Invenomic Capital Management LP Has $37.90 Million 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 Sonoco Products Company (NYSE:SON - Free Report) by 20.4% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund 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 1.9% of Invenomic Capital Management LP's investment portfolio, making the stock its 9th largest position. Invenomic Capital Management LP owned about 0.81% of Sonoco Products worth $37,896,000 as of its most recent filing with the SEC.

Other hedge funds have also modified their holdings of the company. Northern Trust Corp lifted its position in Sonoco Products by 24.0% during the fourth quarter. Northern Trust Corp now owns 859,810 shares of the industrial products company's stock valued at $42,002,000 after buying an additional 166,552 shares in the last quarter. Comerica Bank lifted its position in Sonoco Products by 5.4% during the fourth quarter. Comerica Bank now owns 42,858 shares of the industrial products company's stock valued at $2,094,000 after buying an additional 2,186 shares in the last quarter. Mercer Global Advisors Inc. ADV lifted its position in Sonoco Products by 4.1% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 9,419 shares of the industrial products company's stock valued at $460,000 after buying an additional 368 shares in the last quarter. BNP Paribas Financial Markets lifted its position in Sonoco Products by 190.2% during the fourth quarter. BNP Paribas Financial Markets now owns 36,652 shares of the industrial products company's stock valued at $1,790,000 after buying an additional 24,022 shares in the last quarter. Finally, Captrust Financial Advisors lifted its position in Sonoco Products by 20.2% during the fourth quarter. Captrust Financial Advisors now owns 26,377 shares of the industrial products company's stock valued at $1,289,000 after buying an additional 4,426 shares in the last quarter. 77.69% of the stock is owned by institutional investors and hedge funds.

Sonoco Products Stock Up 1.6%

Shares of NYSE:SON traded up $0.71 during midday trading on Friday, reaching $46.22. The company had a trading volume of 1,251,773 shares, compared to its average volume of 826,737. The company has a debt-to-equity ratio of 1.53, a current ratio of 1.25 and a quick ratio of 0.72. The stock's fifty day moving average price is $46.28 and its 200-day moving average price is $45.64. The stock has a market capitalization of $4.56 billion, a P/E ratio of 8.28, a PEG ratio of 0.62 and a beta of 0.70. Sonoco Products Company has a one year low of $39.46 and a one year high of $56.36.

Sonoco Products (NYSE:SON - Get Free Report) last issued 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 return on equity of 20.46% and a net margin of 8.35%.The firm's quarterly revenue was up 17.7% on a year-over-year basis. During the same quarter last year, the firm posted $1.28 EPS. Sonoco Products has set its FY 2025 guidance at 6.000-6.2 EPS. Equities research analysts expect that Sonoco Products Company will post 6.1 earnings per share for the current fiscal year.

Sonoco Products Dividend Announcement

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

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Truist Financial lifted their price target 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. Raymond James Financial boosted their target price on shares of Sonoco Products from $50.00 to $55.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 15th. UBS Group boosted their target price on shares of Sonoco Products from $48.00 to $50.00 and gave the stock a "neutral" rating in a research report on Thursday, July 24th. Finally, Wells Fargo & Company raised shares of Sonoco Products from an "underweight" rating to an "overweight" rating and boosted their target price for the stock from $45.00 to $55.00 in a research report on Friday, May 23rd. Six analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat, Sonoco Products has an average rating of "Moderate Buy" and a consensus target price 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.