ING Groep NV Sells 65,900 Shares of Sonoco Products Company $SON

Key Points

• ING Groep NV sharply cut its Sonoco Products stake by 72.9% in the fourth quarter, selling 65,900 shares and leaving it with 24,500 shares valued at about $1.07 million.
• Sonoco Products reported Q1 earnings below expectations, posting $1.20 EPS versus the $1.57 consensus and revenue of $1.68 billion versus the expected $1.88 billion. The company also guided FY 2026 EPS at 5.8 to 6.2.
• The company raised its quarterly dividend to $0.54 per share, giving the stock an annualized dividend of $2.16 and a yield of about 4.4%.

ING Groep NV reduced its position in shares of Sonoco Products Company (NYSE:SON - Free Report) by 72.9% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 24,500 shares of the industrial products company's stock after selling 65,900 shares during the period. ING Groep NV's holdings in Sonoco Products were worth $1,069,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in SON. AQR Capital Management LLC boosted its stake in Sonoco Products by 357.8% during the third quarter. AQR Capital Management LLC now owns 2,117,022 shares of the industrial products company's stock valued at $90,693,000 after buying an additional 1,654,576 shares during the period. Norges Bank purchased a new position in Sonoco Products during the fourth quarter worth about $54,611,000. LSV Asset Management increased its stake in Sonoco Products by 95.7% in the 4th quarter. LSV Asset Management now owns 1,563,390 shares of the industrial products company's stock worth $68,226,000 after acquiring an additional 764,590 shares during the last quarter. SG Americas Securities LLC increased its stake in Sonoco Products by 10,238.5% in the 4th quarter. SG Americas Securities LLC now owns 728,138 shares of the industrial products company's stock worth $31,776,000 after acquiring an additional 721,095 shares during the last quarter. Finally, Balyasny Asset Management L.P. purchased a new stake in shares of Sonoco Products in the 2nd quarter valued at about $11,569,000. Institutional investors own 77.69% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on SON shares. Truist Financial reissued a "buy" rating and set a $65.00 price objective (down from $68.00) on shares of Sonoco Products in a report on Tuesday, April 28th. Robert W. Baird lowered their target price on shares of Sonoco Products from $60.00 to $55.00 and set a "neutral" rating on the stock in a research note on Thursday, April 23rd. Citigroup dropped their target price on shares of Sonoco Products from $70.00 to $63.00 and set a "buy" rating for the company in a research report on Thursday, April 23rd. Wells Fargo & Company cut their price target on shares of Sonoco Products from $60.00 to $56.00 and set an "equal weight" rating for the company in a research note on Friday, March 20th. Finally, Wall Street Zen lowered shares of Sonoco Products from a "buy" rating to a "hold" rating in a report on Saturday, May 2nd. Five analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $60.11.

Insider Buying and Selling at Sonoco Products

In other Sonoco Products news, insider James A. Harrell III bought 6,753 shares of Sonoco Products stock in a transaction that occurred on Monday, April 27th. The shares were bought at an average price of $50.37 per share, with a total value of $340,148.61. Following the acquisition, the insider owned 10,070 shares in the company, valued at approximately $507,225.90. This trade represents a 203.59% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Paul Joachimczyk purchased 8,058 shares of the stock in a transaction on Friday, April 24th. The stock was acquired at an average cost of $49.64 per share, with a total value of $399,999.12. Following the completion of the purchase, the chief financial officer directly owned 28,558 shares of the company's stock, valued at $1,417,619.12. The trade was a 39.31% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 0.98% of the stock is currently owned by company insiders.

Sonoco Products Price Performance

Shares of Sonoco Products stock opened at $49.07 on Thursday. The firm has a market capitalization of $4.85 billion, a PE ratio of 4.81, a price-to-earnings-growth ratio of 1.05 and a beta of 0.39. The company has a current ratio of 0.96, a quick ratio of 0.54 and a debt-to-equity ratio of 0.97. Sonoco Products Company has a 12 month low of $38.65 and a 12 month high of $58.44. The business's 50-day moving average price is $51.19 and its 200-day moving average price is $49.44.

Sonoco Products (NYSE:SON - Get Free Report) last released its earnings results on Tuesday, April 21st. The industrial products company reported $1.20 earnings per share for the quarter, missing analysts' consensus estimates of $1.57 by ($0.37). Sonoco Products had a return on equity of 16.50% and a net margin of 13.57%.The firm had revenue of $1.68 billion during the quarter, compared to the consensus estimate of $1.88 billion. During the same quarter in the previous year, the firm earned $1.38 EPS. The business's quarterly revenue was down 1.9% compared to the same quarter last year. Sonoco Products has set its FY 2026 guidance at 5.800-6.200 EPS. Sell-side analysts forecast that Sonoco Products Company will post 5.81 EPS for the current fiscal year.

Sonoco Products Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 10th. Stockholders of record on Friday, May 8th were paid a $0.54 dividend. This is a positive change from Sonoco Products's previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Friday, May 8th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 4.4%. Sonoco Products's dividend payout ratio is currently 21.18%.

Sonoco Products Company 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.

Want to see what other hedge funds are holding SON? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Sonoco Products Company (NYSE:SON - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.