Allianz Asset Management GmbH Raises Position in Sonoco Products Company $SON

Key Points

• Allianz Asset Management GmbH significantly increased its stake in Sonoco Products by 330.6% during the second quarter, acquiring an additional 42,913 shares to reach a total of 55,892 shares valued at approximately $2.4 million.
• Sonoco Products has announced a quarterly dividend of $0.53 per share, with an annualized yield of 5.2%, to be paid on December 10th.
• Several institutional investors, including Millennium Management, have also significantly increased their holdings in Sonoco Products, highlighting renewed interest in the company's stock.

Allianz Asset Management GmbH grew its position in Sonoco Products Company (NYSE:SON - Free Report) by 330.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 55,892 shares of the industrial products company's stock after acquiring an additional 42,913 shares during the period. Allianz Asset Management GmbH owned about 0.06% of Sonoco Products worth $2,435,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in SON. Millennium Management LLC boosted its holdings in shares of Sonoco Products by 739.7% in the first quarter. Millennium Management LLC now owns 1,152,506 shares of the industrial products company's stock valued at $54,444,000 after acquiring an additional 1,015,250 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Sonoco Products by 14.4% in the first quarter. Dimensional Fund Advisors LP now owns 3,591,263 shares of the industrial products company's stock valued at $169,646,000 after acquiring an additional 450,792 shares in the last quarter. Valley Wealth Managers Inc. boosted its holdings in shares of Sonoco Products by 699.3% in the first quarter. Valley Wealth Managers Inc. now owns 497,814 shares of the industrial products company's stock valued at $23,517,000 after acquiring an additional 435,529 shares in the last quarter. Hotchkis & Wiley Capital Management LLC purchased a new stake in shares of Sonoco Products in the first quarter valued at about $12,883,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Sonoco Products by 87.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 545,179 shares of the industrial products company's stock valued at $25,754,000 after acquiring an additional 255,055 shares in the last quarter. Hedge funds and other institutional investors own 77.69% of the company's stock.

Sonoco Products Stock Performance

Shares of SON opened at $40.41 on Friday. The company has a current ratio of 0.92, a quick ratio of 0.72 and a debt-to-equity ratio of 1.14. The stock has a market cap of $3.99 billion, a P/E ratio of 6.41, a PEG ratio of 0.70 and a beta of 0.68. The company has a 50-day moving average of $44.36 and a two-hundred day moving average of $44.92. Sonoco Products Company has a 12-month low of $39.13 and a 12-month high of $53.69.

Sonoco Products (NYSE:SON - Get Free Report) last announced its earnings results on Wednesday, June 22nd. The industrial products company reported $1.00 earnings per share (EPS) for the quarter. The company had revenue of $1.35 billion during the quarter. Sonoco Products had a net margin of 8.82% and a return on equity of 20.49%. Sonoco Products has set its Q2 2022 guidance at $1.60-$1.70 EPS. As a group, research analysts predict that Sonoco Products Company will post 6.1 EPS for the current fiscal year.

Sonoco Products Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 10th. Shareholders of record on Monday, November 10th will be given a dividend of $0.53 per share. The ex-dividend date is Monday, November 10th. This represents a $2.12 dividend on an annualized basis and a yield of 5.2%. Sonoco Products's payout ratio is presently 37.99%.

Wall Street Analyst Weigh In

Several brokerages recently commented on SON. UBS Group reduced their price objective on shares of Sonoco Products from $50.00 to $46.00 and set a "neutral" rating for the company in a research note on Monday, October 6th. Bank of America reiterated a "neutral" rating and issued a $56.00 price objective on shares of Sonoco Products in a research note on Thursday, October 9th. Citigroup reduced their price objective on shares of Sonoco Products from $56.00 to $55.00 and set a "buy" rating for the company in a research note on Monday, September 29th. Jefferies Financial Group reduced their price objective on shares of Sonoco Products from $61.00 to $60.00 and set a "buy" rating for the company in a research note on Friday. Finally, Wells Fargo & Company raised their price objective on shares of Sonoco Products from $50.00 to $52.00 and gave the company an "overweight" rating in a research note on Friday. Four investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and an average target price of $54.50.

About Sonoco Products

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.