AlphaQuest LLC Sells 22,709 Shares of Sonoco Products Company $SON

Key Points

• AlphaQuest LLC has reduced its holdings in Sonoco Products Company (NYSE: SON) by 91.3%, ending the quarter with 2,160 shares, valued at $102,000.
• Sonoco Products reported earnings per share of $1.37, missing estimates, with quarterly revenue of $1.91 billion, reflecting a 17.7% increase year-over-year.
• Several analysts have upgraded Sonoco Products, with target prices now reaching as high as $58.00, indicating a growing optimism in the company's performance and potential.

AlphaQuest LLC reduced its stake in Sonoco Products Company (NYSE:SON - Free Report) by 91.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,160 shares of the industrial products company's stock after selling 22,709 shares during the period. AlphaQuest LLC's holdings in Sonoco Products were worth $102,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently made changes to their positions in SON. Beverly Hills Private Wealth LLC lifted its stake in Sonoco Products by 4.1% during the first 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. CW Advisors LLC lifted its stake in Sonoco Products by 1.5% during the first quarter. CW Advisors LLC now owns 14,791 shares of the industrial products company's stock valued at $699,000 after purchasing an additional 224 shares during the last quarter. Federated Hermes Inc. lifted its stake in Sonoco Products by 2.5% during the first quarter. Federated Hermes Inc. now owns 9,304 shares of the industrial products company's stock valued at $440,000 after purchasing an additional 230 shares during the last quarter. IVC Wealth Advisors LLC lifted its stake 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 purchasing an additional 288 shares during the last quarter. Finally, State of Michigan Retirement System lifted its stake 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 purchasing an additional 300 shares during the last quarter. 77.69% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts recently commented on the stock. Truist Financial increased their target price on shares of 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 increased their target price on shares of Sonoco Products from $50.00 to $55.00 and gave the company an "outperform" rating in a research note on Tuesday, July 15th. Wells Fargo & Company raised shares of Sonoco Products from an "underweight" rating to an "overweight" rating and increased their target price for the company from $45.00 to $55.00 in a research note on Friday, May 23rd. Finally, UBS Group boosted their price target on shares of Sonoco Products from $48.00 to $50.00 and gave the company a "neutral" rating in a report on Thursday, July 24th. Six equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, Sonoco Products presently has an average rating of "Moderate Buy" and a consensus price target of $57.63.

Sonoco Products Stock Up 1.6%

Sonoco Products stock traded up $0.71 during trading hours on Friday, hitting $46.22. The company had a trading volume of 1,251,773 shares, compared to its average volume of 826,737. The firm has a market capitalization of $4.56 billion, a P/E ratio of 8.28, a price-to-earnings-growth ratio of 0.62 and a beta of 0.70. 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 firm's fifty day moving average is $46.28 and its 200-day moving average is $45.64. Sonoco Products Company has a fifty-two week low of $39.46 and a fifty-two week high of $56.36.

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

Sonoco Products Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Friday, August 8th will be paid a dividend of $0.53 per share. The ex-dividend date is Friday, August 8th. This represents a $2.12 annualized dividend and a dividend yield of 4.6%. Sonoco Products's dividend payout ratio is 37.99%.

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.