Turning Point Brands (NYSE:TPB) Given New $120.00 Price Target at Oppenheimer

Turning Point Brands (NYSE:TPB) had its target price raised by investment analysts at Oppenheimer from $110.00 to $120.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Oppenheimer’s price target suggests a potential upside of 18.57% from the stock’s current price.

A number of other research firms have also commented on TPB. Needham & Company LLC started coverage on Turning Point Brands in a research report on Friday, August 1st. They set a “hold” rating for the company. Weiss Ratings reiterated a “buy (b)” rating on shares of Turning Point Brands in a report on Thursday, October 30th. Wall Street Zen raised shares of Turning Point Brands from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. Industrial Alliance Securities set a $110.00 price objective on shares of Turning Point Brands in a report on Wednesday, November 5th. Finally, Alliance Global Partners increased their target price on Turning Point Brands from $103.00 to $110.00 and gave the stock a “buy” rating in a research report on Wednesday, November 5th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, Turning Point Brands has an average rating of “Buy” and an average target price of $97.00.

Turning Point Brands Trading Down 0.3%

Turning Point Brands stock traded down $0.29 during trading hours on Wednesday, reaching $101.21. The stock had a trading volume of 49,834 shares, compared to its average volume of 300,135. The company has a fifty day simple moving average of $95.27 and a 200-day simple moving average of $86.25. Turning Point Brands has a 52 week low of $51.48 and a 52 week high of $110.55. The stock has a market cap of $1.93 billion, a PE ratio of 35.78 and a beta of 0.85. The company has a debt-to-equity ratio of 0.82, a current ratio of 5.56 and a quick ratio of 3.98.

Turning Point Brands (NYSE:TPB) last issued its quarterly earnings data on Wednesday, November 5th. The company reported $1.27 EPS for the quarter, beating 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 net margin of 12.02% and a return on equity of 24.44%. The company’s quarterly revenue was up 12.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.68 earnings per share. Analysts forecast that Turning Point Brands will post 2.59 EPS for the current fiscal year.

Insider Activity at Turning Point Brands

In other news, Director Lawrence Wexler sold 10,401 shares of the firm’s stock in a transaction on Thursday, November 13th. The stock was sold at an average price of $99.03, for a total transaction of $1,030,011.03. Following the completion of the transaction, the director directly owned 280,368 shares in the company, valued at $27,764,843.04. This trade represents a 3.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold 46,470 shares of company stock valued at $4,635,682 over the last 90 days. Corporate insiders own 6.60% of the company’s stock.

Institutional Investors Weigh In On Turning Point Brands

A number of institutional investors have recently made changes to their positions in the company. Divisadero Street Capital Management LP lifted its holdings in shares of Turning Point Brands by 3.2% during the third quarter. Divisadero Street Capital Management LP now owns 974,066 shares of the company’s stock valued at $96,296,000 after purchasing an additional 30,282 shares in the last quarter. Thrivent Financial for Lutherans boosted its stake in shares of Turning Point Brands by 11.9% during the 3rd quarter. Thrivent Financial for Lutherans now owns 808,613 shares of the company’s stock worth $79,940,000 after acquiring an additional 85,716 shares during the last quarter. ArrowMark Colorado Holdings LLC grew its holdings in Turning Point Brands by 24.9% during the third quarter. ArrowMark Colorado Holdings LLC now owns 674,809 shares of the company’s stock valued at $66,712,000 after purchasing an additional 134,401 shares during the period. Geode Capital Management LLC grew its stake in shares of Turning Point Brands by 1.4% during the 2nd quarter. Geode Capital Management LLC now owns 509,743 shares of the company’s stock valued at $38,629,000 after acquiring an additional 7,104 shares during the period. Finally, Arrowstreet Capital Limited Partnership boosted its position in shares of Turning Point Brands by 33.8% in the third quarter. Arrowstreet Capital Limited Partnership now owns 441,772 shares of the company’s stock worth $43,674,000 after purchasing an additional 111,590 shares during the period. Hedge funds and other institutional investors own 96.12% of the company’s stock.

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.