Turning Point Brands (NYSE:TPB) Cut to “Hold” at ValuEngine

ValuEngine cut shares of Turning Point Brands (NYSE:TPB) from a buy rating to a hold rating in a research report report published on Thursday, ValuEngine reports.

TPB has been the topic of several other reports. TheStreet raised shares of Turning Point Brands from a c- rating to a b- rating in a research note on Friday, May 10th. Zacks Investment Research raised shares of Turning Point Brands from a hold rating to a buy rating and set a $47.00 price target on the stock in a research note on Tuesday, July 30th. One investment analyst has rated the stock with a hold rating and three have assigned a buy rating to the company. The company presently has an average rating of Buy and a consensus price target of $51.00.

TPB traded up $1.72 on Thursday, reaching $38.97. The company had a trading volume of 334,420 shares, compared to its average volume of 350,476. The business has a 50 day moving average of $48.87. The stock has a market capitalization of $729.71 million, a P/E ratio of 19.71 and a beta of 0.65. The company has a debt-to-equity ratio of 2.14, a quick ratio of 0.29 and a current ratio of 1.77. Turning Point Brands has a 52-week low of $26.39 and a 52-week high of $57.06.

Turning Point Brands (NYSE:TPB) last announced its earnings results on Wednesday, July 31st. The company reported $0.53 earnings per share for the quarter, beating analysts’ consensus estimates of $0.52 by $0.01. The business had revenue of $93.30 million for the quarter, compared to the consensus estimate of $93.30 million. Turning Point Brands had a net margin of 9.02% and a return on equity of 45.46%. Turning Point Brands’s quarterly revenue was up 15.0% on a year-over-year basis. During the same period last year, the firm posted $0.50 earnings per share. On average, equities analysts expect that Turning Point Brands will post 2.03 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 20th will be paid a dividend of $0.045 per share. This represents a $0.18 annualized dividend and a dividend yield of 0.46%. The ex-dividend date of this dividend is Thursday, September 19th. Turning Point Brands’s dividend payout ratio (DPR) is presently 10.53%.

In other Turning Point Brands news, Director H.C. Charles Diao purchased 2,000 shares of the firm’s stock in a transaction on Tuesday, May 21st. The shares were purchased at an average cost of $50.54 per share, with a total value of $101,080.00. Following the completion of the purchase, the director now owns 12,000 shares of the company’s stock, valued at approximately $606,480. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Robert M. Lavan bought 2,500 shares of the business’s stock in a transaction dated Friday, August 2nd. The stock was purchased at an average price of $37.03 per share, for a total transaction of $92,575.00. Following the acquisition, the chief financial officer now directly owns 6,000 shares of the company’s stock, valued at approximately $222,180. The disclosure for this purchase can be found here. Company insiders own 5.50% of the company’s stock.

Several institutional investors have recently modified their holdings of TPB. Great West Life Assurance Co. Can grew its holdings in shares of Turning Point Brands by 960.1% in the fourth quarter. Great West Life Assurance Co. Can now owns 1,993 shares of the company’s stock worth $52,000 after purchasing an additional 1,805 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in shares of Turning Point Brands in the second quarter worth approximately $55,000. Metropolitan Life Insurance Co. NY grew its holdings in shares of Turning Point Brands by 356.4% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 2,825 shares of the company’s stock worth $77,000 after purchasing an additional 2,206 shares during the last quarter. Ibex Investors LLC bought a new position in shares of Turning Point Brands in the second quarter worth approximately $229,000. Finally, CAPROCK Group Inc. bought a new position in shares of Turning Point Brands in the first quarter worth approximately $301,000. Hedge funds and other institutional investors own 31.11% of the company’s stock.

Turning Point Brands Company Profile

Turning Point Brands, Inc, together with its subsidiaries, provides other tobacco products 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 loose leaf chewing tobacco products.

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