Sonoco Products (NYSE:SON) Shares Sold by State Street Corp

State Street Corp decreased its holdings in Sonoco Products (NYSE:SON - Free Report) by 1.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,394,537 shares of the industrial products company's stock after selling 72,972 shares during the period. State Street Corp owned about 4.47% of Sonoco Products worth $240,074,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Kennebec Savings Bank bought a new position in shares of Sonoco Products in the 3rd quarter worth approximately $27,000. Capital Performance Advisors LLP purchased a new position in Sonoco Products in the 3rd quarter worth approximately $33,000. Abich Financial Wealth Management LLC bought a new position in Sonoco Products in the 2nd quarter worth approximately $50,000. Gradient Investments LLC purchased a new position in Sonoco Products during the second quarter valued at $58,000. Finally, Northwestern Mutual Wealth Management Co. grew its position in shares of Sonoco Products by 821.1% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,879 shares of the industrial products company's stock valued at $95,000 after purchasing an additional 1,675 shares in the last quarter. 77.69% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on SON shares. Truist Financial assumed coverage on shares of Sonoco Products in a research note on Tuesday, November 26th. They set a "buy" rating and a $63.00 price target on the stock. Wells Fargo & Company cut Sonoco Products from an "equal weight" rating to an "underweight" rating and cut their target price for the company from $54.00 to $52.00 in a research note on Wednesday, August 21st. Robert W. Baird reduced their price target on shares of Sonoco Products from $58.00 to $55.00 and set a "neutral" rating on the stock in a research note on Monday, November 4th. Finally, Citigroup lifted their price target on shares of Sonoco Products from $62.00 to $63.00 and gave the company a "buy" rating in a research note on Wednesday, October 2nd. One analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company. According to data from MarketBeat, Sonoco Products has a consensus rating of "Moderate Buy" and a consensus target price of $59.00.

Sonoco Products Stock Up 0.2 %

Shares of NYSE:SON traded up $0.12 on Thursday, reaching $52.14. The company had a trading volume of 775,659 shares, compared to its average volume of 614,496. Sonoco Products has a 52-week low of $48.22 and a 52-week high of $61.73. The firm's 50 day simple moving average is $51.96 and its 200-day simple moving average is $53.14. The firm has a market capitalization of $5.12 billion, a PE ratio of 17.92, a PEG ratio of 2.11 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.

Sonoco Products (NYSE:SON - Get Free Report) last released its quarterly earnings results on Thursday, October 31st. The industrial products company reported $1.49 earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to analyst estimates of $1.72 billion. During the same period in the previous year, the company earned $1.46 earnings per share. The business's revenue for the quarter was down 2.0% on a year-over-year basis. As a group, analysts expect that Sonoco Products will post 5.09 earnings per share for the current fiscal year.

Sonoco Products Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 10th. Shareholders of record on Friday, November 8th were paid a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, November 8th. This represents a $2.08 dividend on an annualized basis and a yield of 3.99%. Sonoco Products's payout ratio is 71.48%.

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.