Principal Financial Group Inc. boosted its stake in shares of Sonoco Products Company (NYSE:SON) by 2.9% during the first quarter, Holdings Channel reports. The firm owned 407,650 shares of the industrial products company’s stock after buying an additional 11,392 shares during the period. Principal Financial Group Inc. owned about 0.40% of Sonoco Products Company worth $21,573,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of SON. Pictet Asset Management Ltd. bought a new stake in Sonoco Products Company during the first quarter valued at $106,000. IFP Advisors Inc boosted its stake in shares of Sonoco Products Company by 13.2% in the first quarter. IFP Advisors Inc now owns 2,077 shares of the industrial products company’s stock valued at $110,000 after buying an additional 242 shares during the period. Cranbrook Wealth Management LLC boosted its stake in shares of Sonoco Products Company by 445.4% in the first quarter. Cranbrook Wealth Management LLC now owns 2,449 shares of the industrial products company’s stock valued at $130,000 after buying an additional 2,000 shares during the period. Meadow Creek Investment Management LLC boosted its stake in shares of Sonoco Products Company by 11.5% in the first quarter. Meadow Creek Investment Management LLC now owns 3,264 shares of the industrial products company’s stock valued at $173,000 after buying an additional 336 shares during the period. Finally, Clinton Group Inc. acquired a new stake in shares of Sonoco Products Company during the first quarter valued at approximately $208,000. Institutional investors own 74.51% of the company’s stock.

Institutional Ownership by Quarter for Sonoco Products Company (NYSE:SON)

Sonoco Products Company (NYSE SON) traded up 1.54% during trading on Friday, reaching $51.39. The company’s stock had a trading volume of 903,248 shares. The company’s 50 day moving average price is $51.15 and its 200 day moving average price is $52.89. Sonoco Products Company has a 52 week low of $45.67 and a 52 week high of $55.58. The company has a market cap of $5.11 billion, a P/E ratio of 18.67 and a beta of 1.10.

Sonoco Products Company (NYSE:SON) last issued its quarterly earnings results on Thursday, April 20th. The industrial products company reported $0.59 EPS for the quarter, topping analysts’ consensus estimates of $0.57 by $0.02. The company had revenue of $1.17 billion for the quarter, compared to analyst estimates of $1.17 billion. Sonoco Products Company had a net margin of 5.93% and a return on equity of 17.10%. Sonoco Products Company’s revenue was down 4.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.65 earnings per share. On average, equities analysts anticipate that Sonoco Products Company will post $2.77 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Friday, June 9th. Investors of record on Friday, May 12th were given a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 3.04%. The ex-dividend date was Wednesday, May 10th. This is a boost from Sonoco Products Company’s previous quarterly dividend of $0.37. Sonoco Products Company’s payout ratio is currently 56.52%.

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Several analysts have recently commented on SON shares. BidaskClub raised Sonoco Products Company from a “strong sell” rating to a “sell” rating in a research report on Wednesday. Zacks Investment Research raised Sonoco Products Company from a “sell” rating to a “hold” rating in a research report on Thursday, March 9th. DA Davidson raised Sonoco Products Company from an “underperform” rating to a “neutral” rating and raised their target price for the stock from $48.00 to $54.00 in a research report on Friday, April 21st. Barclays PLC reaffirmed an “overweight” rating on shares of Sonoco Products Company in a research report on Friday, April 14th. Finally, Jefferies Group LLC reaffirmed a “hold” rating and issued a $48.00 target price (up previously from $47.00) on shares of Sonoco Products Company in a research report on Sunday, April 23rd. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $46.80.

In other news, VP James A. Harrell III sold 556 shares of the company’s stock in a transaction dated Monday, March 20th. The shares were sold at an average price of $54.50, for a total transaction of $30,302.00. Following the transaction, the vice president now owns 13,218 shares in the company, valued at $720,381. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Marcy J. Thompson sold 940 shares of the company’s stock in a transaction dated Friday, April 21st. The shares were sold at an average price of $53.28, for a total transaction of $50,083.20. Following the transaction, the vice president now owns 8,489 shares in the company, valued at approximately $452,293.92. The disclosure for this sale can be found here. Insiders own 1.90% of the company’s stock.

About Sonoco Products Company

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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