Nordea Investment Management AB Grows Stake in Sonoco Products Company $SON

Key Points

• Nordea Investment Management AB increased its stake in Sonoco Products Company by 70.1%, holding approximately 2.87% of the company worth $122.9 million as of the latest SEC filing.
• Multiple brokerages have recently revised their price targets for Sonoco Products, with recommendations ranging from "buy" to "neutral," and an average target price of $54.50.
• Sonoco Products announced a quarterly dividend of $0.53 per share, scheduled for payment on December 10th, representing a dividend yield of 5.3%.

Nordea Investment Management AB lifted its stake in shares of Sonoco Products Company (NYSE:SON - Free Report) by 70.1% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,827,569 shares of the industrial products company's stock after purchasing an additional 1,164,849 shares during the period. Nordea Investment Management AB owned about 2.87% of Sonoco Products worth $122,914,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently bought and sold shares of the company. Sequoia Financial Advisors LLC purchased a new stake in Sonoco Products during the 1st quarter valued at about $820,000. Principal Financial Group Inc. grew its stake in Sonoco Products by 0.5% during 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 acquiring an additional 1,044 shares in the last quarter. OneDigital Investment Advisors LLC purchased a new stake in Sonoco Products during the 1st quarter valued at about $232,000. World Investment Advisors purchased a new stake in Sonoco Products during the 1st quarter valued at about $1,347,000. Finally, Janney Montgomery Scott LLC grew its stake in Sonoco Products by 29.8% during the 1st quarter. Janney Montgomery Scott LLC now owns 23,004 shares of the industrial products company's stock valued at $1,087,000 after acquiring an additional 5,278 shares in the last quarter. Hedge funds and other institutional investors own 77.69% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on SON. Truist Financial dropped their price objective on shares of Sonoco Products from $58.00 to $57.00 and set a "buy" rating for the company in a research note on Monday, October 13th. Wells Fargo & Company dropped their price target on shares of Sonoco Products from $55.00 to $50.00 and set an "overweight" rating for the company in a research note on Wednesday. Weiss Ratings reissued a "hold (c-)" rating on shares of Sonoco Products in a research note on Wednesday, October 8th. UBS Group dropped their price target on shares of Sonoco Products from $50.00 to $46.00 and set a "neutral" rating for the company in a research note on Monday, October 6th. Finally, Raymond James Financial reissued a "market perform" rating on shares of Sonoco Products in a research note on Friday. Four investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Sonoco Products has an average rating of "Hold" and a consensus target price of $54.50.

Sonoco Products Stock Performance

NYSE:SON opened at $40.01 on Friday. 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 has a market capitalization of $3.95 billion, a P/E ratio of 7.17, a PEG ratio of 0.66 and a beta of 0.68. The company has a 50 day moving average price of $44.85 and a 200 day moving average price of $45.02. Sonoco Products Company has a fifty-two week low of $39.13 and a fifty-two week high of $53.69.

Sonoco Products (NYSE:SON - Get Free Report) last posted its quarterly earnings data on Wednesday, June 22nd. The industrial products company reported $1.00 earnings per share for the quarter. The firm had revenue of $1.35 billion during the quarter. Sonoco Products had a net margin of 8.35% and a return on equity of 20.46%. Sonoco Products has set its Q2 2022 guidance at $1.60-$1.70 EPS. Equities research analysts forecast that Sonoco Products Company will post 6.1 EPS for the current year.

Sonoco Products Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 10th. Investors of record on Monday, November 10th will be given a dividend of $0.53 per share. The ex-dividend date of this dividend is Monday, November 10th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 5.3%. Sonoco Products's dividend payout ratio (DPR) 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.

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