Turning Point Brands, Inc. (NYSE:TPB) released its quarterly earnings results on Thursday. The company reported $0.38 EPS for the quarter, beating the Zacks’ consensus estimate of $0.36 by $0.02, MarketWatch Earnings reports. Turning Point Brands had a net margin of 13.62% and a return on equity of 127.12%. The company had revenue of $72.10 million for the quarter, compared to analyst estimates of $67.35 million. During the same quarter last year, the firm posted $0.05 earnings per share. The company’s quarterly revenue was up 39.7% compared to the same quarter last year.
Turning Point Brands (NYSE:TPB) traded up 7.21% during trading on Friday, hitting $16.96. 39,780 shares of the stock were exchanged. The firm’s 50 day moving average price is $15.29 and its 200-day moving average price is $15.05. Turning Point Brands has a 1-year low of $10.84 and a 1-year high of $18.05. The stock has a market cap of $320.31 million, a price-to-earnings ratio of 10.65 and a beta of 0.51.
In other Turning Point Brands news, insider Lawrence Wexler sold 1,858 shares of the company’s stock in a transaction that occurred on Thursday, May 25th. The stock was sold at an average price of $16.42, for a total transaction of $30,508.36. Following the completion of the transaction, the insider now owns 219,137 shares of the company’s stock, valued at approximately $3,598,229.54. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider James Wells Dobbins sold 6,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 23rd. The shares were sold at an average price of $16.67, for a total value of $100,020.00. Following the transaction, the insider now directly owns 90,041 shares of the company’s stock, valued at approximately $1,500,983.47. The disclosure for this sale can be found here.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Acadian Asset Management LLC raised its position in Turning Point Brands by 351.0% in the first quarter. Acadian Asset Management LLC now owns 6,530 shares of the company’s stock worth $102,000 after buying an additional 5,082 shares during the last quarter. Bessemer Group Inc. acquired a new position in Turning Point Brands during the second quarter worth approximately $143,000. Teachers Advisors LLC raised its position in Turning Point Brands by 25.6% in the second quarter. Teachers Advisors LLC now owns 10,249 shares of the company’s stock worth $157,000 after buying an additional 2,087 shares during the last quarter. Martingale Asset Management L P acquired a new position in Turning Point Brands during the second quarter worth approximately $280,000. Finally, potrero capital research llc acquired a new position in Turning Point Brands during the first quarter worth approximately $356,000. 68.96% of the stock is owned by institutional investors and hedge funds.
A number of equities analysts have recently commented on TPB shares. FBR & Co reissued a “buy” rating and issued a $17.00 price target on shares of Turning Point Brands in a research report on Friday, May 12th. Cowen and Company reissued an “outperform” rating and issued a $19.00 price target (up previously from $18.00) on shares of Turning Point Brands in a research report on Monday, May 15th. Finally, Zacks Investment Research lowered shares of Turning Point Brands from a “hold” rating to a “sell” rating in a research report on Wednesday, May 17th.
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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