Invenomic Capital Management LP Has $37.90 Million Stock Position in Sonoco Products Company $SON

Key Points

• Invenomic Capital Management LP increased its stake in Sonoco Products by 20.4% in Q1, holding 802,195 shares, which is now 1.9% of their portfolio.
• Sonoco Products recently missed earnings estimates with an EPS of $1.37 versus the expected $1.44, while its revenue increased 17.7% year-over-year.
• Analysts have set a consensus rating of "Moderate Buy" for Sonoco Products, with a new average price target of $57.63.

Invenomic Capital Management LP increased its stake in shares of Sonoco Products Company (NYSE:SON - Free Report) by 20.4% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 802,195 shares of the industrial products company's stock after acquiring an additional 135,765 shares during the period. Sonoco Products makes up approximately 1.9% of Invenomic Capital Management LP's holdings, making the stock its 9th largest holding. Invenomic Capital Management LP owned about 0.81% of Sonoco Products worth $37,896,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Northern Trust Corp lifted its position in Sonoco Products by 24.0% during the 4th quarter. Northern Trust Corp now owns 859,810 shares of the industrial products company's stock worth $42,002,000 after acquiring an additional 166,552 shares in the last quarter. Sequoia Financial Advisors LLC acquired a new position in Sonoco Products during the 1st quarter worth approximately $820,000. Principal Financial Group Inc. boosted its holdings in Sonoco Products by 0.5% in the first quarter. Principal Financial Group Inc. now owns 226,179 shares of the industrial products company's stock valued at $10,685,000 after purchasing an additional 1,044 shares during the last quarter. OneDigital Investment Advisors LLC purchased a new position in Sonoco Products in the first quarter valued at about $232,000. Finally, World Investment Advisors purchased a new position in Sonoco Products in the first quarter valued at about $1,347,000. 77.69% of the stock is owned by institutional investors and hedge funds.

Sonoco Products Stock Performance

Shares of NYSE:SON traded up $0.01 during trading on Wednesday, hitting $45.71. 247,576 shares of the company traded hands, compared to its average volume of 861,724. The stock has a market capitalization of $4.51 billion, a price-to-earnings ratio of 8.20, a PEG ratio of 0.62 and a beta of 0.70. The business's fifty day moving average is $46.34 and its 200-day moving average is $45.63. Sonoco Products Company has a one year low of $39.46 and a one year high of $56.36. The company has a quick ratio of 0.72, a current ratio of 1.25 and a debt-to-equity ratio of 1.53.

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 the consensus estimate of $1.44 by ($0.07). The company had revenue of $1.91 billion for 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 firm'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 earnings per share. Sonoco Products has set its FY 2025 guidance at 6.000-6.2 EPS. As a group, equities analysts predict that Sonoco Products Company will post 6.1 earnings per share for the current fiscal year.

Sonoco Products Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on SON shares. Wells Fargo & Company raised Sonoco Products from an "underweight" rating to an "overweight" rating and increased their price target for the company from $45.00 to $55.00 in a report on Friday, May 23rd. Truist Financial increased their price target on Sonoco Products from $53.00 to $58.00 and gave the company a "buy" rating in a report on Friday, July 25th. UBS Group increased their price target on Sonoco Products from $48.00 to $50.00 and gave the company a "neutral" rating in a report on Thursday, July 24th. Finally, Raymond James Financial increased their price target on Sonoco Products from $50.00 to $55.00 and gave the company an "outperform" rating in a report 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. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $57.63.

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.