MQS Management LLC Cuts Stake in Sonoco Products (NYSE:SON)

MQS Management LLC reduced its holdings in shares of Sonoco Products (NYSE:SON) by 44.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 4,845 shares of the industrial products company’s stock after selling 3,951 shares during the period. MQS Management LLC’s holdings in Sonoco Products were worth $280,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the business. Norges Bank acquired a new position in Sonoco Products during the 4th quarter worth approximately $62,387,000. Brown Advisory Inc. grew its holdings in Sonoco Products by 105.0% during the 4th quarter. Brown Advisory Inc. now owns 724,637 shares of the industrial products company’s stock worth $40,485,000 after acquiring an additional 371,096 shares in the last quarter. Sei Investments Co. grew its holdings in Sonoco Products by 30.8% during the 4th quarter. Sei Investments Co. now owns 1,275,530 shares of the industrial products company’s stock worth $71,264,000 after acquiring an additional 300,697 shares in the last quarter. Kingsview Wealth Management LLC acquired a new position in Sonoco Products during the 1st quarter worth approximately $8,507,000. Finally, Dimensional Fund Advisors LP grew its holdings in Sonoco Products by 5.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,300,033 shares of the industrial products company’s stock worth $128,506,000 after acquiring an additional 109,983 shares in the last quarter. 77.69% of the stock is owned by hedge funds and other institutional investors.

Sonoco Products Stock Performance

Sonoco Products stock traded up $1.04 during trading hours on Friday, reaching $52.85. 47,352 shares of the stock were exchanged, compared to its average volume of 565,094. The stock has a market cap of $5.19 billion, a P/E ratio of 13.08, a P/E/G ratio of 2.25 and a beta of 0.68. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.83 and a current ratio of 1.31. Sonoco Products has a 52-week low of $48.22 and a 52-week high of $61.73. The firm’s 50 day moving average is $55.25 and its 200 day moving average is $56.51.

Sonoco Products (NYSE:SON) last announced its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $1.12 EPS for the quarter, beating the consensus estimate of $1.05 by $0.07. Sonoco Products had a net margin of 5.86% and a return on equity of 20.79%. The firm had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.67 billion. During the same quarter last year, the business earned $1.40 earnings per share. The business’s revenue for the quarter was down 5.3% compared to the same quarter last year. Analysts predict that Sonoco Products will post 5.08 EPS for the current fiscal year.

Sonoco Products Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 10th. Shareholders of record on Friday, August 9th will be given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 3.94%. The ex-dividend date of this dividend is Friday, August 9th. Sonoco Products’s payout ratio is currently 52.53%.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Raymond James assumed coverage on shares of Sonoco Products in a report on Friday, July 19th. They issued an “outperform” rating and a $62.00 target price for the company. Citigroup lowered their target price on shares of Sonoco Products from $64.00 to $60.00 and set a “buy” rating for the company in a report on Monday, July 8th. Wells Fargo & Company lowered their target price on shares of Sonoco Products from $57.00 to $55.00 and set an “equal weight” rating for the company in a report on Wednesday, July 17th. Finally, StockNews.com cut shares of Sonoco Products from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, July 3rd. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $59.00.

About Sonoco Products

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.