Sonoco Products (NYSE:SON) Hits New 52-Week High Following Dividend Announcement

Sonoco Products Company (NYSE:SON)’s share price reached a new 52-week high on Wednesday following a dividend announcement from the company. The company traded as high as $51.84 and last traded at $51.4680, with a volume of 58347 shares traded. The stock had previously closed at $51.34.

The newly announced dividend which will be paid on Tuesday, March 10th. Shareholders of record on Wednesday, February 25th will be paid a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 4.1%. The ex-dividend date is Wednesday, February 25th. Sonoco Products’s dividend payout ratio is presently 33.65%.

Wall Street Analysts Forecast Growth

SON has been the topic of several recent analyst reports. Wall Street Zen upgraded shares of Sonoco Products from a “hold” rating to a “buy” rating in a research report on Saturday, February 7th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Sonoco Products in a research note on Wednesday, January 21st. Raymond James Financial set a $60.00 price objective on shares of Sonoco Products in a report on Monday, January 5th. Bank of America raised Sonoco Products from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $56.00 to $60.00 in a report on Monday, January 5th. Finally, UBS Group boosted their target price on Sonoco Products from $44.00 to $48.00 and gave the stock a “neutral” rating in a research report on Monday, January 12th. Four research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $54.86.

Sonoco Products Stock Performance

The business’s fifty day moving average price is $46.27 and its two-hundred day moving average price is $44.43. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.58 and a current ratio of 0.92. The stock has a market capitalization of $5.06 billion, a P/E ratio of 8.09, a P/E/G ratio of 0.80 and a beta of 0.54.

Institutional Trading of Sonoco Products

Institutional investors have recently bought and sold shares of the stock. SBI Securities Co. Ltd. increased its position in Sonoco Products by 77.7% during the fourth quarter. SBI Securities Co. Ltd. now owns 590 shares of the industrial products company’s stock valued at $26,000 after acquiring an additional 258 shares during the last quarter. Cornerstone Planning Group LLC purchased a new stake in Sonoco Products in the 3rd quarter worth about $29,000. LRI Investments LLC bought a new stake in Sonoco Products in the fourth quarter worth about $29,000. TD Waterhouse Canada Inc. purchased a new position in shares of Sonoco Products during the second quarter valued at approximately $30,000. Finally, True Wealth Design LLC grew its stake in shares of Sonoco Products by 172.5% during the third quarter. True Wealth Design LLC now owns 744 shares of the industrial products company’s stock valued at $32,000 after buying an additional 471 shares during the last quarter. 77.69% of the stock is currently owned by institutional investors.

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.