BNP Paribas Financial Markets Reduces Holdings in Sonoco Products (NYSE:SON)

BNP Paribas Financial Markets cut its stake in Sonoco Products (NYSE:SON) by 63.2% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 12,630 shares of the industrial products company’s stock after selling 21,694 shares during the period. BNP Paribas Financial Markets’ holdings in Sonoco Products were worth $690,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the stock. Earnest Partners LLC increased its stake in Sonoco Products by 2.5% in the 2nd quarter. Earnest Partners LLC now owns 2,645,744 shares of the industrial products company’s stock valued at $134,192,000 after purchasing an additional 64,915 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Sonoco Products by 11.0% in the second quarter. Dimensional Fund Advisors LP now owns 2,631,259 shares of the industrial products company’s stock valued at $133,465,000 after buying an additional 261,062 shares in the last quarter. Victory Capital Management Inc. raised its stake in shares of Sonoco Products by 2.4% during the 2nd quarter. Victory Capital Management Inc. now owns 2,195,155 shares of the industrial products company’s stock worth $111,338,000 after buying an additional 50,577 shares during the last quarter. Pacer Advisors Inc. raised its stake in shares of Sonoco Products by 13,464.6% during the 2nd quarter. Pacer Advisors Inc. now owns 1,980,297 shares of the industrial products company’s stock worth $100,441,000 after buying an additional 1,965,698 shares during the last quarter. Finally, Sei Investments Co. boosted its position in shares of Sonoco Products by 9.3% in the 2nd quarter. Sei Investments Co. now owns 1,490,580 shares of the industrial products company’s stock worth $75,602,000 after buying an additional 126,643 shares in the last quarter. Institutional investors and hedge funds own 77.69% of the company’s stock.

Sonoco Products Stock Performance

Shares of NYSE SON opened at $52.14 on Friday. The company has a debt-to-equity ratio of 1.74, a current ratio of 2.36 and a quick ratio of 1.91. Sonoco Products has a one year low of $48.22 and a one year high of $61.73. The business’s 50-day moving average price is $51.96 and its two-hundred day moving average price is $53.14. The company has a market capitalization of $5.12 billion, a P/E ratio of 17.92, a price-to-earnings-growth ratio of 2.11 and a beta of 0.67.

Sonoco Products (NYSE:SON) last issued its quarterly earnings data 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. Sonoco Products had a return on equity of 19.92% and a net margin of 4.38%. The business had revenue of $1.68 billion for the quarter, compared to the consensus estimate of $1.72 billion. During the same period last year, the business earned $1.46 EPS. The firm’s revenue was down 2.0% compared to the same quarter last year. Analysts anticipate that Sonoco Products will post 5.09 earnings per share for the current fiscal year.

Sonoco Products Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 10th. Investors of record on Friday, November 8th were issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 3.99%. The ex-dividend date was Friday, November 8th. Sonoco Products’s dividend payout ratio is currently 71.48%.

Wall Street Analysts Forecast Growth

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

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.