Cowen and Company Reiterates Buy Rating for Turning Point Brands, Inc. (TPB)

Turning Point Brands, Inc. (NYSE:TPB)‘s stock had its “buy” rating restated by stock analysts at Cowen and Company in a research report issued on Sunday. They currently have a $20.00 target price on the stock. Cowen and Company’s price target points to a potential upside of 19.62% from the stock’s current price.

Separately, Zacks Investment Research raised Turning Point Brands from a “sell” rating to a “hold” rating in a research note on Tuesday, July 18th.

Turning Point Brands (NYSE:TPB) opened at 16.72 on Friday. The company has a 50 day moving average price of $16.32 and a 200-day moving average price of $15.67. Turning Point Brands has a one year low of $11.67 and a one year high of $18.05. The firm has a market capitalization of $318.16 million, a PE ratio of 10.50 and a beta of 0.28.

Turning Point Brands (NYSE:TPB) last posted its quarterly earnings results on Thursday, August 10th. The company reported $0.38 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.36 by $0.02. The company had revenue of $72.10 million for the quarter, compared to the consensus estimate of $67.35 million. Turning Point Brands had a return on equity of 114.77% and a net margin of 13.62%. The firm’s quarterly revenue was up 39.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.05 EPS. On average, equities analysts predict that Turning Point Brands will post $1.28 EPS for the current year.

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In related news, major shareholder General L.P. Standard purchased 100,000 shares of the business’s stock in a transaction dated Thursday, September 14th. The shares were bought at an average price of $17.09 per share, with a total value of $1,709,000.00. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider James Wells Dobbins sold 12,002 shares of the stock in a transaction on Thursday, August 31st. The shares were sold at an average price of $16.93, for a total value of $203,193.86. Following the completion of the transaction, the insider now directly owns 96,043 shares in the company, valued at approximately $1,626,007.99. The disclosure for this sale can be found here. In the last three months, insiders bought 203,303 shares of company stock worth $3,415,466 and sold 21,002 shares worth $347,884. Corporate insiders own 14.20% of the company’s stock.

Several hedge funds have recently bought and sold shares of the company. Argent Capital Management LLC acquired a new position in shares of Turning Point Brands in the 2nd quarter valued at $2,552,000. State Street Corp lifted its stake in shares of Turning Point Brands by 5.8% in the 2nd quarter. State Street Corp now owns 84,823 shares of the company’s stock valued at $1,301,000 after purchasing an additional 4,663 shares during the period. Northern Right Capital Management L.P. lifted its stake in shares of Turning Point Brands by 13.3% in the 2nd quarter. Northern Right Capital Management L.P. now owns 365,308 shares of the company’s stock valued at $5,604,000 after purchasing an additional 42,800 shares during the period. Vanguard Group Inc. lifted its stake in shares of Turning Point Brands by 1.1% in the 2nd quarter. Vanguard Group Inc. now owns 255,127 shares of the company’s stock valued at $3,914,000 after purchasing an additional 2,834 shares during the period. Finally, D.A. Davidson & CO. acquired a new position in shares of Turning Point Brands in the 2nd quarter valued at $413,000. 15.85% of the stock is currently owned by institutional investors.

About Turning Point Brands

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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