Sonoco Products Company $SON Stock Holdings Increased by ProShare Advisors LLC

ProShare Advisors LLC increased its stake in Sonoco Products Company (NYSE:SON) by 6.0% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 495,846 shares of the industrial products company’s stock after purchasing an additional 28,281 shares during the period. ProShare Advisors LLC owned 0.50% of Sonoco Products worth $24,207,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in SON. BlackRock Inc. bought a new position in Sonoco Products during the 2nd quarter worth $657,016,000. Bank of America Corp DE bought a new stake in Sonoco Products in the second quarter valued at $204,968,000. Bank of New York Mellon Corp bought a new stake in Sonoco Products in the second quarter valued at $60,793,000. Arrowstreet Capital Limited Partnership lifted its stake in Sonoco Products by 236.1% in the first quarter. Arrowstreet Capital Limited Partnership now owns 732,088 shares of the industrial products company’s stock valued at $39,599,000 after buying an additional 514,289 shares during the last quarter. Finally, ARGA Investment Management LP boosted its holdings in shares of Sonoco Products by 608.5% during the first quarter. ARGA Investment Management LP now owns 347,853 shares of the industrial products company’s stock valued at $18,815,000 after acquiring an additional 298,756 shares during the period. Institutional investors and hedge funds own 77.69% of the company’s stock.

Wall Street Analyst Weigh In

SON has been the subject of several recent research reports. Weiss Ratings lowered shares of Sonoco Products from a “hold (c+)” rating to a “sell (d+)” rating in a research report on Friday. Citigroup cut their price objective on shares of Sonoco Products from $63.00 to $59.00 and set a “buy” rating on the stock in a research report on Friday, October 23rd. Bank of America lowered shares of Sonoco Products from a “buy” rating to a “neutral” rating and reduced their target price for the company from $69.00 to $60.00 in a research note on Thursday, September 3rd. UBS Group restated a “neutral” rating and issued a $50.00 target price on shares of Sonoco Products in a research report on Monday, October 26th. Finally, Truist Financial dropped their price target on shares of Sonoco Products from $62.00 to $59.00 and set a “buy” rating on the stock in a research note on Friday, October 23rd. Three equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $57.38.

Sonoco Products Trading Up 0.5%

Shares of SON stock opened at $50.23 on Tuesday. Sonoco Products Company has a 1 year low of $39.27 and a 1 year high of $60.67. The firm has a market capitalization of $4.97 billion, a PE ratio of -21.84, a price-to-earnings-growth ratio of 1.68 and a beta of 0.35. The stock has a fifty day moving average of $50.48 and a two-hundred day moving average of $52.40. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.67 and a current ratio of 1.18.

Sonoco Products (NYSE:SON) last issued its quarterly earnings results on Wednesday, October 21st. The industrial products company reported $1.67 EPS for the quarter, missing analysts’ consensus estimates of $1.74 by ($0.07). Sonoco Products had a negative net margin of 3.08% and a positive return on equity of 16.40%. The business had revenue of $2.04 billion for the quarter, compared to analyst estimates of $2.07 billion. During the same period last year, the business posted $1.92 earnings per share. Sonoco Products’s revenue for the quarter was down 4.2% on a year-over-year basis. As a group, research analysts expect that Sonoco Products Company will post 5.41 EPS for the current year.

Sonoco Products Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 10th. Shareholders of record on Tuesday, November 10th will be paid a dividend of $0.54 per share. The ex-dividend date of this dividend is Tuesday, November 10th. This represents a $2.16 annualized dividend and a yield of 4.3%. Sonoco Products’s dividend payout ratio (DPR) is presently -93.91%.

Sonoco Products Company Profile

Sonoco Products Company is a global packaging company headquartered in Hartsville, South Carolina. Founded in 1899 as the Southern Novelty Company, it has developed from a producer of paper cones for the textile industry into a diversified provider of packaging solutions serving consumer, industrial and commercial customers.

The company manufactures a broad range of products, including composite cans and tubes, paperboard packaging, flexible packaging, thermoformed packaging, rigid plastic containers, protective packaging and packaging components.