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. decreased its position in shares of Sonoco Products Company (NYSE:SON - Free Report) by 8.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 97,026 shares of the industrial products company's stock after selling 8,582 shares during the period. Panagora Asset Management Inc. owned about 0.10% of Sonoco Products worth $4,584,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the company. Beverly Hills Private Wealth LLC lifted its position in shares of Sonoco Products by 4.1% during the first quarter. Beverly Hills Private Wealth LLC now owns 5,669 shares of the industrial products company's stock worth $268,000 after purchasing an additional 224 shares in the last quarter. CW Advisors LLC increased its stake in Sonoco Products by 1.5% during the 1st quarter. CW Advisors LLC now owns 14,791 shares of the industrial products company's stock worth $699,000 after buying an additional 224 shares during the period. Federated Hermes Inc. increased its stake in Sonoco Products by 2.5% during the 1st quarter. Federated Hermes Inc. now owns 9,304 shares of the industrial products company's stock worth $440,000 after buying an additional 230 shares during the period. IVC Wealth Advisors LLC lifted its holdings in Sonoco Products by 4.6% during the 1st quarter. IVC Wealth Advisors LLC now owns 6,542 shares of the industrial products company's stock worth $309,000 after buying an additional 288 shares in the last quarter. Finally, State of Michigan Retirement System boosted its position in Sonoco Products by 1.3% in the 1st 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 during the period. 77.69% of the stock is owned by institutional investors and hedge funds.

Sonoco Products Stock Performance

NYSE SON traded up $0.71 during trading hours on Friday, hitting $46.22. The company had a trading volume of 1,251,773 shares, compared to its average volume of 826,737. The business has a 50 day moving average of $46.28 and a 200-day moving average of $45.64. The company has a market cap of $4.56 billion, a PE ratio of 8.28, a price-to-earnings-growth ratio of 0.62 and a beta of 0.70. Sonoco Products Company has a 1-year low of $39.46 and a 1-year high of $56.36. 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 (NYSE:SON - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The industrial products company reported $1.37 EPS for the quarter, missing analysts' consensus estimates of $1.44 by ($0.07). Sonoco Products had a return on equity of 20.46% and a net margin of 8.35%.The firm had revenue of $1.91 billion for the quarter, compared to analyst estimates of $1.92 billion. During the same quarter last year, the firm posted $1.28 EPS. The firm'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, equities research analysts expect that Sonoco Products Company will post 6.1 EPS for the current year.

Sonoco Products Dividend Announcement

The company also recently disclosed 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 is presently 37.99%.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on SON. Truist Financial upped their price objective on Sonoco Products from $53.00 to $58.00 and gave the stock a "buy" rating in a research report on Friday, July 25th. Raymond James Financial upped their price target on Sonoco Products from $50.00 to $55.00 and gave the stock an "outperform" rating in a report on Tuesday, July 15th. Wells Fargo & Company upgraded Sonoco Products from an "underweight" rating to an "overweight" rating and lifted their price objective for the company from $45.00 to $55.00 in a research note on Friday, May 23rd. Finally, UBS Group boosted their price target on shares of Sonoco Products from $48.00 to $50.00 and gave the stock a "neutral" rating in a report on Thursday, July 24th. Six research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, 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.