Natixis Advisors LLC lifted its stake in shares of Sonoco Products (NYSE:SON - Free Report) by 25.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 166,881 shares of the industrial products company's stock after acquiring an additional 34,382 shares during the quarter. Natixis Advisors LLC owned 0.17% of Sonoco Products worth $9,117,000 at the end of the most recent reporting period.
A number of other hedge funds have also modified their holdings of the stock. Valley Wealth Managers Inc. raised its holdings in shares of Sonoco Products by 11.7% during the third quarter. Valley Wealth Managers Inc. now owns 73,126 shares of the industrial products company's stock valued at $3,995,000 after acquiring an additional 7,635 shares during the period. Empowered Funds LLC raised its stake in Sonoco Products by 13.4% during the 3rd quarter. Empowered Funds LLC now owns 49,073 shares of the industrial products company's stock valued at $2,681,000 after purchasing an additional 5,792 shares during the period. OneDigital Investment Advisors LLC purchased a new stake in shares of Sonoco Products in the third quarter valued at $210,000. ING Groep NV acquired a new stake in shares of Sonoco Products in the third quarter worth $1,164,000. Finally, Curi RMB Capital LLC grew its holdings in shares of Sonoco Products by 2.4% during the third quarter. Curi RMB Capital LLC now owns 12,979 shares of the industrial products company's stock valued at $709,000 after buying an additional 304 shares in the last quarter. 77.69% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
A number of equities research analysts have commented on SON shares. Citigroup raised their price objective on Sonoco Products from $62.00 to $63.00 and gave the stock a "buy" rating in a research report on Wednesday, October 2nd. Robert W. Baird lowered their price objective on shares of 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, Wells Fargo & Company downgraded shares of Sonoco Products from an "equal weight" rating to an "underweight" rating and cut their target price for the stock 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 three have issued a buy rating to the stock. According to MarketBeat, Sonoco Products has a consensus rating of "Hold" and an average price target of $58.00.
Read Our Latest Stock Report on Sonoco Products
Sonoco Products Stock Up 1.5 %
NYSE SON traded up $0.77 during trading on Friday, reaching $50.92. The company's stock had a trading volume of 483,308 shares, compared to its average volume of 615,732. The company has a current ratio of 2.36, a quick ratio of 1.91 and a debt-to-equity ratio of 1.74. The stock has a market capitalization of $5.00 billion, a PE ratio of 17.23, a PEG ratio of 2.02 and a beta of 0.69. Sonoco Products has a 1-year low of $48.22 and a 1-year high of $61.73. The business has a 50-day moving average price of $52.80 and a 200-day moving average price of $53.99.
Sonoco Products (NYSE:SON - Get Free Report) last released its quarterly earnings data on Thursday, October 31st. The industrial products company reported $1.49 earnings per share (EPS) for the quarter, beating 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 business had revenue of $1.68 billion during the quarter, compared to analyst estimates of $1.72 billion. During the same quarter in the previous year, the business earned $1.46 EPS. Sonoco Products's quarterly revenue was down 2.0% compared to the same quarter last year. On average, research analysts forecast that Sonoco Products will post 5.1 earnings per share for the current fiscal year.
Sonoco Products Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Friday, November 8th will be given a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, November 8th. This represents a $2.08 dividend on an annualized basis and a yield of 4.08%. Sonoco Products's payout ratio is currently 71.48%.
Sonoco Products Profile
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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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