New York State Teachers Retirement System Has $3.25 Million Stake in Sonoco Products Company $SON

New York State Teachers Retirement System boosted its stake in shares of Sonoco Products Company (NYSE:SON) by 33.4% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 75,297 shares of the industrial products company’s stock after purchasing an additional 18,834 shares during the quarter. New York State Teachers Retirement System’s holdings in Sonoco Products were worth $3,245,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. ST Germain D J Co. Inc. bought a new stake in shares of Sonoco Products in the 2nd quarter worth about $26,000. TD Waterhouse Canada Inc. bought a new stake in Sonoco Products during the second quarter worth about $30,000. True Wealth Design LLC grew its stake in Sonoco Products by 172.5% during the third quarter. True Wealth Design LLC now owns 744 shares of the industrial products company’s stock worth $32,000 after buying an additional 471 shares during the last quarter. SouthState Corp increased its holdings in shares of Sonoco Products by 439.1% during the second quarter. SouthState Corp now owns 1,240 shares of the industrial products company’s stock worth $54,000 after buying an additional 1,010 shares in the last quarter. Finally, Hilltop National Bank bought a new position in shares of Sonoco Products in the second quarter valued at approximately $56,000. Institutional investors and hedge funds own 77.69% of the company’s stock.

Analyst Ratings Changes

SON has been the subject of a number of recent analyst reports. UBS Group raised their price target on Sonoco Products from $44.00 to $48.00 and gave the company a “neutral” rating in a report on Monday, January 12th. Raymond James Financial set a $60.00 target price on Sonoco Products in a research note on Monday, January 5th. Truist Financial lifted their price target on Sonoco Products from $53.00 to $54.00 and gave the company a “buy” rating in a report on Tuesday, January 6th. 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 report on Friday, October 24th. Finally, Bank of America upgraded shares of Sonoco Products from a “neutral” rating to a “buy” rating and raised their price objective for the company from $56.00 to $60.00 in a research report on Monday, January 5th. Four analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, Sonoco Products currently has a consensus rating of “Hold” and a consensus price target of $54.86.

Sonoco Products Trading Down 0.8%

Shares of SON opened at $48.73 on Friday. The stock’s fifty day simple moving average is $43.09 and its 200-day simple moving average is $44.06. The firm has a market capitalization of $4.81 billion, a PE ratio of 7.73, a price-to-earnings-growth ratio of 0.76 and a beta of 0.55. Sonoco Products Company has a 12-month low of $38.65 and a 12-month high of $50.09. 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 quarterly earnings data on Wednesday, October 22nd. The industrial products company reported $1.92 earnings per share for the quarter, topping the consensus estimate of $1.91 by $0.01. Sonoco Products had a return on equity of 20.49% and a net margin of 8.82%.The firm had revenue of $2.13 billion during the quarter, compared to analysts’ expectations of $2.18 billion. During the same period in the previous year, the business posted $1.49 EPS. The company’s quarterly revenue was up 57.3% compared to the same quarter last year. Sonoco Products has set its FY 2025 guidance at 5.650-5.75 EPS. As a group, research analysts predict that Sonoco Products Company will post 6.1 earnings per share for the current year.

Insider Buying and Selling

In other Sonoco Products news, Director John R. Haley acquired 2,506 shares of the business’s stock in a transaction that occurred on 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 directly owned 23,310 shares of the company’s stock, valued at approximately $929,369.70. This represents a 12.05% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Paul Joachimczyk acquired 20,500 shares of Sonoco Products stock in a transaction on Wednesday, October 29th. The stock was acquired at an average cost of $39.50 per share, for a total transaction of $809,750.00. Following the completion of the purchase, the chief financial officer owned 20,500 shares of the company’s stock, valued at approximately $809,750. The trade was a ∞ increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders own 0.74% of the company’s stock.

Sonoco Products Company Profile

Sonoco Products Company (NYSE: SON) is a global provider of diversified packaging solutions, serving a wide range of consumer, industrial and retail markets. The company offers a broad portfolio that includes rigid paper and plastic containers, flexible packaging, industrial core and tube products, thermoformed plastics, retail point-of-purchase displays, and packaging supply chain services. Through its solutions, Sonoco helps customers in food and beverage, personal care, chemicals, healthcare, home and garden, and electronics industries address their packaging needs, improve product shelf appeal, and optimize logistics efficiency.

With operations in more than 30 countries across North America, South America, Europe, Asia and Africa, Sonoco leverages a global network of manufacturing facilities, recycling centers and distribution channels to meet the demands of multinational and regional customers.