Sonoco Products (NYSE:SON) Shares Sold by Retirement Systems of Alabama

Retirement Systems of Alabama cut its position in shares of Sonoco Products (NYSE:SON) by 0.7% during the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 267,460 shares of the industrial products company’s stock after selling 1,912 shares during the quarter. Retirement Systems of Alabama owned 0.27% of Sonoco Products worth $14,611,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Franklin Resources Inc. grew its holdings in Sonoco Products by 110.4% during the third quarter. Franklin Resources Inc. now owns 73,501 shares of the industrial products company’s stock worth $4,018,000 after acquiring an additional 38,564 shares during the period. Tidal Investments LLC boosted its position in shares of Sonoco Products by 36.0% during the 3rd quarter. Tidal Investments LLC now owns 25,941 shares of the industrial products company’s stock valued at $1,417,000 after purchasing an additional 6,869 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new position in shares of Sonoco Products in the 3rd quarter worth approximately $71,000. Sanctuary Advisors LLC raised its holdings in shares of Sonoco Products by 23.6% in the 3rd quarter. Sanctuary Advisors LLC now owns 17,482 shares of the industrial products company’s stock worth $890,000 after purchasing an additional 3,341 shares in the last quarter. Finally, TD Private Client Wealth LLC lifted its stake in Sonoco Products by 33.4% during the third quarter. TD Private Client Wealth LLC now owns 3,213 shares of the industrial products company’s stock valued at $176,000 after purchasing an additional 804 shares during the last quarter. Institutional investors own 77.69% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. Truist Financial started coverage on shares of Sonoco Products in a research report on Tuesday, November 26th. They issued a “buy” rating and a $63.00 price target on the stock. Wells Fargo & Company lowered Sonoco Products from an “equal weight” rating to an “underweight” rating and cut their target price for the stock from $54.00 to $52.00 in a research report on Wednesday, August 21st. Robert W. Baird decreased their price target on Sonoco Products from $58.00 to $55.00 and set a “neutral” rating for the company in a research report on Monday, November 4th. Finally, Citigroup lifted their price target on Sonoco Products from $62.00 to $63.00 and gave the stock a “buy” rating in a research note on Wednesday, October 2nd. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, Sonoco Products presently has a consensus rating of “Moderate Buy” and a consensus target price of $59.00.

Sonoco Products Stock Performance

Shares of Sonoco Products stock opened at $51.93 on Monday. Sonoco Products has a 12 month low of $48.22 and a 12 month high of $61.73. The company has a quick ratio of 1.91, a current ratio of 2.36 and a debt-to-equity ratio of 1.74. The stock has a market cap of $5.10 billion, a PE ratio of 17.85, a price-to-earnings-growth ratio of 2.14 and a beta of 0.67. The business has a fifty day simple moving average of $51.92 and a 200-day simple moving average of $52.99.

Sonoco Products (NYSE:SON) last announced its quarterly earnings data on Thursday, October 31st. The industrial products company reported $1.49 EPS for the quarter, topping analysts’ consensus estimates of $1.45 by $0.04. The firm had revenue of $1.68 billion during the quarter, compared to analyst estimates of $1.72 billion. Sonoco Products had a return on equity of 19.92% and a net margin of 4.38%. The business’s quarterly revenue was down 2.0% compared to the same quarter last year. During the same period last year, the company posted $1.46 EPS. On average, sell-side analysts anticipate that Sonoco Products will post 5.09 EPS for the current fiscal year.

Sonoco Products Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 10th. Shareholders of record on Friday, November 8th were paid a $0.52 dividend. The ex-dividend date of this dividend was Friday, November 8th. This represents a $2.08 annualized dividend and a yield of 4.01%. Sonoco Products’s dividend payout ratio is presently 71.48%.

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.