Cerity Partners LLC Grows Holdings in Sonoco Products (NYSE:SON)

Cerity Partners LLC grew its stake in shares of Sonoco Products (NYSE:SON) by 17.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 24,042 shares of the industrial products company’s stock after acquiring an additional 3,547 shares during the quarter. Cerity Partners LLC’s holdings in Sonoco Products were worth $1,313,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of SON. Mercer Global Advisors Inc. ADV boosted its holdings in Sonoco Products by 2.7% in the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 8,862 shares of the industrial products company’s stock worth $445,000 after acquiring an additional 237 shares during the period. Creative Financial Designs Inc. ADV lifted its stake in Sonoco Products by 13.9% during the third quarter. Creative Financial Designs Inc. ADV now owns 2,373 shares of the industrial products company’s stock worth $130,000 after purchasing an additional 289 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Sonoco Products by 1.5% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 19,765 shares of the industrial products company’s stock worth $1,002,000 after purchasing an additional 298 shares during the last quarter. TD Asset Management Inc lifted its stake in Sonoco Products by 2.0% during the second quarter. TD Asset Management Inc now owns 15,200 shares of the industrial products company’s stock worth $771,000 after purchasing an additional 300 shares during the last quarter. Finally, Curi RMB Capital LLC increased its position in Sonoco Products by 2.4% in the third quarter. Curi RMB Capital LLC now owns 12,979 shares of the industrial products company’s stock worth $709,000 after buying an additional 304 shares during the period. Institutional investors and hedge funds own 77.69% of the company’s stock.

Sonoco Products Stock Performance

Shares of NYSE SON opened at $52.19 on Wednesday. The business has a fifty day simple moving average of $52.32 and a 200 day simple moving average of $53.55. Sonoco Products has a one year low of $48.22 and a one year high of $61.73. The firm has a market capitalization of $5.13 billion, a price-to-earnings ratio of 17.93, a PEG ratio of 2.15 and a beta of 0.67. The company has a current ratio of 2.36, a quick ratio of 1.91 and a debt-to-equity ratio of 1.74.

Sonoco Products (NYSE:SON) last announced its quarterly earnings results on Thursday, October 31st. The industrial products company reported $1.49 earnings per share for the quarter, beating analysts’ consensus estimates of $1.45 by $0.04. The firm had revenue of $1.68 billion for the quarter, compared to analysts’ expectations of $1.72 billion. Sonoco Products had a return on equity of 19.92% and a net margin of 4.38%. The business’s revenue was down 2.0% compared to the same quarter last year. During the same period in the prior year, the business posted $1.46 earnings per share. Sell-side analysts expect that Sonoco Products will post 5.09 EPS for the current year.

Sonoco Products Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Friday, November 8th will be paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 3.99%. The ex-dividend date of this dividend is Friday, November 8th. Sonoco Products’s dividend payout ratio (DPR) is presently 71.48%.

Wall Street Analyst Weigh In

SON has been the topic of a number of research analyst reports. Citigroup lifted their target price on Sonoco Products from $62.00 to $63.00 and gave the stock a “buy” rating in a report on Wednesday, October 2nd. Wells Fargo & Company downgraded Sonoco Products from an “equal weight” rating to an “underweight” rating and cut their price objective for the company from $54.00 to $52.00 in a research note on Wednesday, August 21st. Truist Financial began coverage on Sonoco Products in a research note on Tuesday, November 26th. They issued a “buy” rating and a $63.00 price objective on the stock. Finally, Robert W. Baird dropped their price target on Sonoco Products from $58.00 to $55.00 and set a “neutral” rating on the stock in a research report on Monday, November 4th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $59.00.

Sonoco Products Profile

Sonoco Products Company, together with its subsidiaries, designs, develops, manufactures, and sells various engineered and sustainable packaging products in North and South America, Europe, Australia, and Asia. The company operates Consumer Packaging and Industrial Paper Packaging segments. The Consumer Packaging segment offers round and shaped rigid paper, steel, and plastic containers; metal and peelable membrane ends, closures, and components; thermoformed plastic trays and enclosures; and high-barrier flexible packaging products.