Principal Financial Group Inc. increased its stake in Sonoco Products (NYSE:SON – Get Rating) by 0.6% during the fourth quarter, HoldingsChannel reports. The firm owned 382,427 shares of the industrial products company’s stock after acquiring an additional 2,245 shares during the period. Principal Financial Group Inc.’s holdings in Sonoco Products were worth $23,217,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds also recently modified their holdings of SON. State Street Corp raised its holdings in shares of Sonoco Products by 13.4% in the 1st quarter. State Street Corp now owns 8,240,829 shares of the industrial products company’s stock worth $515,546,000 after purchasing an additional 972,157 shares during the period. Fuller & Thaler Asset Management Inc. bought a new stake in Sonoco Products during the 1st quarter valued at $51,618,000. BlackRock Inc. raised its holdings in Sonoco Products by 3.4% during the 1st quarter. BlackRock Inc. now owns 10,991,558 shares of the industrial products company’s stock valued at $687,633,000 after acquiring an additional 362,516 shares during the period. Point72 Asset Management L.P. bought a new stake in Sonoco Products during the 3rd quarter valued at $18,086,000. Finally, Renaissance Technologies LLC raised its holdings in Sonoco Products by 166.1% during the 3rd quarter. Renaissance Technologies LLC now owns 477,200 shares of the industrial products company’s stock valued at $27,072,000 after acquiring an additional 297,900 shares during the period. Institutional investors own 76.43% of the company’s stock.
Analysts Set New Price Targets
SON has been the topic of a number of analyst reports. StockNews.com cut shares of Sonoco Products from a “buy” rating to a “hold” rating in a report on Thursday, May 11th. Bank of America boosted their target price on shares of Sonoco Products from $76.00 to $82.00 and gave the company a “buy” rating in a report on Thursday, April 20th. Seaport Res Ptn raised shares of Sonoco Products from a “neutral” rating to a “buy” rating in a report on Monday, March 20th. Deutsche Bank Aktiengesellschaft decreased their price target on shares of Sonoco Products from $61.00 to $57.00 in a report on Wednesday, March 15th. Finally, Argus raised shares of Sonoco Products from a “hold” rating to a “buy” rating and set a $67.00 price target on the stock in a report on Tuesday, February 14th. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $66.17.
Sonoco Products Trading Up 0.3 %
Sonoco Products (NYSE:SON – Get Rating) last announced its earnings results on Monday, May 1st. The industrial products company reported $1.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.33 by $0.07. Sonoco Products had a net margin of 6.93% and a return on equity of 29.17%. The company had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.84 billion. During the same period in the previous year, the business earned $1.85 earnings per share. The firm’s quarterly revenue was down 2.3% compared to the same quarter last year. Equities research analysts forecast that Sonoco Products will post 5.82 earnings per share for the current fiscal year.
Sonoco Products Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, June 9th. Investors of record on Wednesday, May 10th will be given a $0.51 dividend. The ex-dividend date of this dividend is Tuesday, May 9th. This is a positive change from Sonoco Products’s previous quarterly dividend of $0.49. This represents a $2.04 annualized dividend and a yield of 3.42%. Sonoco Products’s payout ratio is 40.40%.
Insider Buying and Selling
In related news, Director Robert R. Hill, Jr. bought 10,000 shares of the business’s stock in a transaction that occurred on Monday, March 13th. The stock was bought at an average cost of $56.00 per share, for a total transaction of $560,000.00. Following the completion of the transaction, the director now owns 20,065 shares of the company’s stock, valued at $1,123,640. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Sonoco Products news, insider Ernest D. Haynes III sold 1,834 shares of the company’s stock in a transaction dated Wednesday, March 1st. The shares were sold at an average price of $60.00, for a total transaction of $110,040.00. Following the completion of the sale, the insider now directly owns 1,729 shares in the company, valued at $103,740. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Robert R. Hill, Jr. purchased 10,000 shares of the business’s stock in a transaction on Monday, March 13th. The shares were acquired at an average price of $56.00 per share, with a total value of $560,000.00. Following the completion of the transaction, the director now owns 20,065 shares of the company’s stock, valued at $1,123,640. The disclosure for this purchase can be found here. 0.51% of the stock is owned by company insiders.
Sonoco Products Company Profile
Sonoco Products Co engages in the manufacture of industrial and consumer packaging products and services. It operates through the following segments: Consumer Packaging, Paper and Industrial Converted Products, Protective Solutions, and Display and Packaging. The Consumer Packaging segment offers round and shaped rigid containers, fiber and plastic caulk and adhesive tubes, and aluminum, steel, and peelable membrane easy-open closures for paper and metal cans.
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