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

Key Points

• Allianz Asset Management GmbH acquired a new position in Sonoco Products Company, purchasing 12,979 shares valued at approximately $613,000.
• Securities analysts have recently raised their price targets for Sonoco Products, with reports indicating a consensus price target of $57.63 and several firms giving the stock a "buy" rating.
• Sonoco Products announced a quarterly dividend of $0.53 per share, which equates to an annualized yield of 4.8%, with the payment scheduled for September 10th.

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 & Exchange Commission. The fund acquired 12,979 shares of the industrial products company's stock, valued at approximately $613,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Whittier Trust Co. of Nevada Inc. increased its position in shares of Sonoco Products by 508.1% during the first quarter. Whittier Trust Co. of Nevada Inc. now owns 900 shares of the industrial products company's stock worth $43,000 after purchasing an additional 752 shares in the last quarter. UMB Bank n.a. lifted its stake in Sonoco Products by 152.7% during the 1st quarter. UMB Bank n.a. now owns 950 shares of the industrial products company's stock worth $45,000 after acquiring an additional 574 shares in the last quarter. Quarry LP lifted its stake in Sonoco Products by 111.3% during the 4th quarter. Quarry LP now owns 970 shares of the industrial products company's stock worth $47,000 after acquiring an additional 511 shares in the last quarter. Colonial Trust Co SC lifted its stake in Sonoco Products by 90.6% during the 4th quarter. Colonial Trust Co SC now owns 953 shares of the industrial products company's stock worth $47,000 after acquiring an additional 453 shares in the last quarter. Finally, Allworth Financial LP raised its position in Sonoco Products by 152.0% in the 1st quarter. Allworth Financial LP now owns 1,071 shares of the industrial products company's stock valued at $50,000 after purchasing an additional 646 shares in the last quarter. 77.69% of the stock is currently owned by hedge funds and other institutional investors.

Sonoco Products Stock Performance

SON stock traded up $0.27 on Tuesday, reaching $45.04. The company's stock had a trading volume of 244,322 shares, compared to its average volume of 865,099. Sonoco Products Company has a 52 week low of $39.46 and a 52 week high of $56.77. The company has a market capitalization of $4.44 billion, a P/E ratio of 8.08, a price-to-earnings-growth ratio of 0.60 and a beta of 0.69. The firm has a fifty day moving average of $45.57 and a two-hundred day moving average of $45.91. The company has a debt-to-equity ratio of 1.53, a current ratio of 1.25 and a quick ratio of 0.72.

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

Sonoco Products Dividend Announcement

The firm 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. The ex-dividend date is Friday, August 8th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 4.7%. Sonoco Products's dividend payout ratio is presently 37.99%.

Analysts Set New Price Targets

A number of research firms have issued reports on SON. Jefferies Financial Group started coverage on Sonoco Products in a research report on Tuesday, April 22nd. They issued a "buy" rating and a $62.00 price target on the stock. Truist Financial lifted their target price on Sonoco Products from $53.00 to $58.00 and gave the company a "buy" rating in a research note on Friday, July 25th. Raymond James Financial raised their price target on Sonoco Products from $50.00 to $55.00 and gave the company an "outperform" rating in a report on Tuesday, July 15th. Wells Fargo & Company raised Sonoco Products from an "underweight" rating to an "overweight" rating and lifted their price objective for the stock from $45.00 to $55.00 in a report on Friday, May 23rd. Finally, Wall Street Zen raised Sonoco Products from a "sell" rating to a "hold" rating in a report on Wednesday, May 7th. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $57.63.

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.