Texas Permanent School Fund Corp Cuts Stake in Sonoco Products Company $SON

Texas Permanent School Fund Corp lessened its holdings in shares of Sonoco Products Company (NYSE:SON) by 41.0% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 29,690 shares of the industrial products company’s stock after selling 20,646 shares during the quarter. Texas Permanent School Fund Corp’s holdings in Sonoco Products were worth $1,293,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the business. Raymond James Financial Inc. grew its stake in Sonoco Products by 11.0% during the 1st quarter. Raymond James Financial Inc. now owns 136,553 shares of the industrial products company’s stock worth $6,451,000 after buying an additional 13,479 shares during the last quarter. Wellington Management Group LLP boosted its holdings in Sonoco Products by 12.5% in the first quarter. Wellington Management Group LLP now owns 357,608 shares of the industrial products company’s stock worth $16,893,000 after acquiring an additional 39,641 shares in the last quarter. Capital Fund Management S.A. purchased a new stake in shares of Sonoco Products during the first quarter worth about $559,000. CW Advisors LLC increased its holdings in shares of Sonoco Products by 1.5% during the first quarter. CW Advisors LLC now owns 14,791 shares of the industrial products company’s stock valued at $699,000 after acquiring an additional 224 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised its position in shares of Sonoco Products by 103.3% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 4,100 shares of the industrial products company’s stock valued at $194,000 after purchasing an additional 2,083 shares during the last quarter. Institutional investors and hedge funds own 77.69% of the company’s stock.

Insider Activity

In other Sonoco Products news, Director John R. Haley bought 2,506 shares of the company’s stock in a transaction dated Tuesday, October 28th. The shares were purchased at an average cost of $39.87 per share, for a total transaction of $99,914.22. Following the transaction, the director directly owned 23,310 shares of the company’s stock, valued at approximately $929,369.70. The trade was a 12.05% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Paul Joachimczyk purchased 20,500 shares of the business’s stock in a transaction that occurred on Wednesday, October 29th. The stock was acquired at an average price of $39.50 per share, with a total value of $809,750.00. Following the purchase, the chief financial officer owned 20,500 shares in the company, valued at $809,750. This represents a ∞ increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Corporate insiders own 0.74% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on SON shares. Bank of America reaffirmed a “neutral” rating and issued a $56.00 price target on shares of Sonoco Products in a report on Thursday, October 9th. Jefferies Financial Group cut their target price on Sonoco Products from $61.00 to $60.00 and set a “buy” rating on the stock in a research report on Friday, October 24th. Wells Fargo & Company lifted their price target on Sonoco Products from $50.00 to $52.00 and gave the stock an “overweight” rating in a research report on Friday, October 24th. UBS Group dropped their price target on Sonoco Products from $50.00 to $46.00 and set a “neutral” rating on the stock in a research note on Monday, October 6th. Finally, Truist Financial reduced their price objective on Sonoco Products from $58.00 to $57.00 and set a “buy” rating for the company in a research note on Monday, October 13th. Four research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Sonoco Products currently has an average rating of “Hold” and a consensus target price of $54.43.

Sonoco Products Trading Down 0.1%

Shares of NYSE:SON opened at $43.12 on Wednesday. The company has a current ratio of 0.92, a quick ratio of 0.58 and a debt-to-equity ratio of 1.14. Sonoco Products Company has a 12-month low of $38.65 and a 12-month high of $50.09. The business has a 50 day moving average of $41.14 and a two-hundred day moving average of $43.88. The company has a market capitalization of $4.25 billion, a PE ratio of 6.84, a PEG ratio of 0.79 and a beta of 0.55.

Sonoco Products (NYSE:SON) last issued its quarterly earnings data on Wednesday, June 22nd. The industrial products company reported $1.00 EPS for the quarter. Sonoco Products had a net margin of 8.82% and a return on equity of 20.49%. The business had revenue of $1.35 billion for the quarter. Sonoco Products has set its Q2 2022 guidance at $1.60-$1.70 EPS. As a group, analysts forecast that Sonoco Products Company will post 6.1 EPS for the current year.

Sonoco Products Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 10th. Shareholders of record on Monday, November 10th were given a $0.53 dividend. The ex-dividend date was Monday, November 10th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 4.9%. Sonoco Products’s dividend payout ratio is 33.65%.

About Sonoco Products

Sonoco Products Company (NYSE: SON) is a global provider of diversified packaging solutions, serving a wide range of consumer, industrial and retail markets. The company offers a broad portfolio that includes rigid paper and plastic containers, flexible packaging, industrial core and tube products, thermoformed plastics, retail point-of-purchase displays, and packaging supply chain services. Through its solutions, Sonoco helps customers in food and beverage, personal care, chemicals, healthcare, home and garden, and electronics industries address their packaging needs, improve product shelf appeal, and optimize logistics efficiency.

With operations in more than 30 countries across North America, South America, Europe, Asia and Africa, Sonoco leverages a global network of manufacturing facilities, recycling centers and distribution channels to meet the demands of multinational and regional customers.