Bank of New York Mellon Corp Invests $60.79 Million in Sonoco Products Company $SON

Key Points

• Bank of New York Mellon acquired 1.08 million Sonoco Products shares worth approximately $60.8 million, giving it a 1.09% stake. Institutional investors and hedge funds collectively own 77.69% of the company.
• Analysts remain mixed, with five Buy ratings and seven Holds; the average price target is $61.78, while several firms recently raised targets to between $66 and $69.
• Sonoco beat quarterly earnings expectations with EPS of $1.51 versus $1.47 expected, despite a 1.3% year-over-year revenue decline. The company also declared a quarterly dividend of $0.54 per share, representing a 3.8% annualized yield.

Bank of New York Mellon Corp bought a new stake in Sonoco Products Company (NYSE:SON - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 1,078,855 shares of the industrial products company's stock, valued at approximately $60,793,000. Bank of New York Mellon Corp owned approximately 1.09% of Sonoco Products as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the business. Fuller & Thaler Asset Management Inc. grew its position in Sonoco Products by 477.8% during the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 5,901,950 shares of the industrial products company's stock worth $257,561,000 after purchasing an additional 4,880,438 shares during the last quarter. State Street Corp lifted its stake in shares of Sonoco Products by 0.3% during the second quarter. State Street Corp now owns 4,470,449 shares of the industrial products company's stock worth $194,733,000 after buying an additional 13,161 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Sonoco Products by 0.8% during the first quarter. Dimensional Fund Advisors LP now owns 3,931,180 shares of the industrial products company's stock worth $212,632,000 after buying an additional 32,810 shares during the period. Bank of America Corp DE grew its holdings in shares of Sonoco Products by 19.0% during the first quarter. Bank of America Corp DE now owns 3,312,638 shares of the industrial products company's stock valued at $179,181,000 after buying an additional 528,292 shares during the last quarter. Finally, AQR Capital Management LLC increased its position in shares of Sonoco Products by 357.8% in the 3rd quarter. AQR Capital Management LLC now owns 2,117,022 shares of the industrial products company's stock valued at $90,693,000 after acquiring an additional 1,654,576 shares during the period. 77.69% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have recently weighed in on SON. Weiss Ratings upgraded shares of Sonoco Products from a "hold (c)" rating to a "hold (c+)" rating in a research note on Monday, August 3rd. Wall Street Zen downgraded shares of Sonoco Products from a "buy" rating to a "hold" rating in a research report on Saturday, May 2nd. Citigroup upped their price target on shares of Sonoco Products from $63.00 to $66.00 and gave the company a "buy" rating in a report on Thursday, July 9th. Truist Financial increased their price target on Sonoco Products from $64.00 to $68.00 and gave the stock a "buy" rating in a research report on Friday, July 24th. Finally, Bank of America lifted their price objective on Sonoco Products from $65.00 to $69.00 and gave the company a "buy" rating in a research note on Tuesday, July 14th. Five investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Sonoco Products presently has an average rating of "Hold" and an average price target of $61.78.

Sonoco Products Stock Down 0.7%

Shares of SON opened at $57.48 on Thursday. The stock has a 50 day moving average price of $56.25 and a 200 day moving average price of $53.62. Sonoco Products Company has a one year low of $38.65 and a one year high of $60.67. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.55 and a current ratio of 0.99. The stock has a market capitalization of $5.68 billion, a price-to-earnings ratio of 9.14, a PEG ratio of 1.22 and a beta of 0.37.

Sonoco Products (NYSE:SON - Get Free Report) last announced its earnings results on Wednesday, July 22nd. The industrial products company reported $1.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.47 by $0.04. Sonoco Products had a net margin of 8.41% and a return on equity of 16.50%. The company had revenue of $1.89 billion for the quarter, compared to analysts' expectations of $1.88 billion. During the same quarter in the previous year, the company posted $1.37 EPS. The firm's quarterly revenue was down 1.3% on a year-over-year basis. Sonoco Products has set its FY 2026 guidance at 5.800-6.200 EPS. Equities research analysts forecast that Sonoco Products Company will post 5.8 earnings per share for the current fiscal year.

Sonoco Products Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Monday, August 10th will be given a dividend of $0.54 per share. The ex-dividend date is Monday, August 10th. This represents a $2.16 dividend on an annualized basis and a yield of 3.8%. Sonoco Products's payout ratio is presently 34.34%.

Sonoco Products Profile

Sonoco Products Company NYSE: SON is a global provider of diversified packaging solutions, serving a wide range of consumer, industrial and retail markets. The company offers a broad portfolio that includes rigid paper and plastic containers, flexible packaging, industrial core and tube products, thermoformed plastics, retail point-of-purchase displays, and packaging supply chain services. Through its solutions, Sonoco helps customers in food and beverage, personal care, chemicals, healthcare, home and garden, and electronics industries address their packaging needs, improve product shelf appeal, and optimize logistics efficiency.

With operations in more than 30 countries across North America, South America, Europe, Asia and Africa, Sonoco leverages a global network of manufacturing facilities, recycling centers and distribution channels to meet the demands of multinational and regional customers.

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