Sonoco Products (NYSE:SON) Trading 5.1% Higher – Here’s What Happened

Sonoco Products Company (NYSE:SON) shares traded up 5.1% during mid-day trading on Thursday . The company traded as high as $42.34 and last traded at $42.33. 869,508 shares were traded during mid-day trading, a decline of 10% from the average session volume of 968,021 shares. The stock had previously closed at $40.29.

Analysts Set New Price Targets

Several brokerages have recently weighed in on SON. UBS Group dropped their price target on shares of Sonoco Products from $50.00 to $46.00 and set a “neutral” rating on the stock in a research note on Monday, October 6th. Zacks Research lowered shares of Sonoco Products from a “hold” rating to a “strong sell” rating in a report on Monday, October 27th. Jefferies Financial Group decreased their price objective on shares of Sonoco Products from $61.00 to $60.00 and set a “buy” rating on the stock in a research report on Friday, October 24th. Bank of America reissued a “neutral” rating and set a $56.00 price target on shares of Sonoco Products in a report on Thursday, October 9th. Finally, Wells Fargo & Company boosted their price target on Sonoco Products from $50.00 to $52.00 and gave the stock an “overweight” rating in a report on Friday, October 24th. Four 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 data from MarketBeat.com, Sonoco Products currently has an average rating of “Hold” and a consensus target price of $54.43.

Sonoco Products Trading Up 3.3%

The company has a market cap of $4.10 billion, a PE ratio of 6.60, a P/E/G ratio of 0.73 and a beta of 0.67. The stock’s 50 day moving average is $42.69 and its 200-day moving average is $44.60. 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 (NYSE:SON) last announced its earnings results on Wednesday, June 22nd. The industrial products company reported $1.00 earnings per share (EPS) for the quarter. The firm had revenue of $1.35 billion for the quarter. Sonoco Products had a net margin of 8.82% and a return on equity of 20.49%. Sonoco Products has set its Q2 2022 guidance at $1.60-$1.70 EPS. As a group, sell-side analysts anticipate that Sonoco Products Company will post 6.1 EPS for the current year.

Sonoco Products Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 10th. Investors of record on Monday, November 10th will be given a $0.53 dividend. The ex-dividend date is Monday, November 10th. This represents a $2.12 dividend on an annualized basis and a yield of 5.1%. Sonoco Products’s dividend payout ratio (DPR) is currently 33.65%.

Insiders Place Their Bets

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

Hedge Funds Weigh In On Sonoco Products

Large investors have recently bought and sold shares of the business. Norges Bank purchased a new stake in shares of Sonoco Products during the second quarter valued at $53,618,000. Nordea Investment Management AB increased its position in shares of Sonoco Products by 70.1% during the second quarter. Nordea Investment Management AB now owns 2,827,569 shares of the industrial products company’s stock worth $122,914,000 after acquiring an additional 1,164,849 shares during the period. Millennium Management LLC raised its stake in shares of Sonoco Products by 739.7% during the first quarter. Millennium Management LLC now owns 1,152,506 shares of the industrial products company’s stock valued at $54,444,000 after acquiring an additional 1,015,250 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Sonoco Products by 14.4% in the first quarter. Dimensional Fund Advisors LP now owns 3,591,263 shares of the industrial products company’s stock valued at $169,646,000 after purchasing an additional 450,792 shares during the period. Finally, Valley Wealth Managers Inc. boosted its holdings in shares of Sonoco Products by 699.3% in the first quarter. Valley Wealth Managers Inc. now owns 497,814 shares of the industrial products company’s stock valued at $23,517,000 after purchasing an additional 435,529 shares during the period. Hedge funds and other institutional investors own 77.69% of the company’s stock.

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.