Victory Capital Management Inc. Increases Holdings in Sonoco Products (NYSE:SON)

Victory Capital Management Inc. grew its position in shares of Sonoco Products (NYSE:SON - Free Report) by 2.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,195,155 shares of the industrial products company's stock after acquiring an additional 50,577 shares during the quarter. Victory Capital Management Inc. owned about 2.23% of Sonoco Products worth $111,338,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently modified their holdings of the company. Norges Bank purchased a new position in Sonoco Products in the fourth quarter worth $62,387,000. Brown Advisory Inc. boosted its position in shares of Sonoco Products by 105.0% during the 4th quarter. Brown Advisory Inc. now owns 724,637 shares of the industrial products company's stock valued at $40,485,000 after acquiring an additional 371,096 shares during the last quarter. Sei Investments Co. lifted its position in Sonoco Products by 30.8% during the fourth quarter. Sei Investments Co. now owns 1,275,530 shares of the industrial products company's stock valued at $71,264,000 after purchasing an additional 300,697 shares during the last quarter. Kingsview Wealth Management LLC bought a new position in Sonoco Products in the first quarter valued at $8,507,000. Finally, Earnest Partners LLC raised its holdings in shares of Sonoco Products by 5.3% during the 1st quarter. Earnest Partners LLC now owns 2,580,829 shares of the industrial products company's stock valued at $149,275,000 after buying an additional 131,012 shares in the last quarter. 77.69% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms recently commented on SON. Wells Fargo & Company lowered shares of Sonoco Products from an "equal weight" rating to an "underweight" rating and lowered their price target for the company from $54.00 to $52.00 in a report on Wednesday, August 21st. StockNews.com cut Sonoco Products from a "strong-buy" rating to a "buy" rating in a research note on Wednesday, July 3rd. Citigroup dropped their target price on shares of Sonoco Products from $64.00 to $60.00 and set a "buy" rating on the stock in a research note on Monday, July 8th. Finally, Raymond James began coverage on Sonoco Products in a report on Friday, July 19th. They issued an "outperform" rating and a $62.00 target price for the company. One analyst has rated the stock with a sell rating and three have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $58.00.

Sonoco Products Stock Down 0.4 %

Shares of SON traded down $0.22 during mid-day trading on Friday, hitting $55.02. The company's stock had a trading volume of 506,261 shares, compared to its average volume of 679,727. The company's 50-day moving average is $51.63 and its 200-day moving average is $55.49. Sonoco Products has a 52-week low of $54.28 and a 52-week high of $56.66. The firm has a market capitalization of $5.41 billion, a price-to-earnings ratio of 13.89, a PEG ratio of 2.11 and a beta of 0.68. The company has a current ratio of 1.30, a quick ratio of 0.85 and a debt-to-equity ratio of 1.04.

Sonoco Products (NYSE:SON - Get Free Report) last announced its quarterly earnings data on Wednesday, July 31st. The industrial products company reported $1.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.26 by $0.02. Sonoco Products had a net margin of 5.57% and a return on equity of 20.10%. The company had revenue of $1.62 billion during the quarter, compared to analysts' expectations of $1.69 billion. During the same quarter in the prior year, the company earned $1.38 EPS. Sonoco Products's revenue was down 4.8% compared to the same quarter last year. On average, equities research analysts forecast that Sonoco Products will post 5.09 EPS for the current fiscal year.

Sonoco Products Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 10th. Stockholders of record on Friday, August 9th will be paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.78%. The ex-dividend date is Friday, August 9th. Sonoco Products's dividend payout ratio (DPR) is 52.53%.

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.