Martingale Asset Management L P raised its holdings in shares of Sonoco Products (NYSE:SON - Free Report) by 129.1% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 28,294 shares of the industrial products company's stock after purchasing an additional 15,944 shares during the period. Martingale Asset Management L P's holdings in Sonoco Products were worth $1,546,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other large investors also recently added to or reduced their stakes in SON. Lazard Asset Management LLC bought a new stake in shares of Sonoco Products in the 1st quarter valued at about $122,000. Price T Rowe Associates Inc. MD increased its stake in shares of Sonoco Products by 6.4% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 50,313 shares of the industrial products company's stock valued at $2,911,000 after acquiring an additional 3,036 shares during the last quarter. Tidal Investments LLC increased its stake in Sonoco Products by 9.7% during the 1st quarter. Tidal Investments LLC now owns 17,573 shares of the industrial products company's stock worth $1,016,000 after purchasing an additional 1,561 shares in the last quarter. Atria Investments Inc bought a new stake in Sonoco Products during the 1st quarter worth approximately $1,626,000. Finally, Cetera Investment Advisers increased its stake in Sonoco Products by 3,413.0% during the 1st quarter. Cetera Investment Advisers now owns 130,788 shares of the industrial products company's stock worth $7,565,000 after purchasing an additional 127,065 shares in the last quarter. 77.69% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
A number of analysts recently issued reports on SON shares. Truist Financial started coverage on Sonoco Products in a research note on Tuesday, November 26th. They set a "buy" rating and a $63.00 target price for the company. Wells Fargo & Company cut Sonoco Products from an "equal weight" rating to an "underweight" rating and lowered their target price for the stock from $54.00 to $52.00 in a research note on Wednesday, August 21st. Robert W. Baird lowered their target price 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, Citigroup raised their price target on shares of Sonoco Products from $62.00 to $63.00 and gave the stock a "buy" rating in a research note on Wednesday, October 2nd. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $59.00.
Check Out Our Latest Stock Analysis on SON
Sonoco Products Stock Up 0.5 %
Shares of NYSE SON traded up $0.26 during trading hours on Monday, hitting $52.14. The company had a trading volume of 676,273 shares, compared to its average volume of 615,331. The stock has a market capitalization of $5.12 billion, a P/E ratio of 17.81, a price-to-earnings-growth ratio of 2.14 and a beta of 0.69. The company has a quick ratio of 1.91, a current ratio of 2.36 and a debt-to-equity ratio of 1.74. Sonoco Products has a 1-year low of $48.22 and a 1-year high of $61.73. The firm's 50 day moving average is $52.37 and its 200-day moving average is $53.60.
Sonoco Products (NYSE:SON - Get Free Report) last released its quarterly earnings data on Thursday, October 31st. The industrial products company reported $1.49 EPS for the quarter, beating the consensus estimate of $1.45 by $0.04. The company had revenue of $1.68 billion during the quarter, compared to the consensus estimate of $1.72 billion. Sonoco Products had a return on equity of 19.92% and a net margin of 4.38%. The firm's revenue for the quarter was down 2.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.46 EPS. On average, analysts expect that Sonoco Products will post 5.09 earnings per share for the current fiscal year.
Sonoco Products Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Friday, November 8th will be issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 3.99%. The ex-dividend date of this dividend is Friday, November 8th. Sonoco Products's dividend payout ratio is 71.48%.
About Sonoco Products
(
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.
See Also
Before you consider Sonoco Products, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Sonoco Products wasn't on the list.
While Sonoco Products currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Which stocks are major institutional investors including hedge funds and endowments buying in today's market? Click the link below and we'll send you MarketBeat's list of thirteen stocks that institutional investors are buying up as quickly as they can.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
