ING Groep NV Has $2.95 Million Position in Sonoco Products Company (NYSE:SON)

Key Points

• ING Groep NV reduced its stake in Sonoco Products Company by 56.8%, holding 62,500 shares after selling 82,300 during the first quarter, now valued at $2.95 million.
• Multiple large investors, including Whittier Trust Co. and UMB Bank, significantly increased their shares in Sonoco Products, showing a growing interest in the company.
• Securities analysts have set a new price target for Sonoco Products, with a consensus of $57.63, reflecting a blend of "buy" and "hold" ratings from various firms.

ING Groep NV trimmed its holdings in shares of Sonoco Products Company (NYSE:SON - Free Report) by 56.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 62,500 shares of the industrial products company's stock after selling 82,300 shares during the period. ING Groep NV owned about 0.06% of Sonoco Products worth $2,952,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Beverly Hills Private Wealth LLC grew its holdings in 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 acquiring an additional 224 shares in the last quarter. Federated Hermes Inc. lifted its position in shares of Sonoco Products by 2.5% during the first quarter. Federated Hermes Inc. now owns 9,304 shares of the industrial products company's stock worth $440,000 after purchasing an additional 230 shares during the last quarter. Treasurer of the State of North Carolina grew its stake in Sonoco Products by 0.6% in the fourth quarter. Treasurer of the State of North Carolina now owns 43,056 shares of the industrial products company's stock worth $2,103,000 after purchasing an additional 270 shares in the last quarter. IVC Wealth Advisors LLC increased its holdings in Sonoco Products by 4.6% in the first quarter. IVC Wealth Advisors LLC now owns 6,542 shares of the industrial products company's stock valued at $309,000 after buying an additional 288 shares during the last quarter. Finally, State of Michigan Retirement System raised 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 buying an additional 300 shares in the last quarter. 77.69% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have recently commented on SON. Truist Financial lifted their price target on shares of Sonoco Products from $53.00 to $58.00 and gave the company a "buy" rating in a report on Friday, July 25th. UBS Group lifted their target price on Sonoco Products from $48.00 to $50.00 and gave the company a "neutral" rating in a research note on Thursday, July 24th. Wall Street Zen upgraded Sonoco Products from a "sell" rating to a "hold" rating in a research report on Wednesday, May 7th. Wells Fargo & Company upgraded Sonoco Products from an "underweight" rating to an "overweight" rating and boosted their price objective for the company from $45.00 to $55.00 in a research report on Friday, May 23rd. Finally, Raymond James Financial upped their price objective on Sonoco Products from $50.00 to $55.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 15th. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $57.63.

Sonoco Products Stock Performance

Shares of SON traded up $0.51 during trading hours on Thursday, reaching $45.89. 826,093 shares of the company traded hands, compared to its average volume of 1,076,883. The company has a debt-to-equity ratio of 1.53, a quick ratio of 0.72 and a current ratio of 1.25. The stock's fifty day moving average is $45.53 and its 200 day moving average is $45.89. Sonoco Products Company has a 1-year low of $39.46 and a 1-year high of $56.77. The stock has a market cap of $4.53 billion, a P/E ratio of 8.22, a price-to-earnings-growth ratio of 0.61 and a beta of 0.69.

Sonoco Products (NYSE:SON - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The industrial products company reported $1.37 earnings per share for the quarter, missing analysts' consensus estimates of $1.44 by ($0.07). The business had revenue of $1.91 billion for the quarter, compared to analyst estimates of $1.92 billion. Sonoco Products had a return on equity of 20.46% and a net margin of 8.35%. The firm's quarterly revenue was up 17.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.28 EPS. Equities research analysts anticipate that Sonoco Products Company will post 6.1 earnings per share for the current fiscal year.

Sonoco Products Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Friday, August 8th will be paid a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 4.6%. The ex-dividend date of this dividend is Friday, August 8th. Sonoco Products's dividend payout ratio (DPR) is 37.99%.

Sonoco Products Profile

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.