ING Groep NV Buys New Shares in Sonoco Products (NYSE:SON)

ING Groep NV purchased a new position in shares of Sonoco Products (NYSE:SON - Free Report) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 21,300 shares of the industrial products company's stock, valued at approximately $1,164,000.

Other hedge funds have also modified their holdings of the company. Kennebec Savings Bank purchased a new position in shares of Sonoco Products during the 3rd quarter worth $27,000. Capital Performance Advisors LLP purchased a new position in Sonoco Products during the 3rd quarter valued at about $33,000. Allspring Global Investments Holdings LLC purchased a new position in Sonoco Products during the 1st quarter valued at about $50,000. Abich Financial Wealth Management LLC purchased a new position in Sonoco Products during the 2nd quarter valued at about $50,000. Finally, Gradient Investments LLC purchased a new position in Sonoco Products during the 2nd quarter valued at about $58,000. 77.69% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

SON has been the subject of a number of research analyst reports. 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 report on Monday, November 4th. Citigroup increased their price target on Sonoco Products from $62.00 to $63.00 and gave the company a "buy" rating in a research report on Wednesday, October 2nd. Finally, Wells Fargo & Company lowered Sonoco Products from an "equal weight" rating to an "underweight" rating and reduced their price target for the company from $54.00 to $52.00 in a research report on Wednesday, August 21st. One analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the company's stock. According to data from MarketBeat.com, Sonoco Products currently has a consensus rating of "Hold" and an average price target of $58.00.

Sonoco Products Price Performance

Shares of Sonoco Products stock traded down $0.20 during trading on Monday, reaching $49.87. The company's stock had a trading volume of 341,345 shares, compared to its average volume of 614,997. The business has a 50 day moving average price of $53.16 and a 200-day moving average price of $54.14. The company has a market capitalization of $4.90 billion, a P/E ratio of 17.21, a price-to-earnings-growth ratio of 2.06 and a beta of 0.69. Sonoco Products has a 12-month low of $48.22 and a 12-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.

Sonoco Products (NYSE:SON - Get Free Report) last issued its quarterly earnings data on Thursday, October 31st. The industrial products company reported $1.49 earnings per share (EPS) for the quarter, topping the consensus estimate 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 return on equity of 19.92% and a net margin of 4.38%. Sonoco Products's revenue was down 2.0% on a year-over-year basis. During the same period in the previous year, the firm posted $1.46 earnings per share. As a group, sell-side analysts anticipate that Sonoco Products will post 5.1 EPS for the current year.

Sonoco Products Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Friday, November 8th will be issued a $0.52 dividend. The ex-dividend date of this dividend is Friday, November 8th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.17%. Sonoco Products's dividend payout ratio (DPR) is 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.