Turning Point Brands (TPB) Upgraded to “Strong-Buy” by Zacks Investment Research

Turning Point Brands (NYSE:TPB) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research report issued on Wednesday, Zacks.com reports. The firm currently has a $55.00 price target on the stock. Zacks Investment Research‘s target price would suggest a potential upside of 9.19% from the stock’s previous close.

According to Zacks, “Turning Point Brands, Inc. provides tobacco products. The Company’s product consists of moist snuff, loose leaf chewing tobacco, cigarette papers, make-your-own cigar wraps and cigar smoking tobacco, cigars and liquid and tobacco vapour. Its portfolio of brands includes Zig-Zag(R), Beech-Nut(R) and Stoker’s(R). Turning Point Brands, Inc. is based in Louisville, Kentucky. “

A number of other research analysts have also issued reports on TPB. TheStreet raised shares of Turning Point Brands from a “c-” rating to a “b-” rating in a research note on Friday, May 10th. B. Riley upped their price target on shares of Turning Point Brands from $45.00 to $55.00 and gave the stock a “buy” rating in a research note on Wednesday, March 13th.

Turning Point Brands stock traded up $0.35 during midday trading on Wednesday, reaching $50.37. 6,406 shares of the stock traded hands, compared to its average volume of 167,269. The company has a quick ratio of 0.29, a current ratio of 1.77 and a debt-to-equity ratio of 2.14. The firm has a market capitalization of $939.51 million, a price-to-earnings ratio of 29.46 and a beta of 1.15. Turning Point Brands has a fifty-two week low of $22.72 and a fifty-two week high of $54.29.

Turning Point Brands (NYSE:TPB) last posted its earnings results on Wednesday, May 1st. The company reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.36 by $0.07. The firm had revenue of $91.60 million during the quarter, compared to analyst estimates of $89.00 million. Turning Point Brands had a net margin of 8.22% and a return on equity of 47.17%. Turning Point Brands’s revenue was up 24.0% on a year-over-year basis. During the same period in the previous year, the business posted $0.35 EPS. Research analysts expect that Turning Point Brands will post 2 earnings per share for the current year.

Several large investors have recently modified their holdings of TPB. Resources Investment Advisors Inc. acquired a new stake in shares of Turning Point Brands in the 4th quarter worth approximately $27,000. Great West Life Assurance Co. Can lifted its stake in shares of Turning Point Brands by 960.1% in the 4th quarter. Great West Life Assurance Co. Can now owns 1,993 shares of the company’s stock worth $52,000 after acquiring an additional 1,805 shares during the period. Metropolitan Life Insurance Co. NY lifted its stake in shares of Turning Point Brands by 356.4% in the 4th quarter. Metropolitan Life Insurance Co. NY now owns 2,825 shares of the company’s stock worth $77,000 after acquiring an additional 2,206 shares during the period. MetLife Investment Advisors LLC acquired a new stake in shares of Turning Point Brands in the 3rd quarter worth approximately $257,000. Finally, Rhumbline Advisers lifted its stake in shares of Turning Point Brands by 47.8% in the 4th quarter. Rhumbline Advisers now owns 10,135 shares of the company’s stock worth $276,000 after acquiring an additional 3,277 shares during the period. 32.55% of the stock is owned by institutional investors.

About Turning Point Brands

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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