Principal Financial Group Inc. Sells 1,691 Shares of Turning Point Brands, Inc. (NYSE:TPB)

Principal Financial Group Inc. lessened its holdings in Turning Point Brands, Inc. (NYSE:TPB) by 20.0% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund 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 reporting period.

Other institutional investors also recently modified their holdings of the company. Copeland Capital Management LLC purchased a new stake in Turning Point Brands in the third quarter worth $61,000. The Manufacturers Life Insurance Company purchased a new position in Turning Point Brands in the 2nd quarter worth approximately $209,000. Magnetar Financial LLC bought a new stake in Turning Point Brands during the second quarter worth about $212,000. Aigen Investment Management LP bought a new position in Turning Point Brands during the third quarter valued at approximately $221,000. Finally, Moran Wealth Management LLC purchased a new stake in Turning Point Brands during the third quarter valued at about $236,000. 96.12% of the stock is owned by institutional investors.

Turning Point Brands Price Performance

NYSE TPB opened at $57.10 on Tuesday. Turning Point Brands, Inc. has a fifty-two week low of $21.98 and a fifty-two week high of $66.18. The company has a debt-to-equity ratio of 1.33, a quick ratio of 1.78 and a current ratio of 4.21. The company has a market capitalization of $1.01 billion, a PE ratio of 22.66 and a beta of 0.66. The business’s fifty day moving average is $58.28 and its 200 day moving average is $45.67.

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

Turning Point Brands Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on TPB shares. Craig Hallum upped their price target on shares of Turning Point Brands from $60.00 to $75.00 and gave the company a “buy” rating in a report on Thursday, December 5th. Roth Capital raised shares of Turning Point Brands to a “strong-buy” rating in a research report on Friday, November 8th. Roth Mkm reiterated a “buy” rating and set a $70.00 price objective (up previously from $55.00) on shares of Turning Point Brands in a research note on Tuesday, December 17th. StockNews.com upgraded shares of Turning Point Brands from a “hold” rating to a “buy” rating in a report on Friday. Finally, Benchmark raised their price target on shares of Turning Point Brands from $45.00 to $65.00 and gave the company a “buy” rating in a report on Tuesday, November 12th. Five analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $68.75.

Turning Point Brands 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 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.