Sonoco Products (NYSE:SON) Stock Position Reduced by UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC trimmed its stake in shares of Sonoco Products (NYSE:SON - Free Report) by 14.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 343,883 shares of the industrial products company's stock after selling 58,671 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned about 0.35% of Sonoco Products worth $18,786,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Financial Counselors Inc. raised its stake in Sonoco Products by 1.0% in the 3rd quarter. Financial Counselors Inc. now owns 230,205 shares of the industrial products company's stock valued at $12,576,000 after purchasing an additional 2,177 shares during the last quarter. Glenmede Trust Co. NA grew its holdings 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 period. Bridgewater Associates LP grew its holdings in shares of Sonoco Products by 63.7% during the 3rd quarter. Bridgewater Associates LP now owns 39,283 shares of the industrial products company's stock worth $2,146,000 after purchasing an additional 15,281 shares during the period. Quantbot Technologies LP acquired a new stake in Sonoco Products during the 3rd quarter worth approximately $111,000. Finally, FMR LLC raised its holdings in Sonoco Products by 70.1% in the third 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 during the period. Institutional investors and hedge funds own 77.69% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Truist Financial assumed coverage on shares of Sonoco Products in a research report on Tuesday, November 26th. They issued a "buy" rating and a $63.00 price objective for the company. Citigroup raised their price objective on Sonoco Products from $62.00 to $63.00 and gave the company a "buy" rating in a research report 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 for the company in a research report on Monday, November 4th. Finally, Wells Fargo & Company lowered Sonoco Products from an "equal weight" rating to an "underweight" rating and lowered their target price for the company from $54.00 to $52.00 in a research note on Wednesday, August 21st. One research analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $59.00.

Sonoco Products Stock Up 0.6 %

Shares of Sonoco Products stock traded up $0.29 during trading hours on Friday, hitting $51.23. 519,296 shares of the company's stock traded hands, compared to its average volume of 559,528. Sonoco Products has a twelve month low of $48.22 and a twelve month high of $61.73. The company has a market cap of $5.03 billion, a PE ratio of 17.60, a PEG ratio of 2.14 and a beta of 0.67. The company has a quick ratio of 1.91, a current ratio of 2.36 and a debt-to-equity ratio of 1.74. The stock has a 50 day simple moving average of $52.12 and a 200-day simple moving average of $53.39.

Sonoco Products (NYSE:SON - Get Free Report) last issued its quarterly earnings data on Thursday, October 31st. The industrial products company reported $1.49 earnings per share for the quarter, beating analysts' consensus estimates of $1.45 by $0.04. The firm had revenue of $1.68 billion during the quarter, compared to analyst estimates of $1.72 billion. Sonoco Products had a return on equity of 19.92% and a net margin of 4.38%. Sonoco Products's quarterly revenue was down 2.0% on a year-over-year basis. During the same quarter last year, the firm earned $1.46 EPS. Equities research analysts anticipate that Sonoco Products will post 5.09 earnings per share for the current fiscal year.

Sonoco Products Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Friday, November 8th will be paid a dividend of $0.52 per share. The ex-dividend date is Friday, November 8th. This represents a $2.08 dividend on an annualized basis and a yield of 4.06%. Sonoco Products's dividend payout ratio (DPR) is 71.48%.

Sonoco Products Company 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.