Skandinaviska Enskilda Banken AB publ Raises Stock Position in Sonoco Products Company (NYSE:SON)

Key Points

• Skandinaviska Enskilda Banken AB increased its stake in Sonoco Products Company by 210.4% during the first quarter, owning 89,400 shares valued at approximately $4.22 million.
• Sonoco Products reported $1.37 earnings per share for its latest quarterly results, falling short of analysts' estimates of $1.44, while year-over-year revenue grew by 17.7%.
• The company declared a quarterly $0.53 dividend to be paid on September 10th, with a dividend yield of 4.48% and a payout ratio of 37.99%.

Skandinaviska Enskilda Banken AB publ increased its stake in Sonoco Products Company (NYSE:SON - Free Report) by 210.4% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 89,400 shares of the industrial products company's stock after purchasing an additional 60,600 shares during the quarter. Skandinaviska Enskilda Banken AB publ owned 0.09% of Sonoco Products worth $4,223,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Whittier Trust Co. of Nevada Inc. raised its position in 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 acquiring an additional 752 shares during the period. UMB Bank n.a. raised its position 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 acquiring an additional 574 shares during the period. Quarry LP raised its position 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 acquiring an additional 511 shares during the period. Colonial Trust Co SC raised its position 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 acquiring an additional 453 shares during the period. Finally, Allworth Financial LP raised its position 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 acquiring an additional 646 shares during the period. Hedge funds and other institutional investors own 77.69% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. Wall Street Zen upgraded shares of Sonoco Products from a "sell" rating to a "hold" rating in a research report on Wednesday, May 7th. Jefferies Financial Group started coverage on shares of Sonoco Products in a research report on Tuesday, April 22nd. They set a "buy" rating and a $62.00 price objective on the stock. Truist Financial raised their price objective on shares of Sonoco Products from $53.00 to $58.00 and gave the company a "buy" rating in a research report on Friday, July 25th. UBS Group raised their price objective on shares of Sonoco Products from $48.00 to $50.00 and gave the company a "neutral" rating in a research report on Thursday, July 24th. Finally, Raymond James Financial raised their price objective on shares of Sonoco Products from $50.00 to $55.00 and gave the company an "outperform" rating in a research report on Tuesday, July 15th. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $57.63.

Sonoco Products Price Performance

NYSE SON traded down $0.95 on Friday, reaching $44.12. The company had a trading volume of 1,142,386 shares, compared to its average volume of 867,444. The company has a quick ratio of 0.72, a current ratio of 1.25 and a debt-to-equity ratio of 1.53. The stock has a market capitalization of $4.35 billion, a PE ratio of 7.91, a price-to-earnings-growth ratio of 0.62 and a beta of 0.68. The firm's 50 day moving average price is $45.62 and its 200 day moving average price is $45.97. Sonoco Products Company has a 12 month low of $39.46 and a 12 month high of $56.77.

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 (EPS) for the quarter, missing analysts' consensus estimates of $1.44 by ($0.07). The company had revenue of $1.91 billion during the quarter, compared to the consensus estimate 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 was up 17.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.28 earnings per share. As a group, equities analysts predict that Sonoco Products Company will post 6.1 earnings per share for the current year.

Sonoco Products Dividend Announcement

The firm 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 $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a dividend yield of 4.8%. The ex-dividend date of this dividend is Friday, August 8th. 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.