Nuveen LLC Buys Shares of 176,265 Sonoco Products Company $SON

Key Points

• Nuveen LLC acquired 176,265 shares of Sonoco Products Company for approximately $8.3 million, increasing its stake to 0.18% by the end of the first quarter.
• Sonoco Products reported Q2 earnings of $1.37 per share, missing the consensus estimate, while revenue reached $1.91 billion, slightly below expectations.
• The company announced a quarterly dividend of $0.53, with a payout ratio of 37.99%, representing an annualized yield of 4.5% for shareholders.

Nuveen LLC purchased a new position in shares of Sonoco Products Company (NYSE:SON - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 176,265 shares of the industrial products company's stock, valued at approximately $8,327,000. Nuveen LLC owned about 0.18% of Sonoco Products at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Whittier Trust Co. of Nevada Inc. boosted its stake in shares of Sonoco Products by 508.1% during the 1st 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 during the last quarter. UMB Bank n.a. lifted its holdings in shares of 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 during the period. Colonial Trust Co SC lifted its holdings in shares of 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 during the period. Quarry LP lifted its holdings in shares of 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 during the period. Finally, Allworth Financial LP lifted its holdings in shares of Sonoco Products by 152.0% during the 1st quarter. Allworth Financial LP now owns 1,071 shares of the industrial products company's stock worth $50,000 after acquiring an additional 646 shares during the period. 77.69% of the stock is owned by institutional investors and hedge funds.

Sonoco Products Stock Up 1.0%

Shares of NYSE:SON traded up $0.45 during midday trading on Friday, reaching $47.19. The company had a trading volume of 1,733,012 shares, compared to its average volume of 750,246. The company has a debt-to-equity ratio of 1.53, a current ratio of 1.25 and a quick ratio of 0.72. The stock's fifty day moving average price is $46.04 and its 200-day moving average price is $45.69. The stock has a market capitalization of $4.65 billion, a P/E ratio of 8.46, a PEG ratio of 0.63 and a beta of 0.69. Sonoco Products Company has a one year low of $39.46 and a one year high of $56.77.

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 company had revenue of $1.91 billion during the quarter, compared to the consensus estimate of $1.92 billion. Sonoco Products had a return on equity of 20.46% and a net margin of 8.35%.The firm's quarterly revenue was up 17.7% on a year-over-year basis. During the same quarter last year, the firm posted $1.28 EPS. Sonoco Products has set its FY 2025 guidance at 6.000-6.2 EPS. Equities research analysts expect that Sonoco Products Company will post 6.1 earnings per share for the current fiscal year.

Sonoco Products Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Friday, August 8th will be paid a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date is Friday, August 8th. Sonoco Products's payout ratio is 37.99%.

Analyst Ratings Changes

Several brokerages have recently weighed in on SON. UBS Group increased their price objective on shares of Sonoco Products from $48.00 to $50.00 and gave the stock a "neutral" rating in a report on Thursday, July 24th. Wells Fargo & Company upgraded shares of Sonoco Products from an "underweight" rating to an "overweight" rating and increased their price objective for the stock from $45.00 to $55.00 in a report on Friday, May 23rd. Truist Financial increased their price objective on shares of Sonoco Products from $53.00 to $58.00 and gave the stock a "buy" rating in a report on Friday, July 25th. Wall Street Zen upgraded shares of Sonoco Products from a "sell" rating to a "hold" rating in a report on Wednesday, May 7th. Finally, Raymond James Financial raised their price target on shares of Sonoco Products from $50.00 to $55.00 and gave the company an "outperform" rating in a report on Tuesday, July 15th. Six equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $57.63.

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.