Turning Point Brands (NYSE:TPB) Rating Lowered to Strong Sell at Zacks Investment Research

Zacks Investment Research cut shares of Turning Point Brands (NYSE:TPB) from a hold rating to a strong sell rating in a research report report published on Saturday, Zacks.com reports.

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. “

Several other research firms have also recently weighed in on TPB. Cowen boosted their price objective on shares of Turning Point Brands from $45.00 to $65.00 and gave the stock an outperform rating in a research report on Thursday, February 11th. B. Riley boosted their price objective on shares of Turning Point Brands from $59.00 to $63.00 and gave the stock a buy rating in a research report on Thursday, February 11th. One analyst has rated the stock with a sell rating and five have issued a buy rating to the company. Turning Point Brands presently has a consensus rating of Buy and a consensus target price of $55.40.

NYSE:TPB opened at $47.86 on Friday. The company has a current ratio of 3.10, a quick ratio of 1.77 and a debt-to-equity ratio of 2.42. The firm has a 50 day moving average of $50.42 and a 200-day moving average of $45.80. Turning Point Brands has a 1 year low of $20.82 and a 1 year high of $61.08. The stock has a market capitalization of $913.12 million, a P/E ratio of 116.73 and a beta of 0.58.

Turning Point Brands (NYSE:TPB) last posted its quarterly earnings data on Monday, April 26th. The company reported $0.80 earnings per share for the quarter, topping the consensus estimate of $0.64 by $0.16. Turning Point Brands had a net margin of 2.11% and a return on equity of 42.60%. The firm had revenue of $107.60 million during the quarter, compared to analysts’ expectations of $100.14 million. During the same quarter in the previous year, the company posted $0.51 EPS. Turning Point Brands’s revenue was up 18.6% on a year-over-year basis. As a group, analysts forecast that Turning Point Brands will post 2.6 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Friday, April 9th. Stockholders of record on Friday, March 19th were issued a $0.055 dividend. This is a positive change from Turning Point Brands’s previous quarterly dividend of $0.05. The ex-dividend date of this dividend was Thursday, March 18th. This represents a $0.22 annualized dividend and a dividend yield of 0.46%. Turning Point Brands’s payout ratio is 11.83%.

Hedge funds have recently made changes to their positions in the company. Oakworth Capital Inc. acquired a new position in shares of Turning Point Brands in the 1st quarter valued at $26,000. Dorsey Wright & Associates boosted its stake in Turning Point Brands by 135.0% in the 1st quarter. Dorsey Wright & Associates now owns 705 shares of the company’s stock worth $37,000 after purchasing an additional 405 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Turning Point Brands by 89.2% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,138 shares of the company’s stock worth $112,000 after purchasing an additional 1,008 shares during the period. Citigroup Inc. boosted its stake in Turning Point Brands by 59.5% in the 4th quarter. Citigroup Inc. now owns 2,451 shares of the company’s stock worth $109,000 after purchasing an additional 914 shares during the period. Finally, Cutler Group LP boosted its stake in Turning Point Brands by 328.6% in the 4th quarter. Cutler Group LP now owns 3,000 shares of the company’s stock worth $133,000 after purchasing an additional 2,300 shares during the period. 86.06% of the stock is owned by institutional investors.

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 NewGen Products. The Zig-Zag Products segment markets and distributes rolling papers, tubes, finished cigars, make-your-own cigar wraps, and related products under the Zig-Zag brand.

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