Versor Investments LP Buys Shares of 17,751 Sonoco Products (NYSE:SON)

Versor Investments LP bought a new position in shares of Sonoco Products (NYSE:SON - Free Report) during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 17,751 shares of the industrial products company's stock, valued at approximately $970,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC bought a new position in Sonoco Products during the first quarter valued at about $50,000. Janney Montgomery Scott LLC increased its holdings in Sonoco Products by 26.2% in the first quarter. Janney Montgomery Scott LLC now owns 17,152 shares of the industrial products company's stock valued at $992,000 after buying an additional 3,559 shares in the last quarter. Envestnet Portfolio Solutions Inc. raised its stake in shares of Sonoco Products by 35.2% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 5,125 shares of the industrial products company's stock valued at $296,000 after acquiring an additional 1,333 shares during the period. Illinois Municipal Retirement Fund grew its position in shares of Sonoco Products by 58.3% in the 1st quarter. Illinois Municipal Retirement Fund now owns 23,106 shares of the industrial products company's stock valued at $1,336,000 after buying an additional 8,511 shares during the last quarter. Finally, Russell Investments Group Ltd. grew its holdings in Sonoco Products by 49.3% in the first quarter. Russell Investments Group Ltd. now owns 123,974 shares of the industrial products company's stock valued at $7,171,000 after purchasing an additional 40,927 shares during the period. Institutional investors and hedge funds own 77.69% of the company's stock.

Sonoco Products Stock Up 0.2 %

Shares of NYSE SON traded up $0.12 during trading on Tuesday, reaching $50.79. 841,312 shares of the stock were exchanged, compared to its average volume of 616,225. 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 business's 50-day moving average price is $53.52 and its 200 day moving average price is $54.31. The company has a market capitalization of $4.99 billion, a price-to-earnings ratio of 17.41, a price-to-earnings-growth ratio of 2.08 and a beta of 0.69. Sonoco Products has a twelve month low of $48.22 and a twelve month high of $61.73.

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 for the quarter, beating the consensus estimate 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 net margin of 4.38% and a return on equity of 19.92%. The firm's revenue for the quarter was down 2.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.46 earnings per share. As a group, equities analysts forecast that Sonoco Products will post 5.1 EPS for the current fiscal year.

Sonoco Products Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Friday, November 8th will be issued a $0.52 dividend. The ex-dividend date is Friday, November 8th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.10%. Sonoco Products's dividend payout ratio is 71.48%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. Citigroup boosted their target price on Sonoco Products from $62.00 to $63.00 and gave the company a "buy" rating in a research note on Wednesday, October 2nd. Wells Fargo & Company downgraded Sonoco Products from an "equal weight" rating to an "underweight" rating and lowered their price objective for the stock from $54.00 to $52.00 in a research report on Wednesday, August 21st. Robert W. Baird lowered 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. Finally, Raymond James initiated coverage on shares of Sonoco Products in a research report on Friday, July 19th. They set an "outperform" rating and a $62.00 target price on the stock. One investment analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, Sonoco Products currently has an average rating of "Hold" and a consensus price target of $58.00.

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.