Sonoco Products Company $SON Shares Sold by Swiss National Bank

Swiss National Bank lowered its stake in Sonoco Products Company (NYSE:SON) by 1.0% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 188,400 shares of the industrial products company’s stock after selling 1,900 shares during the quarter. Swiss National Bank owned 0.19% of Sonoco Products worth $8,207,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in SON. CW Advisors LLC raised its position in shares of Sonoco Products by 1.5% in the first quarter. CW Advisors LLC now owns 14,791 shares of the industrial products company’s stock valued at $699,000 after buying an additional 224 shares during the last quarter. Federated Hermes Inc. increased its holdings in shares of Sonoco Products by 2.5% in the first quarter. Federated Hermes Inc. now owns 9,304 shares of the industrial products company’s stock valued at $440,000 after purchasing an additional 230 shares during the last quarter. Richardson Financial Services Inc. grew its holdings in shares of Sonoco Products by 13.2% in the second quarter. Richardson Financial Services Inc. now owns 2,185 shares of the industrial products company’s stock valued at $100,000 after purchasing an additional 255 shares during the period. US Bancorp DE raised its position in shares of Sonoco Products by 2.9% during the 1st quarter. US Bancorp DE now owns 17,809 shares of the industrial products company’s stock valued at $841,000 after buying an additional 510 shares during the period. Finally, My Legacy Advisors LLC lifted its holdings in Sonoco Products by 8.1% in the second quarter. My Legacy Advisors LLC now owns 7,174 shares of the industrial products company’s stock valued at $337,000 after acquiring an additional 536 shares during the last quarter. 77.69% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

SON has been the topic of a number of research reports. Truist Financial decreased their price target on Sonoco Products from $58.00 to $57.00 and set a “buy” rating on the stock in a research note on Monday, October 13th. Jefferies Financial Group cut their target price on shares of Sonoco Products from $61.00 to $60.00 and set a “buy” rating on the stock in a report on Friday, October 24th. Citigroup decreased their price target on Sonoco Products from $56.00 to $55.00 and set a “buy” rating for the company in a report on Monday, September 29th. Wells Fargo & Company raised their price target on Sonoco Products from $50.00 to $52.00 and gave the company an “overweight” rating in a report on Friday, October 24th. Finally, UBS Group decreased their price objective on shares of Sonoco Products from $50.00 to $46.00 and set a “neutral” rating on the stock in a report on Monday, October 6th. Four equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $54.43.

Insider Transactions at Sonoco Products

In related news, CFO Paul Joachimczyk acquired 20,500 shares of the stock in a transaction that occurred on Wednesday, October 29th. The shares were purchased at an average cost of $39.50 per share, with a total value of $809,750.00. Following the completion of the transaction, the chief financial officer owned 20,500 shares of the company’s stock, valued at approximately $809,750. This trade represents a ∞ increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director John R. Haley bought 2,506 shares of Sonoco Products stock in a transaction on Tuesday, October 28th. The stock was acquired at an average price of $39.87 per share, with a total value of $99,914.22. Following the completion of the purchase, 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 SEC filing for this purchase provides additional information. Company insiders own 0.74% of the company’s stock.

Sonoco Products Price Performance

Shares of NYSE SON opened at $42.19 on Friday. The firm has a market cap of $4.16 billion, a PE ratio of 6.70, a price-to-earnings-growth ratio of 0.73 and a beta of 0.67. The business has a 50 day moving average price of $41.32 and a two-hundred day moving average price of $44.29. The company has a quick ratio of 0.58, a current ratio of 0.92 and a debt-to-equity ratio of 1.14. Sonoco Products Company has a fifty-two week low of $38.65 and a fifty-two week high of $52.77.

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

Sonoco Products Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 10th. Stockholders of record on Monday, November 10th will be issued a $0.53 dividend. The ex-dividend date is Monday, November 10th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 5.0%. Sonoco Products’s dividend payout ratio is presently 33.65%.

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.