Teacher Retirement System of Texas Reduces Stock Position in Sonoco Products Company $SON

Teacher Retirement System of Texas lessened its holdings in shares of Sonoco Products Company (NYSE:SON) by 9.6% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 24,806 shares of the industrial products company’s stock after selling 2,643 shares during the period. Teacher Retirement System of Texas’ holdings in Sonoco Products were worth $1,081,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. CW Advisors LLC grew its position in shares of Sonoco Products by 1.5% in the 1st quarter. CW Advisors LLC now owns 14,791 shares of the industrial products company’s stock worth $699,000 after buying an additional 224 shares during the last quarter. Federated Hermes Inc. boosted its holdings in 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 acquiring an additional 230 shares in the last quarter. Richardson Financial Services Inc. increased its position in Sonoco Products by 13.2% during the 2nd 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. State of Michigan Retirement System raised its holdings in Sonoco Products by 1.3% in the 1st quarter. State of Michigan Retirement System now owns 23,551 shares of the industrial products company’s stock worth $1,113,000 after purchasing an additional 300 shares in the last quarter. Finally, Linden Thomas Advisory Services LLC lifted its position in shares of Sonoco Products by 3.6% in the 1st quarter. Linden Thomas Advisory Services LLC now owns 12,482 shares of the industrial products company’s stock worth $590,000 after purchasing an additional 434 shares during the period. Institutional investors own 77.69% of the company’s stock.

Sonoco Products Stock Down 1.1%

SON stock opened at $40.40 on Friday. The company has a quick ratio of 0.58, a current ratio of 0.92 and a debt-to-equity ratio of 1.14. The business has a 50 day moving average of $43.19 and a 200 day moving average of $44.74. Sonoco Products Company has a twelve month low of $38.65 and a twelve month high of $52.77. The firm has a market cap of $3.98 billion, a PE ratio of 6.41, a price-to-earnings-growth ratio of 0.73 and a beta of 0.67.

Sonoco Products (NYSE:SON) last issued its quarterly earnings results 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. On average, research analysts forecast that Sonoco Products Company will post 6.1 EPS for the current fiscal year.

Sonoco Products Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 10th. Stockholders of record on Monday, November 10th will be issued a dividend of $0.53 per share. The ex-dividend date is Monday, November 10th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 5.2%. Sonoco Products’s dividend payout ratio is presently 33.65%.

Analysts Set New Price Targets

Several brokerages recently issued reports on SON. Truist Financial reduced their price target on shares of Sonoco Products from $58.00 to $57.00 and set a “buy” rating on the stock in a research report on Monday, October 13th. Citigroup decreased their target price on Sonoco Products from $56.00 to $55.00 and set a “buy” rating for the company in a research report on Monday, September 29th. UBS Group dropped their price target on Sonoco Products from $50.00 to $46.00 and set a “neutral” rating on the stock in a research report on Monday, October 6th. Raymond James Financial reiterated a “market perform” rating on shares of Sonoco Products in a report on Friday, October 17th. Finally, Wells Fargo & Company boosted their target price on shares of Sonoco Products from $50.00 to $52.00 and gave the company an “overweight” rating in a report on Friday, October 24th. Four investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $54.43.

Insider Activity at Sonoco Products

In other Sonoco Products news, CFO Paul Joachimczyk bought 20,500 shares of Sonoco Products stock in a transaction on Wednesday, October 29th. The stock was acquired at an average price of $39.50 per share, with a total value of $809,750.00. Following the acquisition, the chief financial officer owned 20,500 shares in the company, valued at approximately $809,750. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John R. Haley purchased 2,506 shares of the stock in a transaction dated Tuesday, October 28th. The shares were acquired at an average cost of $39.87 per share, for a total transaction of $99,914.22. Following the completion of the acquisition, the director owned 23,310 shares of the company’s stock, valued at approximately $929,369.70. This represents a 12.05% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 0.74% of the stock is owned by company insiders.

Sonoco Products Company Profile

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.