JPMorgan Chase & Co. trimmed its position in shares of Sonoco Products (NYSE:SON - Free Report) by 5.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 508,419 shares of the industrial products company's stock after selling 31,393 shares during the period. JPMorgan Chase & Co. owned approximately 0.52% of Sonoco Products worth $27,775,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also modified their holdings of SON. Kennebec Savings Bank bought a new stake in shares of Sonoco Products in the 3rd quarter worth $27,000. Capital Performance Advisors LLP acquired a new position in Sonoco Products in the 3rd quarter worth about $33,000. Abich Financial Wealth Management LLC bought a new position in shares of Sonoco Products in the 2nd quarter valued at approximately $50,000. Wilmington Savings Fund Society FSB acquired a new stake in shares of Sonoco Products in the third quarter valued at about $71,000. Finally, Northwestern Mutual Wealth Management Co. grew its position in Sonoco Products by 821.1% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,879 shares of the industrial products company's stock valued at $95,000 after acquiring an additional 1,675 shares during the period. 77.69% of the stock is owned by hedge funds and other institutional investors.
Sonoco Products Price Performance
Shares of Sonoco Products stock traded down $0.17 during midday trading on Wednesday, hitting $47.24. 723,183 shares of the company traded hands, compared to its average volume of 823,677. Sonoco Products has a 12 month low of $46.46 and a 12 month high of $61.73. The stock has a market cap of $4.64 billion, a price-to-earnings ratio of 16.23, a PEG ratio of 2.14 and a beta of 0.68. 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 firm's fifty day moving average price is $50.46 and its 200-day moving average price is $51.82.
Sonoco Products (NYSE:SON - Get Free Report) last released its quarterly earnings results on Thursday, October 31st. The industrial products company reported $1.49 EPS for the quarter, beating 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 firm had revenue of $1.68 billion for the quarter, compared to analyst estimates of $1.72 billion. During the same quarter in the previous year, the company posted $1.46 EPS. The business's revenue was down 2.0% on a year-over-year basis. As a group, sell-side analysts forecast that Sonoco Products will post 5.09 earnings per share for the current year.
Sonoco Products Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Tuesday, December 10th. Stockholders of record on Friday, November 8th were paid a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, November 8th. This represents a $2.08 annualized dividend and a dividend yield of 4.40%. Sonoco Products's payout ratio is 71.48%.
Wall Street Analyst Weigh In
Several research analysts recently issued reports on the stock. Wells Fargo & Company reduced their price target on shares of Sonoco Products from $52.00 to $50.00 and set an "underweight" rating on the stock in a research report on Monday. Bank of America boosted their price objective on shares of Sonoco Products from $66.00 to $71.00 and gave the company a "buy" rating in a report on Monday. Citigroup dropped their price target on Sonoco Products from $59.00 to $55.00 and set a "buy" rating on the stock in a research report on Monday. 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. Finally, Truist Financial increased their price objective on Sonoco Products from $63.00 to $68.00 and gave the company a "buy" rating in a report on Monday. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $60.17.
View Our Latest Research Report on SON
About Sonoco Products
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Free Report)
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.
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