Invesco Ltd. Acquires 43,049 Shares of Sonoco Products Company $SON

Key Points

• Invesco Ltd. increased its stake in Sonoco Products Company by 3.2%, owning 1.42% of the company's shares, equivalent to $66.2 million, after purchasing an additional 43,049 shares.
• Analysts have raised their price targets on Sonoco Products, with UBS Group setting it at $50 and Raymond James Financial at $55, while Jefferies Financial Group projected a target price of $62, indicating a consensus rating of "Moderate Buy".
• Sonoco Products announced a quarterly dividend of $0.53 per share, representing a 4.6% yield, with the dividend payout ratio currently at 37.99%.

Invesco Ltd. increased its stake in Sonoco Products Company (NYSE:SON - Free Report) by 3.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,401,051 shares of the industrial products company's stock after purchasing an additional 43,049 shares during the period. Invesco Ltd. owned approximately 1.42% of Sonoco Products worth $66,186,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Whittier Trust Co. of Nevada Inc. increased its position in shares of Sonoco Products by 508.1% in the first quarter. Whittier Trust Co. of Nevada Inc. now owns 900 shares of the industrial products company's stock worth $43,000 after purchasing an additional 752 shares during the last quarter. UMB Bank n.a. boosted its stake in Sonoco Products by 152.7% in the first quarter. UMB Bank n.a. now owns 950 shares of the industrial products company's stock worth $45,000 after buying an additional 574 shares in the last quarter. Colonial Trust Co SC boosted its stake in Sonoco Products by 90.6% in the fourth quarter. Colonial Trust Co SC now owns 953 shares of the industrial products company's stock worth $47,000 after buying an additional 453 shares in the last quarter. Quarry LP boosted its stake in Sonoco Products by 111.3% in the fourth quarter. Quarry LP now owns 970 shares of the industrial products company's stock worth $47,000 after buying an additional 511 shares in the last quarter. Finally, Allworth Financial LP boosted its stake in Sonoco Products by 152.0% in the first quarter. Allworth Financial LP now owns 1,071 shares of the industrial products company's stock worth $50,000 after buying an additional 646 shares in the last quarter. 77.69% of the stock is currently owned by institutional investors.

Sonoco Products Trading Up 1.2%

Shares of NYSE:SON traded up $0.5550 during trading on Thursday, reaching $46.5350. 529,276 shares of the company traded hands, compared to its average volume of 1,007,050. The firm has a market capitalization of $4.59 billion, a price-to-earnings ratio of 8.34, a P/E/G ratio of 0.62 and a beta of 0.69. Sonoco Products Company has a 52-week low of $39.46 and a 52-week high of $56.77. 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 business's fifty day moving average is $45.65 and its 200-day moving average is $45.72.

Sonoco Products (NYSE:SON - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The industrial products company reported $1.37 earnings per share for the quarter, missing analysts' consensus estimates of $1.44 by ($0.07). The company had revenue of $1.91 billion for the quarter, compared to analysts' expectations of $1.92 billion. Sonoco Products had a net margin of 8.35% and a return on equity of 20.46%. The business's revenue for the quarter was up 17.7% compared to the same quarter last year. During the same period last year, the company posted $1.28 EPS. Sonoco Products has set its FY 2025 guidance at 6.000-6.2 EPS. As a group, analysts forecast that Sonoco Products Company will post 6.1 EPS for the current year.

Sonoco Products Dividend Announcement

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

Analyst Upgrades and Downgrades

Several brokerages have issued reports on SON. Truist Financial upped 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. Wall Street Zen raised Sonoco Products from a "sell" rating to a "hold" rating in a research note on Wednesday, May 7th. Wells Fargo & Company raised Sonoco Products from an "underweight" rating to an "overweight" rating and upped their target price for the stock from $45.00 to $55.00 in a research note on Friday, May 23rd. UBS Group upped 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. Finally, Raymond James Financial increased their price objective on Sonoco Products from $50.00 to $55.00 and gave the company an "outperform" rating in a research note on Tuesday, July 15th. Six investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $57.63.

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.