BNP Paribas Financial Markets trimmed its position in Sonoco Products (NYSE:SON - Free Report) by 63.2% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 12,630 shares of the industrial products company's stock after selling 21,694 shares during the period. BNP Paribas Financial Markets' holdings in Sonoco Products were worth $690,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently modified their holdings of the company. CWM LLC lifted its stake in Sonoco Products by 142.6% in the 2nd quarter. CWM LLC now owns 3,050 shares of the industrial products company's stock valued at $155,000 after acquiring an additional 1,793 shares in the last quarter. SG Americas Securities LLC acquired a new position in Sonoco Products during the second quarter worth $830,000. Blue Trust Inc. grew its position in Sonoco Products by 69.0% in the second quarter. Blue Trust Inc. now owns 10,817 shares of the industrial products company's stock valued at $549,000 after purchasing an additional 4,418 shares in the last quarter. Gradient Investments LLC acquired a new stake in Sonoco Products in the 2nd quarter valued at $58,000. Finally, Raymond James & Associates lifted its position in Sonoco Products by 5.4% during the 2nd quarter. Raymond James & Associates now owns 102,935 shares of the industrial products company's stock worth $5,221,000 after buying an additional 5,301 shares in the last quarter. 77.69% of the stock is owned by institutional investors and hedge funds.
Sonoco Products Stock Performance
NYSE:SON traded down $0.21 on Friday, hitting $51.92. The company's stock had a trading volume of 607,629 shares, compared to its average volume of 614,506. 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 one year low of $48.22 and a one year high of $61.73. The stock has a fifty day moving average of $51.96 and a two-hundred day moving average of $53.14. The firm has a market capitalization of $5.10 billion, a P/E ratio of 17.73, a price-to-earnings-growth ratio of 2.14 and a beta of 0.67.
Sonoco Products (NYSE:SON - Get Free Report) last announced its quarterly earnings results on Thursday, October 31st. The industrial products company reported $1.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.45 by $0.04. Sonoco Products had a return on equity of 19.92% and a net margin of 4.38%. The business had revenue of $1.68 billion during the quarter, compared to the consensus estimate of $1.72 billion. During the same quarter last year, the firm posted $1.46 EPS. The company's quarterly revenue was down 2.0% on a year-over-year basis. Research analysts predict that Sonoco Products will post 5.09 earnings per share for the current year.
Sonoco Products Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Tuesday, December 10th. Shareholders 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 yield of 4.01%. Sonoco Products's dividend payout ratio is currently 71.48%.
Analyst Ratings Changes
Several brokerages have recently weighed in on SON. Citigroup raised their price objective on Sonoco Products from $62.00 to $63.00 and gave the company a "buy" rating in a report on Wednesday, October 2nd. Robert W. Baird decreased their price target on Sonoco Products from $58.00 to $55.00 and set a "neutral" rating for the company in a research note on Monday, November 4th. Wells Fargo & Company cut Sonoco Products from an "equal weight" rating to an "underweight" rating and dropped their price objective for the stock from $54.00 to $52.00 in a research note on Wednesday, August 21st. Finally, Truist Financial initiated coverage on Sonoco Products in a report on Tuesday, November 26th. They issued a "buy" rating and a $63.00 price objective for the company. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $59.00.
Read Our Latest Report on Sonoco Products
About Sonoco Products
(
Free Report)
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.
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