Sonoco Products Company $SON Shares Sold by Panagora Asset Management Inc.

Key Points

• Panagora Asset Management Inc. reduced its holdings in Sonoco Products by 8.1%, now owning 97,026 shares worth approximately $4.58 million.
• Other institutional investors such as Dimensional Fund Advisors and Earnest Partners have increased their stakes in Sonoco Products during the first quarter.
• Sonoco Products' quarterly earnings missed estimates, reporting $1.37 EPS against a consensus of $1.44 EPS, with revenue also slightly below expectations at $1.91 billion.

Panagora Asset Management Inc. trimmed its position in shares of Sonoco Products Company (NYSE:SON - Free Report) by 8.1% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 97,026 shares of the industrial products company's stock after selling 8,582 shares during the quarter. Panagora Asset Management Inc. owned about 0.10% of Sonoco Products worth $4,584,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of SON. Northern Trust Corp boosted its position in shares of Sonoco Products by 24.0% in the 4th 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 in the last quarter. Sequoia Financial Advisors LLC acquired a new stake in shares of Sonoco Products in the 1st quarter worth $820,000. Principal Financial Group Inc. boosted its position in shares of 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 worth $10,685,000 after purchasing an additional 1,044 shares in the last quarter. OneDigital Investment Advisors LLC acquired a new stake in shares of Sonoco Products in the 1st quarter worth $232,000. Finally, World Investment Advisors acquired a new stake in shares of Sonoco Products in the 1st quarter worth $1,347,000. 77.69% of the stock is owned by hedge funds and other institutional investors.

Sonoco Products Price Performance

Shares of Sonoco Products stock traded up $0.71 on Friday, hitting $46.22. The company's stock had a trading volume of 1,251,773 shares, compared to its average volume of 790,989. The company has a debt-to-equity ratio of 1.53, a quick ratio of 0.72 and a current ratio of 1.25. Sonoco Products Company has a 1 year low of $39.46 and a 1 year high of $56.36. The firm has a fifty day moving average price of $46.28 and a 200-day moving average price of $45.64. The company has a market capitalization of $4.56 billion, a price-to-earnings ratio of 8.28, a price-to-earnings-growth ratio of 0.61 and a beta of 0.70.

Sonoco Products (NYSE:SON - Get Free Report) last announced 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). Sonoco Products had a net margin of 8.35% and a return on equity of 20.46%. The business had revenue of $1.91 billion during the quarter, compared to analysts' expectations of $1.92 billion. During the same quarter in the prior year, the firm earned $1.28 EPS. Sonoco Products's revenue for the quarter 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, sell-side analysts anticipate that Sonoco Products Company will post 6.1 earnings per share for the current fiscal year.

Sonoco Products Dividend Announcement

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

Analyst Ratings Changes

A number of brokerages recently issued reports on SON. Raymond James Financial raised their target price on Sonoco Products from $50.00 to $55.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 15th. Truist Financial raised their target price on Sonoco Products from $53.00 to $58.00 and gave the stock a "buy" rating in a research note on Friday, July 25th. Wells Fargo & Company upgraded Sonoco Products from an "underweight" rating to an "overweight" rating and raised their target price for the stock from $45.00 to $55.00 in a research note on Friday, May 23rd. Finally, UBS Group raised their target price on Sonoco Products from $48.00 to $50.00 and gave the stock a "neutral" rating in a research note on Thursday, July 24th. Six research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $57.63.

Sonoco Products Company 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.