Sonoco Products (NYSE:SON) Stake Lowered by Principal Financial Group Inc.

Principal Financial Group Inc. decreased its stake in Sonoco Products (NYSE:SON) by 11.3% during the 2nd quarter, HoldingsChannel reports. 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.’s holdings in Sonoco Products were worth $16,594,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in SON. Wedmont Private Capital boosted its holdings in shares of Sonoco Products by 2.8% during the first quarter. Wedmont Private Capital now owns 6,541 shares of the industrial products company’s stock valued at $382,000 after acquiring an additional 178 shares during the period. Richardson Financial Services Inc. boosted its stake in Sonoco Products by 5.7% during the 1st quarter. Richardson Financial Services Inc. now owns 3,345 shares of the industrial products company’s stock valued at $193,000 after purchasing an additional 180 shares during the period. Curbstone Financial Management Corp grew its position in Sonoco Products by 0.7% in the 1st quarter. Curbstone Financial Management Corp now owns 27,750 shares of the industrial products company’s stock worth $1,605,000 after purchasing an additional 200 shares during the last quarter. FinTrust Capital Advisors LLC increased its stake in shares of Sonoco Products by 78.8% in the first 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 during the period. Finally, Sterling Investment Counsel LLC raised its holdings in shares of Sonoco Products by 5.2% during the first quarter. Sterling Investment Counsel LLC now owns 5,460 shares of the industrial products company’s stock valued at $316,000 after buying an additional 270 shares during the last quarter. Institutional investors and hedge funds own 77.69% of the company’s stock.

Sonoco Products Stock Performance

Shares of NYSE SON opened at $54.31 on Thursday. Sonoco Products has a 1 year low of $54.28 and a 1 year high of $56.58. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.85 and a current ratio of 1.30. The stock has a fifty day moving average price of $51.47 and a two-hundred day moving average price of $55.50. The firm has a market cap of $5.34 billion, a P/E ratio of 13.71, a PEG ratio of 2.20 and a beta of 0.68.

Sonoco Products (NYSE:SON) last released its earnings results on Wednesday, July 31st. The industrial products company reported $1.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.26 by $0.02. Sonoco Products had a return on equity of 20.10% and a net margin of 5.57%. The firm had revenue of $1.62 billion for the quarter, compared to analyst estimates of $1.69 billion. During the same period in the previous year, the company earned $1.38 earnings per share. Sonoco Products’s revenue was down 4.8% compared to the same quarter last year. Research analysts forecast that Sonoco Products will post 5.09 EPS for the current fiscal year.

Sonoco Products Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 10th. Investors of record on Friday, August 9th will be paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 3.83%. The ex-dividend date of this dividend is Friday, August 9th. Sonoco Products’s dividend payout ratio is presently 52.53%.

Analyst Ratings Changes

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