Jane Street Group LLC Purchases 140,370 Shares of Sonoco Products (NYSE:SON)

Jane Street Group LLC increased its position in shares of Sonoco Products (NYSE:SON) by 312.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 185,351 shares of the industrial products company’s stock after acquiring an additional 140,370 shares during the quarter. Jane Street Group LLC’s holdings in Sonoco Products were worth $10,126,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Kennebec Savings Bank acquired a new stake in Sonoco Products during the 3rd quarter worth approximately $27,000. Capital Performance Advisors LLP acquired a new stake in shares of Sonoco Products in the third quarter valued at approximately $33,000. Abich Financial Wealth Management LLC acquired a new stake in shares of Sonoco Products in the second quarter valued at approximately $50,000. Gradient Investments LLC acquired a new stake in shares of Sonoco Products in the second quarter valued at approximately $58,000. Finally, Northwestern Mutual Wealth Management Co. raised its holdings in shares of Sonoco Products by 821.1% in 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 purchasing an additional 1,675 shares during the last quarter. Institutional investors own 77.69% of the company’s stock.

Analyst Ratings Changes

SON has been the topic of a number of recent analyst reports. Citigroup boosted their target price on shares of Sonoco Products from $62.00 to $63.00 and gave the stock a “buy” rating in a report on Wednesday, October 2nd. Truist Financial began coverage on shares of Sonoco Products in a research report on Tuesday, November 26th. They issued a “buy” rating and a $63.00 target price for the company. Robert W. Baird reduced their target price on shares of Sonoco Products from $58.00 to $55.00 and set a “neutral” rating for the company in a research report on Monday, November 4th. Finally, Wells Fargo & Company downgraded 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 note on Wednesday, August 21st. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $59.00.

Sonoco Products Stock Up 0.2 %

SON stock opened at $52.14 on Friday. The stock 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. The company has a current ratio of 2.36, a quick ratio of 1.91 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 firm has a 50-day moving average price of $51.96 and a 200-day moving average price of $53.14.

Sonoco Products (NYSE:SON) last posted its earnings results on Thursday, October 31st. The industrial products company reported $1.49 EPS for the quarter, topping analysts’ consensus estimates of $1.45 by $0.04. The firm had revenue of $1.68 billion during the quarter, compared to analysts’ expectations of $1.72 billion. Sonoco Products had a net margin of 4.38% and a return on equity of 19.92%. The business’s revenue for the quarter was down 2.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.46 earnings per share. As a group, equities research analysts anticipate that Sonoco Products will post 5.09 EPS for the current fiscal year.

Sonoco Products Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 10th. Investors of record on Friday, November 8th were issued a $0.52 dividend. The ex-dividend date of this dividend was Friday, November 8th. This represents a $2.08 dividend on an annualized basis and a yield of 3.99%. Sonoco Products’s dividend payout ratio (DPR) is presently 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.