Bridgewater Associates LP Buys 15,281 Shares of Sonoco Products (NYSE:SON)

Bridgewater Associates LP increased its stake in Sonoco Products (NYSE:SON - Free Report) by 63.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 39,283 shares of the industrial products company's stock after purchasing an additional 15,281 shares during the quarter. Bridgewater Associates LP's holdings in Sonoco Products were worth $2,146,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Quantbot Technologies LP bought a new position in Sonoco Products during the third quarter worth about $111,000. FMR LLC lifted its stake in shares of Sonoco Products by 70.1% during the 3rd quarter. FMR LLC now owns 559,596 shares of the industrial products company's stock valued at $30,571,000 after buying an additional 230,709 shares in the last quarter. Horizon Kinetics Asset Management LLC boosted its holdings in shares of Sonoco Products by 69.1% in the third quarter. Horizon Kinetics Asset Management LLC now owns 38,300 shares of the industrial products company's stock worth $2,092,000 after acquiring an additional 15,650 shares during the period. Truvestments Capital LLC grew its position in shares of Sonoco Products by 16.3% in the third quarter. Truvestments Capital LLC now owns 46,622 shares of the industrial products company's stock valued at $2,547,000 after purchasing an additional 6,526 shares in the last quarter. Finally, Independent Advisor Alliance bought a new stake in shares of Sonoco Products during the third quarter valued at about $365,000. Hedge funds and other institutional investors own 77.69% of the company's stock.

Sonoco Products Price Performance

Shares of Sonoco Products stock traded up $0.57 during trading on Friday, hitting $51.88. 308,192 shares of the stock traded hands, compared to its average volume of 626,990. The firm's fifty day moving average is $52.37 and its 200-day moving average is $53.65. The stock has a market cap of $5.10 billion, a price-to-earnings ratio of 17.83, a PEG ratio of 2.14 and a beta of 0.69. Sonoco Products has a 52 week low of $48.22 and a 52 week high of $61.73. 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 (NYSE:SON - Get Free Report) last announced its quarterly earnings data on Thursday, October 31st. The industrial products company reported $1.49 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.45 by $0.04. The company had revenue of $1.68 billion during the quarter, compared to analysts' expectations of $1.72 billion. Sonoco Products had a net margin of 4.38% and a return on equity of 19.92%. The firm's revenue was down 2.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.46 EPS. Research analysts expect that Sonoco Products will post 5.09 EPS for the current fiscal year.

Sonoco Products Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Friday, November 8th will be paid a $0.52 dividend. The ex-dividend date is Friday, November 8th. This represents a $2.08 dividend on an annualized basis and a yield of 4.01%. Sonoco Products's dividend payout ratio (DPR) is currently 71.48%.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Citigroup increased their target price 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. Robert W. Baird decreased their target price on Sonoco Products from $58.00 to $55.00 and set a "neutral" rating on the stock in a research note on Monday, November 4th. Truist Financial started coverage on Sonoco Products in a research report on Tuesday, November 26th. They set a "buy" rating and a $63.00 price target for the company. Finally, Wells Fargo & Company cut shares of Sonoco Products from an "equal weight" rating to an "underweight" rating and decreased their price objective for the stock from $54.00 to $52.00 in a research report on Wednesday, August 21st. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $59.00.

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.