Rhumbline Advisers Lowers Holdings in Sonoco Products Company $SON

Rhumbline Advisers trimmed its stake in Sonoco Products Company (NYSE:SON) by 1.2% during the 2nd quarter, HoldingsChannel reports. The fund owned 279,799 shares of the industrial products company’s stock after selling 3,527 shares during the quarter. Rhumbline Advisers’ holdings in Sonoco Products were worth $12,188,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Raymond James Financial Inc. lifted its position in Sonoco Products by 11.0% in the 1st quarter. Raymond James Financial Inc. now owns 136,553 shares of the industrial products company’s stock valued at $6,451,000 after acquiring an additional 13,479 shares in the last quarter. Jefferies Financial Group Inc. bought a new position in shares of Sonoco Products during the first quarter valued at $748,000. Millennium Management LLC boosted its position 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 buying an additional 1,015,250 shares during the last quarter. Nordea Investment Management AB boosted 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 valued at $122,914,000 after buying an additional 1,164,849 shares during the last quarter. Finally, AGF Management Ltd. raised its position in Sonoco Products by 12.9% in the 2nd quarter. AGF Management Ltd. now owns 65,248 shares of the industrial products company’s stock worth $2,842,000 after buying an additional 7,440 shares during the last quarter. 77.69% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Wells Fargo & Company boosted their price objective 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. Truist Financial decreased their target price on shares of Sonoco Products from $58.00 to $57.00 and set a “buy” rating for the company in a research note on Monday, October 13th. Jefferies Financial Group lowered their price target on Sonoco Products from $61.00 to $60.00 and set a “buy” rating on the stock in a report on Friday, October 24th. UBS Group cut their price objective on Sonoco Products from $50.00 to $46.00 and set a “neutral” rating for the company in a report on Monday, October 6th. Finally, Raymond James Financial reissued a “market perform” rating on shares of Sonoco Products in a report on Friday, October 17th. Four investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $54.43.

Sonoco Products Stock Up 0.9%

NYSE SON opened at $42.19 on Monday. The stock’s 50-day moving average price is $41.32 and its 200-day moving average price is $44.28. The company has a market capitalization of $4.16 billion, a P/E ratio of 6.70, a price-to-earnings-growth ratio of 0.73 and a beta of 0.67. 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 52 week low of $38.65 and a 52 week high of $52.77.

Sonoco Products (NYSE:SON) last released its earnings results on Wednesday, June 22nd. The industrial products company reported $1.00 EPS for the quarter. The company 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. On average, equities research analysts predict that Sonoco Products Company will post 6.1 earnings per share for the current year.

Sonoco Products Announces Dividend

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

Insider Transactions at Sonoco Products

In other Sonoco Products news, CFO Paul Joachimczyk bought 20,500 shares of the firm’s stock in a transaction that occurred on Wednesday, October 29th. The shares were bought at an average price of $39.50 per share, with a total value of $809,750.00. Following the purchase, the chief financial officer owned 20,500 shares of the company’s stock, valued at $809,750. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director John R. Haley purchased 2,506 shares of the stock in a transaction that occurred on Tuesday, October 28th. The stock was 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 in the company, valued at $929,369.70. This represents a 12.05% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 0.74% of the stock is owned by company insiders.

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.