Geode Capital Management LLC Acquires 42,701 Shares of Sonoco Products (NYSE:SON)

Geode Capital Management LLC lifted its stake in Sonoco Products (NYSE:SON - Free Report) by 2.3% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,863,756 shares of the industrial products company's stock after purchasing an additional 42,701 shares during the period. Geode Capital Management LLC owned 1.90% of Sonoco Products worth $101,842,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Earnest Partners LLC lifted its holdings in Sonoco Products by 2.5% during the second quarter. Earnest Partners LLC now owns 2,645,744 shares of the industrial products company's stock valued at $134,192,000 after purchasing an additional 64,915 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Sonoco Products by 11.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,631,259 shares of the industrial products company's stock valued at $133,465,000 after purchasing an additional 261,062 shares during the period. Victory Capital Management Inc. lifted its stake in shares of Sonoco Products by 2.4% during the 2nd quarter. Victory Capital Management Inc. now owns 2,195,155 shares of the industrial products company's stock valued at $111,338,000 after buying an additional 50,577 shares in the last quarter. Pacer Advisors Inc. boosted its holdings in Sonoco Products by 13,464.6% in the 2nd quarter. Pacer Advisors Inc. now owns 1,980,297 shares of the industrial products company's stock worth $100,441,000 after buying an additional 1,965,698 shares during the period. Finally, Sei Investments Co. increased its stake in Sonoco Products by 9.3% in the 2nd quarter. Sei Investments Co. now owns 1,490,580 shares of the industrial products company's stock worth $75,602,000 after buying an additional 126,643 shares in the last quarter. 77.69% of the stock is owned by institutional investors.

Sonoco Products Price Performance

Shares of SON traded up $1.09 during mid-day trading on Thursday, hitting $50.15. 1,531,457 shares of the stock were exchanged, compared to its average volume of 621,350. The company has a debt-to-equity ratio of 1.74, a quick ratio of 1.91 and a current ratio of 2.36. The company has a market cap of $4.93 billion, a PE ratio of 17.23, a price-to-earnings-growth ratio of 2.14 and a beta of 0.67. Sonoco Products has a 52-week low of $48.22 and a 52-week high of $61.73. The firm has a 50-day moving average of $51.75 and a two-hundred day moving average of $52.83.

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 for the quarter, topping the consensus estimate of $1.45 by $0.04. Sonoco Products had a net margin of 4.38% and a return on equity of 19.92%. The company had revenue of $1.68 billion for the quarter, compared to analysts' expectations of $1.72 billion. During the same quarter in the previous year, the business posted $1.46 earnings per share. Sonoco Products's quarterly revenue was down 2.0% on a year-over-year basis. On average, equities analysts predict that Sonoco Products will post 5.09 earnings per share for the current year.

Sonoco Products Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 10th. Investors of record on Friday, November 8th were issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.15%. The ex-dividend date of this dividend was Friday, November 8th. Sonoco Products's payout ratio is 71.48%.

Analyst Upgrades and Downgrades

SON has been the topic of several research analyst reports. Citigroup boosted their price objective on Sonoco Products from $62.00 to $63.00 and gave the company a "buy" rating in a research report on Wednesday, October 2nd. Truist Financial initiated coverage on Sonoco Products in a report on Tuesday, November 26th. They issued a "buy" rating and a $63.00 price target on the stock. Robert W. Baird dropped 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. Finally, Wells Fargo & Company cut shares of Sonoco Products from an "equal weight" rating to an "underweight" rating and reduced their price objective 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 issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus 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.