Brokerages Set Turning Point Brands, Inc. (NYSE:TPB) Price Target at $97.00

Turning Point Brands, Inc. (NYSE:TPB) has earned a consensus recommendation of “Buy” from the seven analysts that are covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $97.00.

TPB has been the subject of a number of recent research reports. Oppenheimer raised their price objective on shares of Turning Point Brands from $110.00 to $120.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 19th. Industrial Alliance Securities set a $110.00 price objective on Turning Point Brands in a research note on Wednesday, November 5th. Weiss Ratings reissued a “buy (b)” rating on shares of Turning Point Brands in a research note on Thursday, October 30th. Alliance Global Partners raised their price target on shares of Turning Point Brands from $103.00 to $110.00 and gave the stock a “buy” rating in a research note on Wednesday, November 5th. Finally, Needham & Company LLC initiated coverage on shares of Turning Point Brands in a report on Friday, August 1st. They set a “hold” rating for the company.

Insiders Place Their Bets

In other news, SVP Brittani Cushman sold 15,250 shares of the stock in a transaction dated Wednesday, November 19th. The shares were sold at an average price of $101.66, for a total transaction of $1,550,315.00. Following the transaction, the senior vice president directly owned 34,687 shares in the company, valued at $3,526,280.42. This represents a 30.54% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Stephen Usher sold 1,000 shares of the business’s stock in a transaction dated Wednesday, November 19th. The stock was sold at an average price of $101.00, for a total value of $101,000.00. Following the sale, the director owned 5,175 shares of the company’s stock, valued at $522,675. The trade was a 16.19% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 64,220 shares of company stock worth $6,434,342 over the last 90 days. Corporate insiders own 6.60% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. First Horizon Corp purchased a new stake in shares of Turning Point Brands in the third quarter worth about $25,000. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Turning Point Brands during the third quarter valued at approximately $28,000. Advisory Services Network LLC acquired a new position in shares of Turning Point Brands during the third quarter worth $28,000. GAMMA Investing LLC boosted its stake in shares of Turning Point Brands by 90.7% in the second quarter. GAMMA Investing LLC now owns 328 shares of the company’s stock valued at $25,000 after purchasing an additional 156 shares during the period. Finally, Briaud Financial Planning Inc acquired a new stake in Turning Point Brands during the 2nd quarter valued at $31,000. 96.12% of the stock is owned by hedge funds and other institutional investors.

Turning Point Brands Stock Performance

NYSE TPB opened at $99.79 on Thursday. The business’s 50-day moving average price is $94.95 and its 200 day moving average price is $87.27. Turning Point Brands has a 52-week low of $51.48 and a 52-week high of $110.55. The firm has a market cap of $1.90 billion, a P/E ratio of 35.14 and a beta of 0.85. The company has a quick ratio of 3.98, a current ratio of 5.56 and a debt-to-equity ratio of 0.82.

Turning Point Brands (NYSE:TPB) last issued its quarterly earnings results on Wednesday, November 5th. The company reported $1.27 earnings per share for the quarter, topping the consensus estimate of $0.81 by $0.46. The firm had revenue of $118.98 million during the quarter, compared to the consensus estimate of $111.42 million. Turning Point Brands had a return on equity of 24.44% and a net margin of 12.02%.The company’s revenue for the quarter was up 12.7% on a year-over-year basis. During the same period last year, the company earned $0.68 earnings per share. On average, equities research analysts expect that Turning Point Brands will post 2.59 earnings per share for the current year.

Turning Point Brands Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 9th. Stockholders of record on Friday, December 19th will be given a $0.075 dividend. The ex-dividend date of this dividend is Friday, December 19th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.3%. Turning Point Brands’s payout ratio is currently 10.56%.

Turning Point Brands Company Profile

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.