Fmr LLC Acquires 230,709 Shares of Sonoco Products (NYSE:SON)

FMR LLC grew its stake in shares of Sonoco Products (NYSE:SON - Free Report) by 70.1% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 559,596 shares of the industrial products company's stock after buying an additional 230,709 shares during the quarter. FMR LLC owned 0.57% of Sonoco Products worth $30,571,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Kennebec Savings Bank purchased a new stake in shares of Sonoco Products in the 3rd quarter worth about $27,000. Capital Performance Advisors LLP purchased a new stake in shares of Sonoco Products in the 3rd quarter worth about $33,000. Abich Financial Wealth Management LLC purchased a new stake in shares of Sonoco Products in the 2nd quarter worth about $50,000. Gradient Investments LLC purchased a new stake in shares of Sonoco Products in the 2nd quarter worth about $58,000. Finally, Northwestern Mutual Wealth Management Co. lifted its position in shares of Sonoco Products by 821.1% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,879 shares of the industrial products company's stock worth $95,000 after purchasing an additional 1,675 shares during the period. Hedge funds and other institutional investors own 77.69% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. Robert W. Baird dropped their target price 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. Truist Financial started coverage on shares of Sonoco Products in a research report on Tuesday, November 26th. They set a "buy" rating and a $63.00 price target for the company. Citigroup lifted their price target on shares of 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 cut shares of Sonoco Products from an "equal weight" rating to an "underweight" rating and lowered 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 four have given a buy rating to the stock. According to data from MarketBeat, Sonoco Products presently has a consensus rating of "Moderate Buy" and an average price target of $59.00.

Sonoco Products Stock Up 1.6 %

Sonoco Products stock traded up $0.80 during trading hours on Monday, hitting $52.03. The stock had a trading volume of 688,500 shares, compared to its average volume of 613,322. The company has a quick ratio of 1.91, a current ratio of 2.36 and a debt-to-equity ratio of 1.74. The stock has a market capitalization of $5.11 billion, a P/E ratio of 17.88, a price-to-earnings-growth ratio of 2.11 and a beta of 0.67. Sonoco Products has a 12-month low of $48.22 and a 12-month high of $61.73. The stock's 50-day moving average price is $52.12 and its 200-day moving average price is $53.28.

Sonoco Products (NYSE:SON - Get Free Report) last announced its quarterly earnings results on Thursday, October 31st. The industrial products company reported $1.49 EPS for the quarter, topping analysts' consensus estimates of $1.45 by $0.04. Sonoco Products had a net margin of 4.38% and a return on equity of 19.92%. The firm had revenue of $1.68 billion during the quarter, compared to analyst estimates of $1.72 billion. During the same period in the previous year, the business posted $1.46 earnings per share. The business's revenue for the quarter was down 2.0% on a year-over-year basis. Equities research analysts anticipate that Sonoco Products will post 5.09 EPS for the current fiscal 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 paid 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 4.00%. Sonoco Products's dividend payout ratio is presently 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.