Principal Financial Group Inc. Reduces Stake in Sonoco Products (NYSE:SON)

Principal Financial Group Inc. trimmed its holdings in shares of Sonoco Products (NYSE:SON - Free Report) by 30.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 227,648 shares of the industrial products company's stock after selling 99,526 shares during the period. Principal Financial Group Inc. owned approximately 0.23% of Sonoco Products worth $12,436,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the business. Kennebec Savings Bank purchased a new stake in shares of Sonoco Products in the third quarter worth about $27,000. Capital Performance Advisors LLP purchased a new stake in Sonoco Products in the 3rd quarter worth approximately $33,000. Abich Financial Wealth Management LLC acquired a new stake in shares of Sonoco Products during the 2nd quarter worth approximately $50,000. Wilmington Savings Fund Society FSB purchased a new position in shares of Sonoco Products during the 3rd quarter valued at approximately $71,000. Finally, Northwestern Mutual Wealth Management Co. lifted its stake in shares of Sonoco Products by 821.1% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,879 shares of the industrial products company's stock valued at $95,000 after purchasing an additional 1,675 shares during the period. 77.69% of the stock is owned by hedge funds and other institutional investors.

Sonoco Products Price Performance

Sonoco Products stock traded down $0.29 during midday trading on Monday, reaching $48.60. The company had a trading volume of 518,525 shares, compared to its average volume of 625,376. Sonoco Products has a 12-month low of $48.22 and a 12-month high of $61.73. The firm's fifty day simple moving average is $51.11 and its 200-day simple moving average is $52.26. The company has a debt-to-equity ratio of 1.74, a current ratio of 2.36 and a quick ratio of 1.91. The company has a market capitalization of $4.78 billion, a P/E ratio of 16.70, a P/E/G ratio of 2.14 and a beta of 0.67.

Sonoco Products (NYSE:SON - Get Free Report) last announced its earnings results on Thursday, October 31st. The industrial products company reported $1.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.45 by $0.04. The company had revenue of $1.68 billion for the quarter, compared to analysts' expectations of $1.72 billion. Sonoco Products had a net margin of 4.38% and a return on equity of 19.92%. The firm's quarterly revenue was down 2.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.46 EPS. As a group, equities analysts anticipate that Sonoco Products will post 5.09 EPS for the current year.

Sonoco Products Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 10th. Shareholders of record on Friday, November 8th were issued a $0.52 dividend. The ex-dividend date of this dividend was Friday, November 8th. This represents a $2.08 dividend on an annualized basis and a yield of 4.28%. Sonoco Products's payout ratio is 71.48%.

Analyst Upgrades and Downgrades

Several research firms recently commented on SON. Truist Financial initiated coverage on shares of Sonoco Products in a research report on Tuesday, November 26th. They set a "buy" rating and a $63.00 price target on the stock. Robert W. Baird cut their price target on Sonoco Products from $58.00 to $55.00 and set a "neutral" rating for the company in a research note on Monday, November 4th. Finally, Citigroup increased their price target on Sonoco Products from $62.00 to $63.00 and gave the stock a "buy" rating in a research report on Wednesday, October 2nd. One research analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $59.00.

Sonoco Products Profile

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.