Sonoco Products Company $SON Shares Sold by Vanguard Group Inc.

Vanguard Group Inc. reduced its position in shares of Sonoco Products Company (NYSE:SON) by 3.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 9,990,310 shares of the industrial products company’s stock after selling 377,299 shares during the period. Vanguard Group Inc. owned about 0.10% of Sonoco Products worth $430,482,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Cornerstone Planning Group LLC acquired a new stake in Sonoco Products in the third quarter valued at $29,000. TD Waterhouse Canada Inc. acquired a new stake in shares of Sonoco Products during the 2nd quarter worth about $30,000. True Wealth Design LLC lifted its stake in Sonoco Products by 172.5% during the third quarter. True Wealth Design LLC now owns 744 shares of the industrial products company’s stock worth $32,000 after purchasing an additional 471 shares during the last quarter. SouthState Corp boosted its holdings in Sonoco Products by 439.1% in the second quarter. SouthState Corp now owns 1,240 shares of the industrial products company’s stock valued at $54,000 after purchasing an additional 1,010 shares in the last quarter. Finally, EverSource Wealth Advisors LLC increased its stake in Sonoco Products by 315.4% in the second quarter. EverSource Wealth Advisors LLC now owns 1,587 shares of the industrial products company’s stock valued at $69,000 after purchasing an additional 1,205 shares during the last quarter. Institutional investors and hedge funds own 77.69% of the company’s stock.

Sonoco Products Trading Down 2.1%

Shares of SON stock opened at $55.89 on Thursday. The company has a market capitalization of $5.51 billion, a P/E ratio of 5.55, a price-to-earnings-growth ratio of 1.14 and a beta of 0.54. The company has a current ratio of 1.05, a quick ratio of 0.60 and a debt-to-equity ratio of 1.04. The business’s 50 day moving average is $48.69 and its two-hundred day moving average is $45.04. Sonoco Products Company has a twelve month low of $38.65 and a twelve month high of $58.44.

Sonoco Products (NYSE:SON) last released its quarterly earnings results on Tuesday, February 17th. The industrial products company reported $1.05 EPS for the quarter, topping the consensus estimate of $1.01 by $0.04. Sonoco Products had a return on equity of 18.52% and a net margin of 13.34%.The business had revenue of $1.77 billion during the quarter, compared to analysts’ expectations of $1.76 billion. During the same quarter in the prior year, the business earned $1.17 earnings per share. The company’s quarterly revenue was up 29.7% compared to the same quarter last year. Equities analysts forecast that Sonoco Products Company will post 6.1 EPS for the current year.

Sonoco Products Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 10th. Stockholders of record on Wednesday, February 25th will be paid a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date is Wednesday, February 25th. Sonoco Products’s payout ratio is 21.05%.

Analyst Ratings Changes

Several brokerages have recently issued reports on SON. Robert W. Baird upped their target price on shares of Sonoco Products from $48.00 to $60.00 and gave the company a “neutral” rating in a report on Wednesday, February 18th. Bank of America raised shares of Sonoco Products from a “neutral” rating to a “buy” rating and boosted their price target for the company from $56.00 to $60.00 in a research report on Monday, January 5th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Sonoco Products in a research report on Wednesday, January 21st. Citigroup boosted their target price on Sonoco Products from $52.00 to $70.00 and gave the company a “buy” rating in a report on Thursday, February 19th. Finally, Raymond James Financial set a $60.00 price target on Sonoco Products in a research note on Monday, January 5th. Four equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $62.63.

Sonoco Products Company Profile

Sonoco Products Company (NYSE: SON) is a global provider of diversified packaging solutions, serving a wide range of consumer, industrial and retail markets. The company offers a broad portfolio that includes rigid paper and plastic containers, flexible packaging, industrial core and tube products, thermoformed plastics, retail point-of-purchase displays, and packaging supply chain services. Through its solutions, Sonoco helps customers in food and beverage, personal care, chemicals, healthcare, home and garden, and electronics industries address their packaging needs, improve product shelf appeal, and optimize logistics efficiency.

With operations in more than 30 countries across North America, South America, Europe, Asia and Africa, Sonoco leverages a global network of manufacturing facilities, recycling centers and distribution channels to meet the demands of multinational and regional customers.