Virtu Financial LLC Lowers Holdings in Sonoco Products (NYSE:SON)

Virtu Financial LLC trimmed its position in shares of Sonoco Products (NYSE:SON - Free Report) by 83.1% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,712 shares of the industrial products company's stock after selling 23,194 shares during the quarter. Virtu Financial LLC's holdings in Sonoco Products were worth $257,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of SON. Pacer Advisors Inc. raised its stake in shares of Sonoco Products by 13,464.6% in the second quarter. Pacer Advisors Inc. now owns 1,980,297 shares of the industrial products company's stock worth $100,441,000 after purchasing an additional 1,965,698 shares during the last quarter. Private Management Group Inc. bought a new position in Sonoco Products during the 3rd quarter valued at $24,994,000. Charles Schwab Investment Management Inc. boosted its holdings in Sonoco Products by 50.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,029,166 shares of the industrial products company's stock worth $56,223,000 after acquiring an additional 344,658 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Sonoco Products by 11.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,631,259 shares of the industrial products company's stock worth $133,465,000 after acquiring an additional 261,062 shares in the last quarter. Finally, AQR Capital Management LLC raised its holdings in shares of Sonoco Products by 80.8% in the second quarter. AQR Capital Management LLC now owns 555,575 shares of the industrial products company's stock valued at $28,179,000 after purchasing an additional 248,236 shares during the last quarter. 77.69% of the stock is currently owned by institutional investors.

Sonoco Products Stock Performance

Sonoco Products stock traded down $1.40 during midday trading on Wednesday, reaching $49.06. The stock had a trading volume of 862,941 shares, compared to its average volume of 617,620. 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 firm has a market capitalization of $4.82 billion, a PE ratio of 16.86, a P/E/G ratio of 2.14 and a beta of 0.67. Sonoco Products has a 12 month low of $48.22 and a 12 month high of $61.73. The firm's 50-day moving average price is $51.75 and its 200 day moving average price is $52.83.

Sonoco Products (NYSE:SON - Get Free Report) last posted 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. 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 company's quarterly revenue was down 2.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.46 earnings per share. As a group, research analysts predict 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 was paid on Tuesday, December 10th. Investors of record on Friday, November 8th were issued 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 4.24%. Sonoco Products's dividend payout ratio (DPR) is 71.48%.

Wall Street Analysts Forecast Growth

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

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.