Federated Hermes Inc. Sells 466 Shares of Sonoco Products (NYSE:SON)

Federated Hermes Inc. lessened its holdings in Sonoco Products (NYSE:SON) by 4.5% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 9,847 shares of the industrial products company’s stock after selling 466 shares during the quarter. Federated Hermes Inc.’s holdings in Sonoco Products were worth $499,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Quadrature Capital Ltd bought a new position in shares of Sonoco Products during the fourth quarter valued at $969,000. Speece Thorson Capital Group Inc. increased its position in shares of Sonoco Products by 18.2% during the fourth quarter. Speece Thorson Capital Group Inc. now owns 266,036 shares of the industrial products company’s stock valued at $14,863,000 after acquiring an additional 41,006 shares in the last quarter. Sei Investments Co. raised its holdings in Sonoco Products by 6.9% in the 1st quarter. Sei Investments Co. now owns 1,363,937 shares of the industrial products company’s stock worth $78,890,000 after acquiring an additional 88,407 shares during the last quarter. Invenomic Capital Management LP lifted its position in Sonoco Products by 49.7% in the 4th quarter. Invenomic Capital Management LP now owns 97,813 shares of the industrial products company’s stock valued at $5,465,000 after acquiring an additional 32,460 shares in the last quarter. Finally, Russell Investments Group Ltd. boosted its stake in Sonoco Products by 49.3% during the 1st quarter. Russell Investments Group Ltd. now owns 123,974 shares of the industrial products company’s stock valued at $7,171,000 after purchasing an additional 40,927 shares during the last quarter. Institutional investors own 77.69% of the company’s stock.

Sonoco Products Stock Performance

SON opened at $54.29 on Tuesday. Sonoco Products has a 12-month low of $48.22 and a 12-month high of $61.73. The company has a market cap of $5.33 billion, a price-to-earnings ratio of 13.71, a PEG ratio of 2.16 and a beta of 0.68. The company has a current ratio of 1.30, a quick ratio of 0.85 and a debt-to-equity ratio of 1.04. The company’s 50 day moving average is $52.78 and its 200 day moving average is $55.31.

Sonoco Products (NYSE:SON) last posted its quarterly earnings data on Wednesday, July 31st. The industrial products company reported $1.28 earnings per share for the quarter, beating analysts’ consensus estimates of $1.26 by $0.02. The firm had revenue of $1.62 billion for the quarter, compared to analysts’ expectations of $1.69 billion. Sonoco Products had a return on equity of 20.10% and a net margin of 5.57%. The business’s quarterly revenue was down 4.8% on a year-over-year basis. During the same period in the previous year, the firm earned $1.38 EPS. On average, equities research analysts predict that Sonoco Products will post 5.09 EPS for the current year.

Sonoco Products Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Investors of record on Friday, August 9th were given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 3.83%. The ex-dividend date was Friday, August 9th. Sonoco Products’s dividend payout ratio is currently 52.53%.

Analysts Set New Price Targets

SON has been the topic of a number of research analyst reports. Citigroup lowered their price target on Sonoco Products from $64.00 to $60.00 and set a “buy” rating on the stock in a report on Monday, July 8th. Raymond James assumed coverage on shares of Sonoco Products in a research note on Friday, July 19th. They issued an “outperform” rating and a $62.00 price target for the company. StockNews.com cut shares of Sonoco Products from a “strong-buy” rating to a “buy” rating in a report on Wednesday, July 3rd. Finally, Wells Fargo & Company lowered shares of Sonoco Products from an “equal weight” rating to an “underweight” rating and decreased their target price for the company from $54.00 to $52.00 in a research note on Wednesday, August 21st. One analyst has rated the stock with a sell rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, Sonoco Products currently has an average rating of “Moderate Buy” and an average price target of $58.00.

Sonoco Products Company 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.