Edgestream Partners L.P. Decreases Stake in Sonoco Products (NYSE:SON)

Edgestream Partners L.P. lessened its stake in Sonoco Products (NYSE:SON - Free Report) by 57.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 29,367 shares of the industrial products company's stock after selling 39,514 shares during the quarter. Edgestream Partners L.P.'s holdings in Sonoco Products were worth $1,604,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Mercer Global Advisors Inc. ADV grew its stake in shares of Sonoco Products by 2.7% in the second quarter. Mercer Global Advisors Inc. ADV now owns 8,862 shares of the industrial products company's stock valued at $445,000 after buying an additional 237 shares in the last quarter. Creative Financial Designs Inc. ADV increased its position in shares of Sonoco Products by 13.9% during the third quarter. Creative Financial Designs Inc. ADV now owns 2,373 shares of the industrial products company's stock worth $130,000 after purchasing an additional 289 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Sonoco Products by 1.5% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 19,765 shares of the industrial products company's stock worth $1,002,000 after purchasing an additional 298 shares in the last quarter. TD Asset Management Inc increased its position in shares of Sonoco Products by 2.0% during the second quarter. TD Asset Management Inc now owns 15,200 shares of the industrial products company's stock worth $771,000 after purchasing an additional 300 shares in the last quarter. Finally, Curi RMB Capital LLC increased its position in Sonoco Products by 2.4% in the 3rd quarter. Curi RMB Capital LLC now owns 12,979 shares of the industrial products company's stock valued at $709,000 after acquiring an additional 304 shares during the period. Institutional investors and hedge funds own 77.69% of the company's stock.

Analyst Ratings Changes

Several equities analysts have issued reports on the company. Truist Financial initiated coverage on Sonoco Products in a research report on Tuesday, November 26th. They set a "buy" rating and a $63.00 target price on the stock. Citigroup lifted their price target 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 dropped their price target 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 shares of Sonoco Products from an "equal weight" rating to an "underweight" rating and decreased their target price 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 issued a hold rating and four have given a buy rating to the company's stock. According to MarketBeat, Sonoco Products presently has an average rating of "Moderate Buy" and an average price target of $59.00.

Sonoco Products Price Performance

Shares of Sonoco Products stock traded down $0.25 during trading on Wednesday, reaching $51.91. The company's stock had a trading volume of 418,259 shares, compared to its average volume of 613,867. The stock has a market capitalization of $5.10 billion, a P/E ratio of 17.93, a price-to-earnings-growth ratio of 2.15 and a beta of 0.67. Sonoco Products has a one year low of $48.22 and a one year high of $61.73. The company has a current ratio of 2.36, a quick ratio of 1.91 and a debt-to-equity ratio of 1.74. The stock has a 50-day moving average price of $52.28 and a two-hundred day moving average price of $53.49.

Sonoco Products (NYSE:SON - Get Free Report) last announced its quarterly earnings data on Thursday, October 31st. The industrial products company reported $1.49 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.45 by $0.04. The company had revenue of $1.68 billion for 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%. The business's revenue was down 2.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.46 EPS. As a group, sell-side analysts anticipate that Sonoco Products will post 5.09 EPS for the current fiscal year.

Sonoco Products Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Friday, November 8th will be given a dividend of $0.52 per share. 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 4.01%. Sonoco Products's dividend payout ratio (DPR) is 71.48%.

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.