Readystate Asset Management LP Grows Stock Position in Sonoco Products Company $SON

Key Points

• Readystate Asset Management increased its Sonoco Products stake by 141.5% in the second quarter, holding 48,315 shares valued at approximately $2.7 million. Institutional investors and hedge funds collectively own 77.69% of the company.
• Sonoco exceeded quarterly earnings expectations with EPS of $1.51 versus the $1.47 consensus, while revenue reached $1.89 billion. The company also declared a quarterly dividend of $0.54, representing a 4.2% annualized yield.
• Analyst sentiment remains mixed: Sonoco has a consensus “Hold” rating and an average price target of $60.78, compared with a recent share price of $51.95.

Readystate Asset Management LP grew its stake in Sonoco Products Company (NYSE:SON - Free Report) by 141.5% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 48,315 shares of the industrial products company's stock after buying an additional 28,307 shares during the quarter. Readystate Asset Management LP's holdings in Sonoco Products were worth $2,723,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of SON. BlackRock Inc. acquired a new stake in shares of Sonoco Products during the 2nd quarter worth approximately $657,016,000. Fuller & Thaler Asset Management Inc. lifted its stake in shares of Sonoco Products by 477.8% in the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 5,901,950 shares of the industrial products company's stock valued at $257,561,000 after purchasing an additional 4,880,438 shares during the period. Bank of America Corp DE purchased a new stake in Sonoco Products during the second quarter worth $204,968,000. AQR Capital Management LLC boosted its holdings in Sonoco Products by 357.8% during the third quarter. AQR Capital Management LLC now owns 2,117,022 shares of the industrial products company's stock worth $90,693,000 after buying an additional 1,654,576 shares in the last quarter. Finally, Norges Bank acquired a new stake in Sonoco Products during the fourth quarter valued at $54,611,000. 77.69% of the stock is owned by institutional investors and hedge funds.

Sonoco Products Price Performance

Sonoco Products stock opened at $51.95 on Monday. The stock has a market capitalization of $5.14 billion, a P/E ratio of 8.26, a P/E/G ratio of 1.30 and a beta of 0.36. The company's fifty day moving average price is $56.58 and its 200 day moving average price is $53.77. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.55 and a current ratio of 0.99. Sonoco Products Company has a 1 year low of $38.65 and a 1 year high of $60.67.

Sonoco Products (NYSE:SON - Get Free Report) last announced its earnings results on Wednesday, July 22nd. The industrial products company reported $1.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.47 by $0.04. Sonoco Products had a net margin of 8.41% and a return on equity of 16.50%. The business had revenue of $1.89 billion for the quarter, compared to analyst estimates of $1.88 billion. During the same quarter last year, the business earned $1.37 earnings per share. The company's revenue for the quarter was down 1.3% compared to the same quarter last year. Sonoco Products has set its FY 2026 guidance at 5.800-6.200 EPS. As a group, equities research analysts anticipate that Sonoco Products Company will post 5.78 earnings per share for the current fiscal year.

Sonoco Products Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Monday, August 10th will be paid a $0.54 dividend. The ex-dividend date of this dividend is Monday, August 10th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 4.2%. Sonoco Products's payout ratio is currently 34.34%.

Analysts Set New Price Targets

A number of research analysts have weighed in on SON shares. Weiss Ratings raised shares of Sonoco Products from a "hold (c+)" rating to a "buy (b-)" rating in a report on Wednesday, August 26th. Truist Financial increased their target price on shares of Sonoco Products from $64.00 to $68.00 and gave the stock a "buy" rating in a research note on Friday, July 24th. Citigroup raised their target price on Sonoco Products from $63.00 to $66.00 and gave the company a "buy" rating in a research report on Thursday, July 9th. Finally, Bank of America lowered Sonoco Products from a "buy" rating to a "neutral" rating and cut their price target for the company from $69.00 to $60.00 in a research note on Thursday. Five equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat.com, Sonoco Products currently has a consensus rating of "Hold" and an average target price of $60.78.

Sonoco Products Profile

Sonoco Products Company NYSE: SON is a global provider of diversified packaging solutions, serving a wide range of consumer, industrial and retail markets. The company offers a broad portfolio that includes rigid paper and plastic containers, flexible packaging, industrial core and tube products, thermoformed plastics, retail point-of-purchase displays, and packaging supply chain services. Through its solutions, Sonoco helps customers in food and beverage, personal care, chemicals, healthcare, home and garden, and electronics industries address their packaging needs, improve product shelf appeal, and optimize logistics efficiency.

With operations in more than 30 countries across North America, South America, Europe, Asia and Africa, Sonoco leverages a global network of manufacturing facilities, recycling centers and distribution channels to meet the demands of multinational and regional customers.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.