Quarry LP Has $225,000 Stock Position in Sonoco Products (NYSE:SON)

Quarry LP boosted its position in Sonoco Products (NYSE:SON) by 346.7% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 4,440 shares of the industrial products company’s stock after purchasing an additional 3,446 shares during the period. Quarry LP’s holdings in Sonoco Products were worth $225,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of SON. William B. Walkup & Associates Inc. acquired a new stake in Sonoco Products during the second quarter worth approximately $360,000. Northwestern Mutual Wealth Management Co. lifted 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 acquiring an additional 1,675 shares during the last quarter. Algert Global LLC acquired a new stake in Sonoco Products during the second quarter worth approximately $502,000. Dark Forest Capital Management LP acquired a new stake in Sonoco Products during the second quarter worth approximately $273,000. Finally, Deerfield Management Company L.P. Series C lifted its position in Sonoco Products by 41.7% during the second quarter. Deerfield Management Company L.P. Series C now owns 14,314 shares of the industrial products company’s stock worth $726,000 after acquiring an additional 4,209 shares during the last quarter. 77.69% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

Sonoco Products Price Performance

Shares of NYSE:SON opened at $54.63 on Tuesday. The firm has a market cap of $5.37 billion, a PE ratio of 13.80, a price-to-earnings-growth ratio of 2.11 and a beta of 0.68. The firm’s fifty day moving average is $53.02 and its 200-day moving average is $55.20. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.85 and a current ratio of 1.30. Sonoco Products has a 52 week low of $48.22 and a 52 week high of $61.73.

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

Sonoco Products Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Investors of record on Friday, August 9th were issued a $0.52 dividend. The ex-dividend date was Friday, August 9th. This represents a $2.08 annualized dividend and a yield of 3.81%. Sonoco Products’s payout ratio is 52.53%.

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.