date is Friday, December 20th. Turning Point Brands’s dividend payout ratio (DPR) 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 shares were sold at an average price of $39.42, for a total value of $78,840.00. Following the transaction, the director now owns 46,544 shares of the company’s stock, valued at approximately $1,834,764.48. This trade represents a 4.12 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 5.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Turning Point Brands

A number of large investors have recently added to or reduced their stakes in TPB. Martingale Asset Management L P boosted its holdings in Turning Point Brands by 1.4% in the third quarter. Martingale Asset Management L P now owns 24,686 shares of the company’s stock valued at $1,065,000 after purchasing an additional 329 shares during the last quarter. Marshall Wace LLP boosted its stake in shares of Turning Point Brands by 0.3% during the 2nd quarter. Marshall Wace LLP now owns 119,954 shares of the company’s stock valued at $3,849,000 after buying an additional 367 shares during the last quarter. Principal Financial Group Inc. grew its position in shares of Turning Point Brands by 8.9% during the second quarter. Principal Financial Group Inc. now owns 8,456 shares of the company’s stock worth $271,000 after buying an additional 693 shares in the last quarter. Access Investment Management LLC increased its stake in shares of Turning Point Brands by 0.6% in the second quarter. Access Investment Management LLC now owns 121,385 shares of the company’s stock worth $3,895,000 after buying an additional 745 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD raised its holdings in Turning Point Brands by 6.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 12,637 shares of the company’s stock valued at $371,000 after acquiring an additional 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.