Sonoco Products (NYSE:SON) Sets New 1-Year High After Dividend Announcement

Sonoco Products Company (NYSE:SON) shares hit a new 52-week high on Wednesday following a dividend announcement from the company. The company traded as high as $51.84 and last traded at $51.4680, with a volume of 58347 shares traded. The stock had previously closed at $51.34.

The newly announced dividend which will be paid on Tuesday, March 10th. Shareholders of record on Wednesday, February 25th will be given a $0.53 dividend. The ex-dividend date of this dividend is Wednesday, February 25th. This represents a $2.12 dividend on an annualized basis and a yield of 4.1%. Sonoco Products’s payout ratio is 33.65%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on SON. UBS Group raised their price target on shares of Sonoco Products from $44.00 to $48.00 and gave the company a “neutral” rating in a report on Monday, January 12th. Wall Street Zen upgraded Sonoco Products from a “hold” rating to a “buy” rating in a research note on Saturday, February 7th. Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $47.00 price objective (down previously from $52.00) on shares of Sonoco Products in a report on Tuesday, January 6th. Truist Financial raised their price objective on shares of Sonoco Products from $53.00 to $54.00 and gave the stock a “buy” rating in a report on Tuesday, January 6th. Finally, Bank of America upgraded Sonoco Products from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $56.00 to $60.00 in a research note on Monday, January 5th. Four investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, Sonoco Products currently has a consensus rating of “Hold” and an average target price of $54.86.

Sonoco Products Trading Up 0.3%

The stock has a 50 day simple moving average of $46.27 and a 200-day simple moving average of $44.43. The company has a current ratio of 0.92, a quick ratio of 0.58 and a debt-to-equity ratio of 1.14. The firm has a market cap of $5.07 billion, a P/E ratio of 8.14, a P/E/G ratio of 0.80 and a beta of 0.54.

Hedge Funds Weigh In On Sonoco Products

Several hedge funds have recently made changes to their positions in SON. Savant Capital LLC boosted its position in shares of Sonoco Products by 415.0% during the third quarter. Savant Capital LLC now owns 37,875 shares of the industrial products company’s stock worth $1,632,000 after buying an additional 30,520 shares during the period. Allen Wealth Management LLC purchased a new stake in shares of Sonoco Products in the third quarter valued at about $1,489,000. AlphaQuest LLC lifted its stake in shares of Sonoco Products by 1,237.0% in the 3rd quarter. AlphaQuest LLC now owns 24,079 shares of the industrial products company’s stock worth $1,038,000 after acquiring an additional 22,278 shares during the period. Voya Investment Management LLC increased its stake in shares of Sonoco Products by 329.3% during the third quarter. Voya Investment Management LLC now owns 50,390 shares of the industrial products company’s stock worth $2,171,000 after acquiring an additional 38,653 shares during the period. Finally, Pacer Advisors Inc. purchased a new position in Sonoco Products during the third quarter worth about $560,000. 77.69% of the stock is owned by institutional investors and hedge funds.

About Sonoco Products

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.