Principal Financial Group Inc. Trims Stock Holdings in Sonoco Products (NYSE:SON)

Principal Financial Group Inc. reduced its stake in shares of Sonoco Products (NYSE:SON - Free Report) by 11.3% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 327,174 shares of the industrial products company's stock after selling 41,632 shares during the period. Principal Financial Group Inc. owned approximately 0.33% of Sonoco Products worth $16,594,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. Rise Advisors LLC acquired a new position in shares of Sonoco Products during the 1st quarter worth approximately $26,000. FinTrust Capital Advisors LLC raised its position in Sonoco Products by 78.8% in the 1st quarter. FinTrust Capital Advisors LLC now owns 490 shares of the industrial products company's stock valued at $28,000 after purchasing an additional 216 shares in the last quarter. Burkett Financial Services LLC acquired a new position in shares of Sonoco Products during the 4th quarter worth about $30,000. TFO Wealth Partners LLC grew its holdings in shares of Sonoco Products by 12,183.3% during the fourth quarter. TFO Wealth Partners LLC now owns 737 shares of the industrial products company's stock worth $41,000 after purchasing an additional 731 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC purchased a new stake in Sonoco Products in the 1st quarter valued at $50,000. 77.69% of the stock is currently owned by hedge funds and other institutional investors.

Sonoco Products Price Performance

Shares of NYSE SON traded up $0.91 during trading on Thursday, hitting $55.24. 605,272 shares of the company were exchanged, compared to its average volume of 608,486. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.30 and a quick ratio of 0.85. Sonoco Products has a 1 year low of $54.28 and a 1 year high of $56.66. The company has a market cap of $5.43 billion, a price-to-earnings ratio of 13.71, a PEG ratio of 2.20 and a beta of 0.68. The firm's fifty day moving average price is $51.47 and its 200 day moving average price is $55.50.

Sonoco Products (NYSE:SON - Get Free Report) last issued its earnings results on Wednesday, July 31st. The industrial products company reported $1.28 earnings per share for the quarter, topping the consensus estimate of $1.26 by $0.02. The company had revenue of $1.62 billion for the quarter, compared to analyst estimates of $1.69 billion. Sonoco Products had a net margin of 5.57% and a return on equity of 20.10%. The firm's revenue for the quarter was down 4.8% compared to the same quarter last year. During the same period in the prior year, the business posted $1.38 earnings per share. On average, sell-side analysts expect that Sonoco Products will post 5.09 earnings per share for the current fiscal year.

Sonoco Products Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 10th. Shareholders of record on Friday, August 9th will be given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 3.77%. The ex-dividend date of this dividend is Friday, August 9th. Sonoco Products's payout ratio is currently 52.53%.

Wall Street Analyst Weigh In

SON has been the subject of several analyst reports. StockNews.com cut Sonoco Products from a "strong-buy" rating to a "buy" rating in a research note on Wednesday, July 3rd. Citigroup cut their price objective on shares of Sonoco Products from $64.00 to $60.00 and set a "buy" rating for the company in a research report on Monday, July 8th. Raymond James initiated coverage on shares of Sonoco Products in a report on Friday, July 19th. They issued an "outperform" rating and a $62.00 target price on the stock. Finally, Wells Fargo & Company cut shares of Sonoco Products from an "equal weight" rating to an "underweight" rating and cut their price target for the stock from $54.00 to $52.00 in a report on Wednesday, August 21st. One investment analyst has rated the stock with a sell rating and three have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $58.00.

About Sonoco Products

Sonoco Products Company, together with its subsidiaries, designs, develops, manufactures, and sells various engineered and sustainable packaging products in North and South America, Europe, Australia, and Asia. The company operates Consumer Packaging and Industrial Paper Packaging segments. The Consumer Packaging segment offers round and shaped rigid paper, steel, and plastic containers; metal and peelable membrane ends, closures, and components; thermoformed plastic trays and enclosures; and high-barrier flexible packaging products.