Principal Financial Group Inc. Sells 99,526 Shares of Sonoco Products (NYSE:SON)

Principal Financial Group Inc. lowered its position in Sonoco Products (NYSE:SON) by 30.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund 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 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also modified their holdings of SON. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Sonoco Products by 1.5% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 19,765 shares of the industrial products company’s stock worth $1,002,000 after acquiring an additional 298 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new stake in shares of Sonoco Products during the second quarter valued at $644,000. nVerses Capital LLC bought a new position in shares of Sonoco Products in the second quarter worth about $193,000. Natixis Advisors LLC increased its stake in Sonoco Products by 5.3% in the 2nd quarter. Natixis Advisors LLC now owns 132,499 shares of the industrial products company’s stock worth $6,720,000 after buying an additional 6,709 shares during the period. Finally, Financial Counselors Inc. increased its stake in Sonoco Products by 5.9% in the 2nd quarter. Financial Counselors Inc. now owns 228,028 shares of the industrial products company’s stock worth $11,566,000 after buying an additional 12,677 shares during the period. Hedge funds and other institutional investors own 77.69% of the company’s stock.

Sonoco Products Stock Performance

Shares of NYSE:SON opened at $48.89 on Monday. The firm has a 50 day moving average of $51.11 and a 200 day moving average of $52.30. The company has a quick ratio of 1.91, a current ratio of 2.36 and a debt-to-equity ratio of 1.74. The company has a market capitalization of $4.80 billion, a price-to-earnings ratio of 16.80, a price-to-earnings-growth ratio of 2.14 and a beta of 0.67. Sonoco Products has a 52 week low of $48.22 and a 52 week high of $61.73.

Sonoco Products (NYSE:SON) last announced its earnings results on Thursday, October 31st. The industrial products company reported $1.49 EPS for the quarter, topping analysts’ consensus estimates of $1.45 by $0.04. Sonoco Products had a net margin of 4.38% and a return on equity of 19.92%. The business had revenue of $1.68 billion during the quarter, compared to the consensus estimate of $1.72 billion. During the same period in the previous year, the company posted $1.46 earnings per share. The firm’s revenue was down 2.0% on a year-over-year basis. On average, sell-side analysts predict that Sonoco Products will post 5.09 earnings per share for the current fiscal year.

Sonoco Products Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 10th. Stockholders of record on Friday, November 8th were issued a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, November 8th. This represents a $2.08 annualized dividend and a dividend yield of 4.25%. Sonoco Products’s dividend payout ratio is presently 71.48%.

Wall Street Analyst Weigh In

A number of brokerages have commented on SON. Robert W. Baird dropped their target price on shares of Sonoco Products from $58.00 to $55.00 and set a “neutral” rating on the stock in a research note on Monday, November 4th. Citigroup increased their price objective on Sonoco Products from $62.00 to $63.00 and gave the stock a “buy” rating in a research note on Wednesday, October 2nd. Finally, Truist Financial assumed coverage on Sonoco Products in a report on Tuesday, November 26th. They set a “buy” rating and a $63.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $59.00.

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.