Algert Global LLC Buys New Position in Sonoco Products (NYSE:SON)

Algert Global LLC purchased a new stake in Sonoco Products (NYSE:SON - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 9,896 shares of the industrial products company's stock, valued at approximately $502,000.

Several other hedge funds have also added to or reduced their stakes in SON. Earnest Partners LLC lifted its stake in Sonoco Products by 2.5% in the second quarter. Earnest Partners LLC now owns 2,645,744 shares of the industrial products company's stock valued at $134,192,000 after buying an additional 64,915 shares during the period. Dimensional Fund Advisors LP lifted its stake in Sonoco Products by 11.0% in the second quarter. Dimensional Fund Advisors LP now owns 2,631,259 shares of the industrial products company's stock valued at $133,465,000 after buying an additional 261,062 shares during the period. Victory Capital Management Inc. lifted its stake in Sonoco Products by 2.4% in the second quarter. Victory Capital Management Inc. now owns 2,195,155 shares of the industrial products company's stock valued at $111,338,000 after buying an additional 50,577 shares during the period. Pacer Advisors Inc. lifted its stake in Sonoco Products by 13,464.6% in the second quarter. Pacer Advisors Inc. now owns 1,980,297 shares of the industrial products company's stock valued at $100,441,000 after buying an additional 1,965,698 shares during the period. Finally, Sei Investments Co. lifted its stake in Sonoco Products by 9.3% in the second quarter. Sei Investments Co. now owns 1,490,580 shares of the industrial products company's stock valued at $75,602,000 after buying an additional 126,643 shares during the period. Institutional investors own 77.69% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on SON. StockNews.com lowered Sonoco Products from a "strong-buy" rating to a "buy" rating in a research note on Wednesday, July 3rd. Raymond James started coverage on Sonoco Products in a research report on Friday, July 19th. They set an "outperform" rating and a $62.00 price target on the stock. Citigroup raised their price target on Sonoco Products from $62.00 to $63.00 and gave the stock a "buy" rating in a research report on Wednesday, October 2nd. Finally, Wells Fargo & Company lowered Sonoco Products from an "equal weight" rating to an "underweight" rating and dropped their price target 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 and three have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $59.00.

Sonoco Products Stock Down 1.0 %

Shares of NYSE SON traded down $0.54 during mid-day trading on Monday, reaching $53.22. 388,522 shares of the company's stock were exchanged, compared to its average volume of 612,213. The firm has a market capitalization of $5.23 billion, a price-to-earnings ratio of 13.58, a PEG ratio of 2.08 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. The business has a fifty day simple moving average of $53.17 and a 200 day simple moving average of $55.12. Sonoco Products has a twelve month low of $48.22 and a twelve month high of $61.73.

Sonoco Products (NYSE:SON - Get Free Report) last announced its earnings results on Wednesday, July 31st. The industrial products company reported $1.28 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.26 by $0.02. Sonoco Products had a return on equity of 20.10% and a net margin of 5.57%. The business had revenue of $1.62 billion for the quarter, compared to analyst estimates of $1.69 billion. During the same quarter last year, the firm earned $1.38 EPS. Sonoco Products's revenue for the quarter was down 4.8% compared to the same quarter last year. As a group, equities analysts expect that Sonoco Products will post 5.09 EPS for the current fiscal year.

Sonoco Products Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Investors of record on Friday, August 9th were given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 3.91%. The ex-dividend date of this dividend was Friday, August 9th. Sonoco Products's dividend payout ratio is presently 52.53%.

About Sonoco Products

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.