Sonoco Products (NYSE:SON) Shares Purchased by State of Alaska Department of Revenue

State of Alaska Department of Revenue raised its position in Sonoco Products (NYSE:SON) by 7.3% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 11,351 shares of the industrial products company’s stock after purchasing an additional 770 shares during the quarter. State of Alaska Department of Revenue’s holdings in Sonoco Products were worth $620,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Allspring Global Investments Holdings LLC acquired a new stake in Sonoco Products in the first quarter worth about $50,000. Abich Financial Wealth Management LLC acquired a new stake in shares of Sonoco Products in the 2nd quarter worth approximately $50,000. Gradient Investments LLC bought a new position in shares of Sonoco Products in the second quarter valued at approximately $58,000. Northwestern Mutual Wealth Management Co. increased its stake in shares of 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 valued at $95,000 after acquiring an additional 1,675 shares during the period. Finally, Lazard Asset Management LLC bought a new stake in Sonoco Products during the first quarter worth approximately $122,000. Institutional investors own 77.69% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on SON. Wells Fargo & Company cut Sonoco Products from an “equal weight” rating to an “underweight” rating and lowered their price target for the company from $54.00 to $52.00 in a research report on Wednesday, August 21st. Robert W. Baird lowered their target price on Sonoco Products from $58.00 to $55.00 and set a “neutral” rating on the stock in a report on Monday. Raymond James assumed coverage on shares of Sonoco Products in a report on Friday, July 19th. They issued an “outperform” rating and a $62.00 price target for the company. Finally, Citigroup lifted their price objective on shares of Sonoco Products from $62.00 to $63.00 and gave the stock a “buy” rating in a research note on Wednesday, October 2nd. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $58.00.

Sonoco Products Trading Down 0.5 %

Shares of NYSE SON opened at $51.11 on Friday. The company has a quick ratio of 1.91, a current ratio of 2.36 and a debt-to-equity ratio of 1.74. 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 $5.02 billion, a price-to-earnings ratio of 17.56, a P/E/G ratio of 2.09 and a beta of 0.69. The business has a fifty day simple moving average of $53.76 and a 200-day simple moving average of $54.42.

Sonoco Products (NYSE:SON) last posted its quarterly earnings data on Thursday, October 31st. The industrial products company reported $1.49 EPS for the quarter, beating analysts’ consensus estimates of $1.45 by $0.04. The company had revenue of $1.68 billion during the quarter, compared to analyst estimates of $1.72 billion. Sonoco Products had a net margin of 4.38% and a return on equity of 19.92%. The business’s quarterly revenue was down 2.0% on a year-over-year basis. During the same period in the prior year, the firm earned $1.46 earnings per share. Sell-side analysts predict that Sonoco Products will post 5.08 EPS for the current year.

Sonoco Products Dividend Announcement

The company 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 annualized dividend and a yield of 4.07%. The ex-dividend date is Friday, November 8th. Sonoco Products’s dividend payout ratio (DPR) is currently 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.