Jefferies Financial Group Inc. Makes New $748,000 Investment in Sonoco Products Company (NYSE:SON)

Key Points

• Jefferies Financial Group Inc. has invested approximately $748,000 in Sonoco Products, acquiring 15,838 shares during the first quarter.
• Sonoco Products' stock has been positively influenced by analysts, with multiple reports upgrading its ratings and target prices, reflecting a consensus average rating of "Moderate Buy".
• The company recently announced a quarterly dividend of $0.53 per share, which equates to an annual yield of 4.7%.

Jefferies Financial Group Inc. acquired a new stake in Sonoco Products Company (NYSE:SON - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 15,838 shares of the industrial products company's stock, valued at approximately $748,000.

Other institutional investors have also bought and sold shares of the company. Northern Trust Corp increased its stake in Sonoco Products by 24.0% during the fourth quarter. Northern Trust Corp now owns 859,810 shares of the industrial products company's stock worth $42,002,000 after purchasing an additional 166,552 shares during the period. Wellington Management Group LLP purchased a new stake in Sonoco Products during the 4th quarter worth approximately $15,533,000. Sequoia Financial Advisors LLC acquired a new stake in Sonoco Products during the 1st quarter worth approximately $820,000. Principal Financial Group Inc. boosted its position in Sonoco Products by 0.5% in the 1st quarter. Principal Financial Group Inc. now owns 226,179 shares of the industrial products company's stock valued at $10,685,000 after buying an additional 1,044 shares during the period. Finally, JPMorgan Chase & Co. grew its stake in shares of Sonoco Products by 3.9% in the fourth quarter. JPMorgan Chase & Co. now owns 528,494 shares of the industrial products company's stock worth $25,817,000 after acquiring an additional 20,075 shares in the last quarter. 77.69% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on SON shares. UBS Group lifted their target price on Sonoco Products from $48.00 to $50.00 and gave the company a "neutral" rating in a report on Thursday, July 24th. Wall Street Zen raised Sonoco Products from a "sell" rating to a "hold" rating in a research report on Wednesday, May 7th. Jefferies Financial Group began coverage on shares of Sonoco Products in a report on Tuesday, April 22nd. They issued a "buy" rating and a $62.00 target price on the stock. Truist Financial lifted their price target on Sonoco Products from $53.00 to $58.00 and gave the stock a "buy" rating in a report on Friday, July 25th. Finally, Raymond James Financial raised their price objective on shares of Sonoco Products from $50.00 to $55.00 and gave the stock an "outperform" rating in a report on Tuesday, July 15th. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $57.63.

Sonoco Products Stock Performance

Shares of NYSE SON traded up $0.51 during midday trading on Thursday, reaching $45.89. 826,093 shares of the company were exchanged, compared to its average volume of 1,076,883. The stock has a fifty day simple moving average of $45.53 and a 200 day simple moving average of $45.90. The company has a current ratio of 1.25, a quick ratio of 0.72 and a debt-to-equity ratio of 1.53. The stock has a market cap of $4.53 billion, a P/E ratio of 8.39, a PEG ratio of 0.61 and a beta of 0.69. Sonoco Products Company has a 1 year low of $39.46 and a 1 year high of $56.77.

Sonoco Products (NYSE:SON - Get Free Report) last issued 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 company 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%. Sonoco Products's revenue for the quarter was up 17.7% compared to the same quarter last year. During the same period in the prior year, the business earned $1.28 earnings per share. On average, research analysts forecast that Sonoco Products Company will post 6.1 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 Wednesday, September 10th. Stockholders of record on Friday, August 8th will be issued a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 4.6%. The ex-dividend date of this dividend is Friday, August 8th. Sonoco Products's dividend payout ratio (DPR) is currently 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.