Holocene Advisors LP Buys 58,214 Shares of Sonoco Products (NYSE:SON)

Holocene Advisors LP raised its holdings in shares of Sonoco Products (NYSE:SON - Free Report) by 163.5% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 93,819 shares of the industrial products company's stock after purchasing an additional 58,214 shares during the quarter. Holocene Advisors LP owned 0.10% of Sonoco Products worth $5,125,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in SON. Verition Fund Management LLC lifted its stake in Sonoco Products by 1,736.5% in the third quarter. Verition Fund Management LLC now owns 148,940 shares of the industrial products company's stock worth $8,137,000 after acquiring an additional 140,830 shares during the period. Walleye Capital LLC increased its position in shares of Sonoco Products by 50.1% during the 3rd quarter. Walleye Capital LLC now owns 9,696 shares of the industrial products company's stock valued at $530,000 after purchasing an additional 3,237 shares during the last quarter. Martingale Asset Management L P grew its position in Sonoco Products by 129.1% in the 3rd quarter. Martingale Asset Management L P now owns 28,294 shares of the industrial products company's stock valued at $1,546,000 after acquiring an additional 15,944 shares during the last quarter. Financial Counselors Inc. grew its position in shares of Sonoco Products by 1.0% during the 3rd quarter. Financial Counselors Inc. now owns 230,205 shares of the industrial products company's stock worth $12,576,000 after buying an additional 2,177 shares in the last quarter. Finally, Glenmede Trust Co. NA lifted its stake in shares of Sonoco Products by 27.2% during the 3rd quarter. Glenmede Trust Co. NA now owns 7,220 shares of the industrial products company's stock worth $394,000 after purchasing an additional 1,545 shares during the last quarter. Institutional investors own 77.69% of the company's stock.

Sonoco Products Stock Performance

Shares of SON traded down $0.97 during midday trading on Thursday, reaching $50.94. The stock had a trading volume of 510,720 shares, compared to its average volume of 613,428. The firm has a market cap of $5.01 billion, a PE ratio of 17.75, a P/E/G ratio of 2.15 and a beta of 0.67. 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 firm has a 50 day simple moving average of $52.25 and a 200-day simple moving average of $53.48. Sonoco Products has a one year low of $48.22 and a one year high of $61.73.

Sonoco Products (NYSE:SON - Get Free Report) last announced its quarterly earnings results 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 firm had revenue of $1.68 billion during the quarter, compared to analysts' expectations of $1.72 billion. During the same period in the prior year, the company posted $1.46 EPS. The company's revenue was down 2.0% on a year-over-year basis. As a group, sell-side analysts anticipate that Sonoco Products will post 5.09 EPS for the current year.

Sonoco Products Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Friday, November 8th will be given a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 4.08%. The ex-dividend date is Friday, November 8th. Sonoco Products's dividend payout ratio (DPR) is currently 71.48%.

Analyst Upgrades and Downgrades

A number of research firms have commented on SON. Truist Financial assumed coverage on Sonoco Products in a research report on Tuesday, November 26th. They issued a "buy" rating and a $63.00 target price on the stock. Robert W. Baird cut 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. Citigroup raised their price objective on Sonoco Products from $62.00 to $63.00 and gave the company a "buy" rating in a research note on Wednesday, October 2nd. Finally, Wells Fargo & Company cut 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 report on Wednesday, August 21st. One equities research 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 data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $59.00.

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.