Fmr LLC Acquires 230,709 Shares of Sonoco Products (NYSE:SON)

Fmr LLC grew its holdings in shares of Sonoco Products (NYSE:SON) by 70.1% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 559,596 shares of the industrial products company’s stock after buying an additional 230,709 shares during the quarter. Fmr LLC owned approximately 0.57% of Sonoco Products worth $30,571,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the business. Kennebec Savings Bank bought a new stake in Sonoco Products in the third quarter valued at approximately $27,000. Capital Performance Advisors LLP acquired a new position in shares of Sonoco Products during the 3rd quarter worth approximately $33,000. Abich Financial Wealth Management LLC acquired a new stake in Sonoco Products during the 2nd quarter valued at $50,000. Gradient Investments LLC bought a new position in Sonoco Products during the second quarter worth $58,000. Finally, Northwestern Mutual Wealth Management Co. boosted its position in Sonoco Products by 821.1% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,879 shares of the industrial products company’s stock worth $95,000 after purchasing an additional 1,675 shares during the period. 77.69% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

Sonoco Products Stock Up 0.6 %

Shares of NYSE:SON opened at $51.23 on Monday. The firm has a market capitalization of $5.03 billion, a PE ratio of 17.60, a price-to-earnings-growth ratio of 2.14 and a beta of 0.67. The company has a debt-to-equity ratio of 1.74, a quick ratio of 1.91 and a current ratio of 2.36. Sonoco Products has a 52-week low of $48.22 and a 52-week high of $61.73. The firm has a fifty day moving average of $52.12 and a 200 day moving average of $53.28.

Sonoco Products (NYSE:SON) last posted its quarterly earnings results on Thursday, October 31st. The industrial products company reported $1.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.45 by $0.04. The business had revenue of $1.68 billion for the quarter, compared to analyst estimates of $1.72 billion. Sonoco Products had a return on equity of 19.92% and a net margin of 4.38%. Sonoco Products’s revenue for the quarter was down 2.0% compared to the same quarter last year. During the same period last year, the company earned $1.46 EPS. As a group, research analysts anticipate that Sonoco Products will post 5.09 EPS for the current fiscal year.

Sonoco Products Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Friday, November 8th will be paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.06%. The ex-dividend date of this dividend is Friday, November 8th. Sonoco Products’s dividend payout ratio is 71.48%.

About Sonoco Products

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.