12,979 Shares in Sonoco Products Company (NYSE:SON) Bought by Allianz Asset Management GmbH

Allianz Asset Management GmbH acquired a new stake in Sonoco Products Company (NYSE:SON - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 12,979 shares of the industrial products company's stock, valued at approximately $613,000.

Several other large investors have also bought and sold shares of SON. Beverly Hills Private Wealth LLC boosted its stake in shares of Sonoco Products by 4.1% in the 1st quarter. Beverly Hills Private Wealth LLC now owns 5,669 shares of the industrial products company's stock valued at $268,000 after purchasing an additional 224 shares during the last quarter. Treasurer of the State of North Carolina lifted its holdings in Sonoco Products by 0.6% in the fourth quarter. Treasurer of the State of North Carolina now owns 43,056 shares of the industrial products company's stock valued at $2,103,000 after buying an additional 270 shares during the period. IVC Wealth Advisors LLC boosted its position in Sonoco Products by 4.6% during the first quarter. IVC Wealth Advisors LLC now owns 6,542 shares of the industrial products company's stock valued at $309,000 after acquiring an additional 288 shares during the last quarter. State of Michigan Retirement System boosted its position in Sonoco Products by 1.3% during the first quarter. State of Michigan Retirement System now owns 23,551 shares of the industrial products company's stock valued at $1,113,000 after acquiring an additional 300 shares during the last quarter. Finally, State of Alaska Department of Revenue grew its holdings in Sonoco Products by 2.7% during the 1st quarter. State of Alaska Department of Revenue now owns 11,511 shares of the industrial products company's stock worth $543,000 after acquiring an additional 305 shares during the period. 77.69% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. UBS Group boosted their price objective on Sonoco Products from $48.00 to $50.00 and gave the company a "neutral" rating in a research note on Thursday, July 24th. Jefferies Financial Group began coverage on Sonoco Products in a research note on Tuesday, April 22nd. They issued a "buy" rating and a $62.00 price target on the stock. Truist Financial raised their price objective on shares of Sonoco Products from $53.00 to $58.00 and gave the stock a "buy" rating in a research report on Friday, July 25th. Wells Fargo & Company upgraded shares of Sonoco Products from an "underweight" rating to an "overweight" rating and lifted their price objective for the company from $45.00 to $55.00 in a research note on Friday, May 23rd. Finally, Wall Street Zen raised shares of Sonoco Products from a "sell" rating to a "hold" rating in a research note on Wednesday, May 7th. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, Sonoco Products currently has an average rating of "Moderate Buy" and a consensus price target of $57.63.

Sonoco Products Price Performance

Shares of SON opened at $44.24 on Friday. The business's fifty day moving average is $45.59 and its 200 day moving average is $45.95. Sonoco Products Company has a 12-month low of $39.46 and a 12-month high of $56.77. The company has a quick ratio of 0.72, a current ratio of 1.25 and a debt-to-equity ratio of 1.53. The stock has a market cap of $4.36 billion, a P/E ratio of 7.93, a P/E/G ratio of 0.61 and a beta of 0.69.

Sonoco Products (NYSE:SON - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The industrial products company reported $1.37 earnings per share for the quarter, missing the consensus estimate of $1.44 by ($0.07). The business had revenue of $1.91 billion for the quarter, compared to analyst estimates of $1.92 billion. Sonoco Products had a return on equity of 20.46% and a net margin of 8.35%. The business's quarterly revenue was up 17.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.28 EPS. Sell-side analysts anticipate that Sonoco Products Company will post 6.1 earnings per share for the current fiscal year.

Sonoco Products Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Friday, August 8th will be issued a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a dividend yield of 4.8%. The ex-dividend date is Friday, August 8th. Sonoco Products's dividend payout ratio (DPR) is currently 37.99%.

Sonoco Products 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.

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