Principal Financial Group Inc. Decreases Stock Position in Turning Point Brands, Inc. (NYSE:TPB)

Principal Financial Group Inc. trimmed its holdings in Turning Point Brands, Inc. (NYSE:TPB) by 20.0% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 6,765 shares of the company’s stock after selling 1,691 shares during the period. Principal Financial Group Inc.’s holdings in Turning Point Brands were worth $292,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Copeland Capital Management LLC bought a new stake in shares of Turning Point Brands in the third quarter valued at about $61,000. The Manufacturers Life Insurance Company purchased a new stake in Turning Point Brands in the second quarter valued at about $209,000. Magnetar Financial LLC acquired a new stake in Turning Point Brands in the 2nd quarter worth approximately $212,000. Aigen Investment Management LP acquired a new position in shares of Turning Point Brands in the 3rd quarter valued at $221,000. Finally, Moran Wealth Management LLC purchased a new position in shares of Turning Point Brands in the third quarter worth about $236,000. 96.12% of the stock is currently owned by institutional investors.

Turning Point Brands Trading Down 5.9 %

NYSE:TPB opened at $57.10 on Tuesday. Turning Point Brands, Inc. has a 12-month low of $21.98 and a 12-month high of $66.18. The firm has a market cap of $1.01 billion, a PE ratio of 22.66 and a beta of 0.66. The company has a current ratio of 4.21, a quick ratio of 1.78 and a debt-to-equity ratio of 1.33. The stock has a fifty day moving average price of $58.28 and a 200 day moving average price of $45.67.

Turning Point Brands (NYSE:TPB) last announced its quarterly earnings results on Thursday, November 7th. The company reported $0.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.67 by $0.01. Turning Point Brands had a return on equity of 33.14% and a net margin of 11.63%. The company had revenue of $105.62 million during the quarter, compared to the consensus estimate of $100.71 million. During the same period in the previous year, the business earned $0.69 EPS. Turning Point Brands’s revenue for the quarter was up 3.8% on a year-over-year basis. Sell-side analysts anticipate that Turning Point Brands, Inc. will post 2.59 earnings per share for the current fiscal year.

Turning Point Brands Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Friday, December 20th will be paid a dividend of $0.07 per share. The ex-dividend date is Friday, December 20th. This represents a $0.28 dividend on an annualized basis and a yield of 0.49%. Turning Point Brands’s dividend payout ratio is presently 11.11%.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. Oppenheimer initiated coverage on Turning Point Brands in a research note on Thursday, November 14th. They set an “outperform” rating and a $65.00 price objective for the company. Benchmark raised their target price on Turning Point Brands from $45.00 to $65.00 and gave the company a “buy” rating in a research report on Tuesday, November 12th. Roth Capital raised shares of Turning Point Brands to a “strong-buy” rating in a research note on Friday, November 8th. Roth Mkm reaffirmed a “buy” rating and set a $70.00 target price (up from $55.00) on shares of Turning Point Brands in a research note on Tuesday, December 17th. Finally, Craig Hallum upped their target price on shares of Turning Point Brands from $60.00 to $75.00 and gave the company a “buy” rating in a research report on Thursday, December 5th. Five analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $68.75.

About Turning Point Brands

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 Creative Distribution Solutions. Zig-Zag Products segment markets and distributes rolling papers, tubes, finished cigars, make-your-own cigar wraps, and related products, as well as lighters and other accessories under the Zig-Zag brand.