Charles Schwab Investment Management Inc. Increases Stock Position in Sonoco Products (NYSE:SON)

Charles Schwab Investment Management Inc. raised its stake in Sonoco Products (NYSE:SON - Free Report) by 50.4% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,029,166 shares of the industrial products company's stock after acquiring an additional 344,658 shares during the period. Charles Schwab Investment Management Inc. owned approximately 1.05% of Sonoco Products worth $56,223,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the stock. Kennebec Savings Bank bought a new position in shares of Sonoco Products during the 3rd quarter valued at approximately $27,000. Capital Performance Advisors LLP bought a new position in Sonoco Products during the third quarter valued at $33,000. Abich Financial Wealth Management LLC purchased a new position in shares of Sonoco Products in the 2nd quarter worth $50,000. Gradient Investments LLC bought a new stake in shares of Sonoco Products in the 2nd quarter worth about $58,000. Finally, Northwestern Mutual Wealth Management Co. raised its position in shares of 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 valued at $95,000 after buying an additional 1,675 shares in the last quarter. Hedge funds and other institutional investors own 77.69% of the company's stock.

Sonoco Products Trading Up 1.1 %

SON stock traded up $0.57 during midday trading on Friday, reaching $51.88. The company's stock had a trading volume of 308,192 shares, compared to its average volume of 626,990. Sonoco Products has a 1 year low of $48.22 and a 1 year high of $61.73. The firm has a market capitalization of $5.10 billion, a price-to-earnings ratio of 17.83, a PEG ratio of 2.14 and a beta of 0.69. The stock has a fifty day simple moving average of $52.37 and a two-hundred day simple moving average of $53.65. The company has a debt-to-equity ratio of 1.74, a quick ratio of 1.91 and a current ratio of 2.36.

Sonoco Products (NYSE:SON - Get Free Report) last posted its quarterly earnings results on Thursday, October 31st. The industrial products company reported $1.49 EPS for the quarter, topping the consensus estimate of $1.45 by $0.04. The company had revenue of $1.68 billion for the quarter, compared to the consensus estimate of $1.72 billion. Sonoco Products had a net margin of 4.38% and a return on equity of 19.92%. The firm's revenue was down 2.0% compared to the same quarter last year. During the same quarter last year, the firm posted $1.46 EPS. On average, equities research analysts predict that Sonoco Products will post 5.09 EPS for the current year.

Sonoco Products Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Friday, November 8th will be issued a dividend of $0.52 per share. The ex-dividend date is Friday, November 8th. This represents a $2.08 annualized dividend and a yield of 4.01%. Sonoco Products's payout ratio is currently 71.48%.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Citigroup boosted their price objective on Sonoco Products from $62.00 to $63.00 and gave the stock a "buy" rating in a research note on Wednesday, October 2nd. Wells Fargo & Company downgraded Sonoco Products from an "equal weight" rating to an "underweight" rating and cut their target price for the company from $54.00 to $52.00 in a research report on Wednesday, August 21st. Robert W. Baird lowered their price target on 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, Truist Financial assumed coverage on shares of Sonoco Products in a research report on Tuesday, November 26th. They set a "buy" rating and a $63.00 price objective on the stock. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $59.00.

Sonoco Products Company 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.