Sonoco Products Company $SON Shares Sold by Hsbc Holdings PLC

Key Points

• Hsbc Holdings PLC significantly reduced its holdings in Sonoco Products Company by 68.7% during the 1st quarter, now owning 5,407 shares valued at $255,000.
• Sonoco Products reported $1.37 earnings per share for the last quarter, missing analysts' estimates, while quarterly revenue was $1.91 billion, slightly below expectations.
• The company announced a quarterly dividend of $0.53 per share, representing a 4.7% dividend yield and a payout ratio of 37.99%.

Hsbc Holdings PLC decreased its position in shares of Sonoco Products Company (NYSE:SON - Free Report) by 68.7% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 5,407 shares of the industrial products company's stock after selling 11,882 shares during the period. Hsbc Holdings PLC's holdings in Sonoco Products were worth $255,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the company. Dimensional Fund Advisors LP lifted its stake in shares of Sonoco Products by 14.4% during 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 buying an additional 450,792 shares during the period. Fuller & Thaler Asset Management Inc. lifted its stake in shares of Sonoco Products by 9.8% during the first quarter. Fuller & Thaler Asset Management Inc. now owns 2,308,939 shares of the industrial products company's stock valued at $109,074,000 after buying an additional 206,749 shares during the period. Invesco Ltd. lifted its stake in shares of Sonoco Products by 3.2% during the first quarter. Invesco Ltd. now owns 1,401,051 shares of the industrial products company's stock valued at $66,186,000 after buying an additional 43,049 shares during the period. Deprince Race & Zollo Inc. lifted its stake in shares of Sonoco Products by 53.4% during the fourth quarter. Deprince Race & Zollo Inc. now owns 1,272,121 shares of the industrial products company's stock valued at $62,143,000 after buying an additional 442,892 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of Sonoco Products by 0.9% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,053,527 shares of the industrial products company's stock valued at $49,769,000 after buying an additional 8,907 shares during the period. Hedge funds and other institutional investors own 77.69% of the company's stock.

Analyst Upgrades and Downgrades

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

Sonoco Products Trading Up 0.7%

Shares of Sonoco Products stock traded up $0.33 during trading hours on Wednesday, hitting $46.03. The company's stock had a trading volume of 896,190 shares, compared to its average volume of 859,207. Sonoco Products Company has a 1-year low of $39.46 and a 1-year high of $56.36. The business has a fifty day moving average of $46.32 and a 200 day moving average of $45.63. The company has a market capitalization of $4.54 billion, a PE ratio of 8.25, a P/E/G ratio of 0.61 and a beta of 0.70. 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 (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 (EPS) for the quarter, missing the consensus estimate of $1.44 by ($0.07). Sonoco Products had a return on equity of 20.46% and a net margin of 8.35%.The business had revenue of $1.91 billion during the quarter, compared to analyst estimates of $1.92 billion. During the same period in the previous year, the company earned $1.28 EPS. Sonoco Products's revenue was up 17.7% on a year-over-year basis. Sonoco Products has set its FY 2025 guidance at 6.000-6.2 EPS. As a group, equities analysts forecast that Sonoco Products Company will post 6.1 EPS for the current year.

Sonoco Products Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Friday, August 8th will be given a $0.53 dividend. The ex-dividend date of this dividend 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 presently 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.