Principal Financial Group Inc. Grows Stake in Sonoco Products Company (SON)
Principal Financial Group Inc. lifted its stake in shares of Sonoco Products Company (NYSE:SON) by 0.4% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 424,584 shares of the industrial products company’s stock after purchasing an additional 1,878 shares during the period. Principal Financial Group Inc. owned about 0.43% of Sonoco Products worth $21,420,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds also recently added to or reduced their stakes in SON. Harfst & Associates Inc. purchased a new stake in shares of Sonoco Products during the second quarter worth about $126,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Sonoco Products by 18.6% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,752 shares of the industrial products company’s stock worth $193,000 after purchasing an additional 589 shares in the last quarter. Seven Eight Capital LP purchased a new stake in shares of Sonoco Products during the second quarter worth about $206,000. Tudor Investment Corp ET AL purchased a new stake in shares of Sonoco Products during the second quarter worth about $220,000. Finally, Stoneridge Investment Partners LLC purchased a new stake in shares of Sonoco Products during the third quarter worth about $227,000. 69.87% of the stock is owned by institutional investors and hedge funds.
Sonoco Products Company (NYSE SON) opened at $51.19 on Thursday. The company has a quick ratio of 1.11, a current ratio of 1.59 and a debt-to-equity ratio of 0.74. The firm has a market cap of $5,095.29, a PE ratio of 19.13, a price-to-earnings-growth ratio of 3.93 and a beta of 1.15. Sonoco Products Company has a fifty-two week low of $47.10 and a fifty-two week high of $55.58.
Sonoco Products (NYSE:SON) last posted its earnings results on Thursday, October 19th. The industrial products company reported $0.76 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.02. The company had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.27 billion. Sonoco Products had a net margin of 5.63% and a return on equity of 16.40%. Sonoco Products’s revenue was up 9.6% on a year-over-year basis. During the same period in the previous year, the business posted $0.72 EPS. equities research analysts predict that Sonoco Products Company will post 2.8 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 8th. Shareholders of record on Friday, November 10th will be issued a $0.39 dividend. The ex-dividend date is Thursday, November 9th. This represents a $1.56 annualized dividend and a yield of 3.05%. Sonoco Products’s payout ratio is 57.35%.
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A number of analysts have recently commented on the stock. Robert W. Baird reissued a “buy” rating and set a $60.00 target price on shares of Sonoco Products in a research note on Friday, November 10th. Jefferies Group LLC restated a “hold” rating and set a $48.00 price target on shares of Sonoco Products in a research report on Thursday, August 3rd. KeyCorp restated a “hold” rating on shares of Sonoco Products in a research report on Thursday, October 19th. Zacks Investment Research upgraded shares of Sonoco Products from a “sell” rating to a “hold” rating in a research report on Wednesday, October 18th. Finally, Barclays PLC boosted their price target on shares of Sonoco Products from $48.00 to $49.00 and gave the stock an “underweight” rating in a research report on Friday, October 20th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $52.00.
In other news, CFO Barry L. Saunders sold 5,645 shares of the business’s stock in a transaction that occurred on Thursday, October 26th. The shares were sold at an average price of $52.39, for a total value of $295,741.55. Following the sale, the chief financial officer now directly owns 60,455 shares of the company’s stock, valued at approximately $3,167,237.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Vicki B. Arthur sold 727 shares of the business’s stock in a transaction that occurred on Friday, October 20th. The shares were sold at an average price of $53.00, for a total transaction of $38,531.00. Following the completion of the sale, the senior vice president now directly owns 33,998 shares in the company, valued at $1,801,894. The disclosure for this sale can be found here. Insiders sold a total of 6,937 shares of company stock worth $363,088 over the last quarter. 1.90% of the stock is currently owned by company insiders.
About Sonoco Products
Sonoco Products Company is engaged in manufacturing of industrial and consumer packaging products, and providing packaging services. The Company operates in four segments: Consumer Packaging, Paper and Industrial Converted Products, Display and Packaging, and Protective Solutions. Its Consumer Packaging segment’s products and services include round composite cans, aluminum, steel and peelable membrane easy-open closures for composite and metal cans; plastic bottles, cups and trays, and printed flexible packaging and global brand management.
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