Horizon Kinetics Asset Management LLC Grows Stock Position in Sonoco Products (NYSE:SON)

Horizon Kinetics Asset Management LLC lifted its holdings in Sonoco Products (NYSE:SON - Free Report) by 69.1% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 38,300 shares of the industrial products company's stock after purchasing an additional 15,650 shares during the quarter. Horizon Kinetics Asset Management LLC's holdings in Sonoco Products were worth $2,092,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. AQR Capital Management LLC raised its holdings in shares of Sonoco Products by 80.8% in the second quarter. AQR Capital Management LLC now owns 555,575 shares of the industrial products company's stock worth $28,179,000 after buying an additional 248,236 shares during the last quarter. Atria Investments Inc purchased a new position in Sonoco Products in the 1st quarter worth $1,626,000. Canada Pension Plan Investment Board acquired a new stake in Sonoco Products during the 2nd quarter worth about $2,419,000. Oak Thistle LLC grew its stake in Sonoco Products by 368.2% during the 2nd quarter. Oak Thistle LLC now owns 20,321 shares of the industrial products company's stock valued at $1,031,000 after purchasing an additional 15,981 shares during the last quarter. Finally, Versor Investments LP purchased a new position in shares of Sonoco Products in the third quarter worth about $970,000. 77.69% of the stock is currently owned by institutional investors and hedge funds.

Sonoco Products Stock Performance

Shares of SON traded up $1.01 during trading hours on Monday, hitting $51.93. The stock had a trading volume of 804,813 shares, compared to its average volume of 616,561. The firm has a 50-day moving average price of $52.65 and a 200 day moving average price of $53.84. The firm has a market capitalization of $5.10 billion, a price-to-earnings ratio of 17.85, a PEG ratio of 2.09 and a beta of 0.69. Sonoco Products has a fifty-two week low of $48.22 and a fifty-two week high of $61.73. 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 issued its quarterly earnings results 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. Sonoco Products had a return on equity of 19.92% and a net margin of 4.38%. The company had revenue of $1.68 billion for the quarter, compared to the consensus estimate of $1.72 billion. During the same quarter in the prior year, the business posted $1.46 earnings per share. Sonoco Products's revenue for the quarter was down 2.0% on a year-over-year basis. As a group, research analysts anticipate that Sonoco Products will post 5.1 EPS for the current year.

Sonoco Products Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Friday, November 8th will be given a $0.52 dividend. The ex-dividend date of this dividend is Friday, November 8th. This represents a $2.08 annualized dividend and a dividend yield of 4.01%. Sonoco Products's dividend payout ratio (DPR) is 71.48%.

Wall Street Analyst Weigh In

A number of brokerages recently commented on SON. Robert W. Baird dropped their target price on Sonoco Products from $58.00 to $55.00 and set a "neutral" rating on the stock in a research report on Monday, November 4th. 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 report on Wednesday, August 21st. Finally, Citigroup upped their price target on shares of Sonoco Products from $62.00 to $63.00 and gave the company a "buy" rating in a report on Wednesday, October 2nd. One analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $58.00.

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.