Y Intercept Hong Kong Ltd Sells 20,573 Shares of Sonoco Products (NYSE:SON)

Y Intercept Hong Kong Ltd lessened its holdings in shares of Sonoco Products (NYSE:SON - Free Report) by 54.0% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 17,543 shares of the industrial products company's stock after selling 20,573 shares during the period. Y Intercept Hong Kong Ltd's holdings in Sonoco Products were worth $958,000 as of its most recent filing with the SEC.

Several other institutional investors also recently modified their holdings of the business. Earnest Partners LLC lifted its holdings in Sonoco Products by 2.5% during the 2nd quarter. Earnest Partners LLC now owns 2,645,744 shares of the industrial products company's stock worth $134,192,000 after buying an additional 64,915 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Sonoco Products by 11.0% in the second 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 during the period. Victory Capital Management Inc. boosted its holdings in Sonoco Products by 2.4% in the second quarter. Victory Capital Management Inc. now owns 2,195,155 shares of the industrial products company's stock valued at $111,338,000 after acquiring an additional 50,577 shares during the last quarter. Pacer Advisors Inc. increased its position in Sonoco Products by 13,464.6% during the 2nd quarter. Pacer Advisors Inc. now owns 1,980,297 shares of the industrial products company's stock valued at $100,441,000 after purchasing an additional 1,965,698 shares during the period. Finally, Sei Investments Co. raised its holdings in Sonoco Products by 9.3% during the 2nd quarter. Sei Investments Co. now owns 1,490,580 shares of the industrial products company's stock worth $75,602,000 after purchasing an additional 126,643 shares during the last quarter. Institutional investors own 77.69% of the company's stock.

Analyst Ratings Changes

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

Sonoco Products Stock Performance

SON traded down $0.21 during trading on Friday, hitting $51.92. 607,629 shares of the company traded hands, compared to its average volume of 614,506. Sonoco Products has a one year low of $48.22 and a one year high of $61.73. The stock's fifty day moving average is $51.96 and its 200 day moving average is $53.14. 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 cap of $5.10 billion, a P/E ratio of 17.73, a price-to-earnings-growth ratio of 2.14 and a beta of 0.67.

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 analysts' consensus estimates of $1.45 by $0.04. Sonoco Products had a net margin of 4.38% and a return on equity of 19.92%. The firm had revenue of $1.68 billion during the quarter, compared to the consensus estimate of $1.72 billion. During the same period in the prior year, the firm earned $1.46 EPS. The company's revenue was down 2.0% compared to the same quarter last year. As a group, equities analysts predict that Sonoco Products will post 5.09 EPS for the current fiscal year.

Sonoco Products Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 10th. Stockholders of record on Friday, November 8th were given 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 dividend yield of 4.01%. Sonoco Products's dividend payout ratio is presently 71.48%.

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.