Craig Hallum Initiates Coverage on Turning Point Brands (NYSE:TPB)

Craig Hallum assumed coverage on shares of Turning Point Brands (NYSE:TPB) in a research note issued to investors on Wednesday morning, BenzingaRatingsTable reports. The firm issued a buy rating and a $40.00 price objective on the stock.

TPB has been the subject of a number of other research reports. Zacks Investment Research upgraded Turning Point Brands from a sell rating to a hold rating in a research note on Tuesday, June 30th. ValuEngine lowered Turning Point Brands from a hold rating to a sell rating in a research note on Thursday, April 30th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the company. Turning Point Brands presently has a consensus rating of Hold and a consensus price target of $37.00.

TPB stock opened at $26.17 on Wednesday. Turning Point Brands has a 1 year low of $14.09 and a 1 year high of $56.08. The stock has a 50-day simple moving average of $24.60 and a 200-day simple moving average of $23.59. The company has a debt-to-equity ratio of 2.66, a quick ratio of 2.11 and a current ratio of 3.30. The firm has a market cap of $504.94 million, a P/E ratio of 51.31 and a beta of 0.73.

Turning Point Brands (NYSE:TPB) last issued its quarterly earnings data on Tuesday, April 28th. The company reported $0.51 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.13. Turning Point Brands had a return on equity of 39.28% and a net margin of 2.91%. The firm had revenue of $90.69 million during the quarter, compared to analyst estimates of $83.70 million. During the same quarter last year, the firm earned $0.43 EPS. Turning Point Brands’s quarterly revenue was down 1.0% on a year-over-year basis. On average, equities research analysts predict that Turning Point Brands will post 1.87 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Friday, July 10th. Shareholders of record on Friday, June 19th were issued a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 0.76%. The ex-dividend date of this dividend was Thursday, June 18th. Turning Point Brands’s dividend payout ratio is presently 10.75%.

In other news, CEO Lawrence Wexler bought 1,500 shares of Turning Point Brands stock in a transaction on Friday, May 1st. The shares were bought at an average price of $23.29 per share, with a total value of $34,935.00. Following the acquisition, the chief executive officer now directly owns 352,970 shares in the company, valued at approximately $8,220,671.30. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 4.80% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in TPB. Nisa Investment Advisors LLC bought a new stake in shares of Turning Point Brands in the 1st quarter worth approximately $25,000. Tower Research Capital LLC TRC bought a new stake in shares of Turning Point Brands in the 1st quarter worth approximately $26,000. Advisor Group Holdings Inc. bought a new stake in shares of Turning Point Brands in the 1st quarter worth approximately $51,000. FNY Investment Advisers LLC bought a new stake in shares of Turning Point Brands in the 1st quarter worth approximately $84,000. Finally, IndexIQ Advisors LLC bought a new stake in shares of Turning Point Brands in the 1st quarter worth approximately $184,000. 44.24% of the stock is currently owned by institutional investors and hedge funds.

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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