International Assets Investment Management LLC Grows Stake in Sonoco Products (NYSE:SON)

International Assets Investment Management LLC grew its holdings in Sonoco Products (NYSE:SON) by 5,363.0% in the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 13,275 shares of the industrial products company’s stock after buying an additional 13,032 shares during the quarter. International Assets Investment Management LLC’s holdings in Sonoco Products were worth $725,000 at the end of the most recent quarter.

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

Wall Street Analyst Weigh In

A number of research firms have recently commented on SON. Citigroup raised their target price on Sonoco Products from $62.00 to $63.00 and gave the company a “buy” rating in a research note on Wednesday, October 2nd. Raymond James began coverage on Sonoco Products in a research note on Friday, July 19th. They issued an “outperform” rating and a $62.00 target price for the company. Robert W. Baird lowered their target price on Sonoco Products from $58.00 to $55.00 and set a “neutral” rating for the company in a research note on Monday. Finally, Wells Fargo & Company cut Sonoco Products from an “equal weight” rating to an “underweight” rating and lowered 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, one has assigned a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $58.00.

Sonoco Products Stock Down 0.6 %

SON stock opened at $50.25 on Wednesday. Sonoco Products has a twelve month low of $48.22 and a twelve month high of $61.73. The company has a quick ratio of 1.91, a current ratio of 2.36 and a debt-to-equity ratio of 1.74. The firm has a market cap of $4.94 billion, a PE ratio of 17.31, a price-to-earnings-growth ratio of 2.11 and a beta of 0.69. The business has a 50 day moving average of $53.98 and a 200 day moving average of $54.51.

Sonoco Products (NYSE:SON) last posted 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 company had revenue of $1.68 billion during the quarter, compared to analyst estimates of $1.72 billion. During the same quarter last year, the company earned $1.46 EPS. The firm’s revenue for the quarter was down 2.0% on a year-over-year basis. On average, research analysts forecast that Sonoco Products will post 5.08 EPS for the current fiscal year.

Sonoco Products Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Friday, November 8th will be given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 4.14%. The ex-dividend date is Friday, November 8th. Sonoco Products’s dividend payout ratio (DPR) is presently 71.48%.

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.