Sonoco Products (NYSE:SON) Shares Bought by Verition Fund Management LLC

Verition Fund Management LLC grew its holdings in shares of Sonoco Products (NYSE:SON - Free Report) by 1,736.5% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 148,940 shares of the industrial products company's stock after buying an additional 140,830 shares during the period. Verition Fund Management LLC owned 0.15% of Sonoco Products worth $8,137,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also made changes to their positions in the business. Kennebec Savings Bank purchased a new position in shares of Sonoco Products in the 3rd quarter valued at $27,000. Capital Performance Advisors LLP purchased a new position in shares of Sonoco Products during the third quarter worth about $33,000. Abich Financial Wealth Management LLC acquired a new stake in shares of Sonoco Products during the second quarter worth about $50,000. Gradient Investments LLC purchased a new stake in shares of Sonoco Products in the 2nd quarter valued at about $58,000. Finally, Northwestern Mutual Wealth Management Co. boosted its position in shares of Sonoco Products by 821.1% in the 2nd 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 during the period. 77.69% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. Wells Fargo & Company downgraded shares of Sonoco Products from an "equal weight" rating to an "underweight" rating and reduced their price target for the company from $54.00 to $52.00 in a research report on Wednesday, August 21st. Robert W. Baird reduced their target price on shares of Sonoco Products from $58.00 to $55.00 and set a "neutral" rating for the company in a report on Monday, November 4th. Truist Financial began coverage on Sonoco Products in a report on Tuesday, November 26th. They set a "buy" rating and a $63.00 price target on the stock. Finally, Citigroup upped 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. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $59.00.

Sonoco Products Price Performance

Shares of NYSE:SON traded up $0.26 on Monday, hitting $52.14. The company had a trading volume of 676,273 shares, compared to its average volume of 615,331. 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 company has a market cap of $5.12 billion, a PE ratio of 17.81, 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 business has a 50 day moving average of $52.37 and a 200 day moving average of $53.60.

Sonoco Products (NYSE:SON - Get Free Report) last released its earnings results 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 for the quarter, compared to analyst estimates of $1.72 billion. Sonoco Products had a net margin of 4.38% and a return on equity of 19.92%. The firm's quarterly revenue was down 2.0% on a year-over-year basis. During the same period in the prior year, the firm earned $1.46 EPS. As a group, equities analysts anticipate that Sonoco Products will post 5.09 earnings per share for the current fiscal year.

Sonoco Products Dividend Announcement

The firm 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 dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.99%. The ex-dividend date of this dividend is Friday, November 8th. Sonoco Products's dividend payout ratio is presently 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.