AlphaQuest LLC Lowers Position in 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 position in Sonoco Products Company (NYSE:SON - Free Report) by 91.3% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund 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 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the stock. Beverly Hills Private Wealth LLC lifted its position in shares of Sonoco Products by 4.1% during the 1st quarter. Beverly Hills Private Wealth LLC now owns 5,669 shares of the industrial products company's stock worth $268,000 after buying an additional 224 shares during the period. CW Advisors LLC lifted its holdings 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 worth $699,000 after acquiring an additional 224 shares in the last quarter. Federated Hermes Inc. lifted its holdings in shares of Sonoco Products by 2.5% in 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 in the last quarter. IVC Wealth Advisors LLC raised its holdings 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 worth $309,000 after acquiring an additional 288 shares in the last quarter. Finally, State of Michigan Retirement System raised its stake in Sonoco Products by 1.3% in 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 buying an additional 300 shares during the period. Institutional investors and hedge funds own 77.69% of the company's stock.

Sonoco Products Stock Performance

Sonoco Products stock traded up $0.71 during trading on Friday, hitting $46.22. The stock had a trading volume of 1,251,773 shares, compared to its average volume of 864,915. The stock's 50 day moving average is $46.23 and its two-hundred day moving average is $45.66. The company has a quick ratio of 0.72, a current ratio of 1.25 and a debt-to-equity ratio of 1.53. Sonoco Products Company has a 1 year low of $39.46 and a 1 year high of $56.36. The stock has a market cap of $4.56 billion, a price-to-earnings ratio of 8.28, a price-to-earnings-growth ratio of 0.62 and a beta of 0.70.

Sonoco Products (NYSE:SON - Get Free Report) last released its quarterly earnings results 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 firm 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 company'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 company posted $1.28 EPS. Sonoco Products has set its FY 2025 guidance at 6.000-6.2 EPS. As a group, analysts predict that Sonoco Products Company will post 6.1 EPS for the current year.

Sonoco Products Dividend Announcement

The company 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 dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a dividend yield of 4.6%. The ex-dividend date is Friday, August 8th. Sonoco Products's dividend payout ratio is currently 37.99%.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on SON shares. UBS Group increased their price target on Sonoco Products from $48.00 to $50.00 and gave the stock a "neutral" rating in a research report on Thursday, July 24th. Wells Fargo & Company raised Sonoco Products from an "underweight" rating to an "overweight" rating and increased their price target for the stock from $45.00 to $55.00 in a research report on Friday, May 23rd. Raymond James Financial increased their price target on Sonoco Products from $50.00 to $55.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 15th. Finally, Truist Financial increased their price target on Sonoco Products from $53.00 to $58.00 and gave the stock a "buy" rating in a research report on Friday, July 25th. Six analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $57.63.

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.