Sonoco Products (NYSE:SON) Shares Acquired by Geode Capital Management LLC

Geode Capital Management LLC boosted its stake in Sonoco Products (NYSE:SON) by 2.3% during the third quarter, Holdings Channel.com reports. The fund owned 1,863,756 shares of the industrial products company’s stock after purchasing an additional 42,701 shares during the quarter. Geode Capital Management LLC’s holdings in Sonoco Products were worth $101,842,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Kennebec Savings Bank acquired a new stake in shares of Sonoco Products in the third quarter valued at about $27,000. Capital Performance Advisors LLP purchased a new position in Sonoco Products in the 3rd quarter valued at about $33,000. Abich Financial Wealth Management LLC acquired a new stake in Sonoco Products in the 2nd quarter worth about $50,000. Northwestern Mutual Wealth Management Co. increased its stake in Sonoco Products by 821.1% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,879 shares of the industrial products company’s stock worth $95,000 after buying an additional 1,675 shares in the last quarter. Finally, Quantbot Technologies LP acquired a new position in shares of Sonoco Products during the third quarter valued at approximately $111,000. Hedge funds and other institutional investors own 77.69% of the company’s stock.

Sonoco Products Trading Down 2.8 %

Shares of SON stock opened at $49.06 on Thursday. Sonoco Products has a twelve month low of $48.22 and a twelve month high of $61.73. The stock has a market cap of $4.82 billion, a price-to-earnings ratio of 16.86, a PEG ratio of 2.14 and a beta of 0.67. The company’s 50-day moving average price is $51.75 and its 200-day moving average price is $52.83. 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 (NYSE:SON) last announced its quarterly earnings results on Thursday, October 31st. The industrial products company reported $1.49 EPS for the quarter, beating the consensus estimate of $1.45 by $0.04. The business had revenue of $1.68 billion for the quarter, compared to analyst estimates of $1.72 billion. Sonoco Products had a return on equity of 19.92% and a net margin of 4.38%. The company’s quarterly revenue was down 2.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.46 EPS. As a group, equities analysts predict that Sonoco Products will post 5.09 earnings per share for the current year.

Sonoco Products Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 10th. Stockholders of record on Friday, November 8th were issued a $0.52 dividend. The ex-dividend date was Friday, November 8th. This represents a $2.08 annualized dividend and a dividend yield of 4.24%. Sonoco Products’s dividend payout ratio is currently 71.48%.

Analysts Set New Price Targets

SON has been the topic of a number of research analyst reports. Robert W. Baird lowered their price target on Sonoco Products from $58.00 to $55.00 and set a “neutral” rating on the stock in a research note on Monday, November 4th. Truist Financial started coverage on shares of Sonoco Products in a research note on Tuesday, November 26th. They set a “buy” rating and a $63.00 target price on the stock. Wells Fargo & Company cut shares of Sonoco Products from an “equal weight” rating to an “underweight” rating and reduced their target price for the company from $54.00 to $52.00 in a research report on Wednesday, August 21st. Finally, Citigroup boosted their price target on shares of Sonoco Products from $62.00 to $63.00 and gave the stock a “buy” rating in a research report on Wednesday, October 2nd. One analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $59.00.

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.