FBR & Co Reiterates Buy Rating for Turning Point Brands, Inc. (TPB)

Turning Point Brands, Inc. (NYSE:TPB)‘s stock had its “buy” rating reaffirmed by stock analysts at FBR & Co in a research note issued to investors on Friday, May 12th, Marketbeat reports. They currently have a $17.00 target price on the stock. FBR & Co’s price objective would suggest a potential upside of 9.25% from the stock’s current price.

The analysts wrote, “TPB reported 1Q17 net sales of $66.8M, slightly above FBR’s estimate of $66.3M. GM de-leveraged –684 bps vs. FBR’s estimate of –336 bps. The adjusted SGA margin leveraged +208 bps vs. our estimate of +225 bps. Adjusted 1Q reported EBITDA were $13.6M, compared to FBR’s $16.0M estimate. Adjusted 1Q EPS were $0.52, compared to FBR’s $0.58 estimate. On the call, management reiterated confidence in its ability to grow via acquisitions, and we believe additional acquisitions are likely in the future. TPB also continues to roll out MST cans and gained just under 1,000 stores in 1Q17, mainly through additional independent stores. TPB expects to begin expanding into chain stores, but the expansion could be lumpy given uncertainty on timing of products shipped to stores. We expect continued growth through acquisitions, MST cans, and Zig-Zag papers, coupled with solid FCF generation, to continue to drive the stock higher.””

Separately, Zacks Investment Research upgraded Turning Point Brands from a “hold” rating to a “buy” rating and set a $16.00 target price on the stock in a research report on Saturday, March 18th.

Shares of Turning Point Brands (NYSE:TPB) traded up 1.11% during trading on Friday, hitting $15.54. The stock had a trading volume of 34,228 shares. The stock has a 50-day moving average price of $16.02 and a 200 day moving average price of $14.48. Turning Point Brands has a 12 month low of $7.56 and a 12 month high of $18.05. The company has a market cap of $292.85 million and a P/E ratio of 12.20.

Turning Point Brands (NYSE:TPB) last posted its earnings results on Thursday, May 11th. The company reported $0.29 EPS for the quarter, missing the Zacks’ consensus estimate of $0.32 by $0.03. Turning Point Brands had a return on equity of 131.39% and a net margin of 11.90%. The firm had revenue of $66.80 million for the quarter, compared to analyst estimates of $64.90 million. During the same quarter last year, the firm posted $0.12 EPS. The firm’s revenue for the quarter was up 33.9% on a year-over-year basis. Equities analysts expect that Turning Point Brands will post $1.32 EPS for the current fiscal year.

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In related news, insider Lawrence Wexler sold 1,858 shares of the business’s stock in a transaction dated Thursday, May 25th. The stock was sold at an average price of $16.42, for a total value of $30,508.36. Following the transaction, the insider now owns 219,137 shares in the company, valued at approximately $3,598,229.54. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider James Wells Dobbins sold 6,000 shares of the business’s stock in a transaction dated Tuesday, May 23rd. The shares were sold at an average price of $16.67, for a total value of $100,020.00. Following the completion of the transaction, the insider now owns 90,041 shares in the company, valued at approximately $1,500,983.47. The disclosure for this sale can be found here.

A number of institutional investors have recently modified their holdings of TPB. Acadian Asset Management LLC boosted its position in shares of Turning Point Brands by 351.0% in the first quarter. Acadian Asset Management LLC now owns 6,530 shares of the company’s stock valued at $102,000 after buying an additional 5,082 shares during the period. Teachers Advisors LLC raised its stake in shares of Turning Point Brands by 30.8% in the first quarter. Teachers Advisors LLC now owns 8,162 shares of the company’s stock worth $127,000 after buying an additional 1,921 shares in the last quarter. Wells Fargo & Company MN raised its stake in shares of Turning Point Brands by 6.0% in the third quarter. Wells Fargo & Company MN now owns 27,636 shares of the company’s stock worth $332,000 after buying an additional 1,561 shares in the last quarter. potrero capital research llc acquired a new stake in shares of Turning Point Brands during the first quarter worth $356,000. Finally, Spark Investment Management LLC raised its stake in shares of Turning Point Brands by 33.7% in the first quarter. Spark Investment Management LLC now owns 23,400 shares of the company’s stock worth $365,000 after buying an additional 5,900 shares in the last quarter. Hedge funds and other institutional investors own 68.72% of the company’s stock.

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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