Sonoco Products Company $SON Shares Bought by Millennium Management LLC

Key Points

• Millennium Management LLC increased its stake in Sonoco Products Company by 739.7%, owning over 1.15 million shares valued at approximately $54.4 million as of its recent SEC filing.
• Sonoco Products missed analysts' expectations with earnings per share of $1.37 for the last quarter, compared to the anticipated $1.44, although revenue rose 17.7% year-over-year.
• The company has declared a quarterly dividend of $0.53 per share, with a yield of 4.6%, and plans to pay this on September 10th to investors of record on August 8th.

Millennium Management LLC raised its holdings in Sonoco Products Company (NYSE:SON - Free Report) by 739.7% in the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 1,152,506 shares of the industrial products company's stock after acquiring an additional 1,015,250 shares during the period. Millennium Management LLC owned 1.17% of Sonoco Products worth $54,444,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Whittier Trust Co. of Nevada Inc. raised its holdings in Sonoco Products by 508.1% in the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 900 shares of the industrial products company's stock valued at $43,000 after acquiring an additional 752 shares during the last quarter. UMB Bank n.a. increased its holdings in shares of Sonoco Products by 152.7% during the 1st 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 during the last quarter. Allworth Financial LP increased its holdings in shares of Sonoco Products by 152.0% during the 1st 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 during the last quarter. Quarry LP increased its holdings in shares of Sonoco Products by 56.5% during the 1st quarter. Quarry LP now owns 1,518 shares of the industrial products company's stock worth $72,000 after buying an additional 548 shares during the last quarter. Finally, Versant Capital Management Inc increased its holdings in shares of Sonoco Products by 474.8% during the 1st quarter. Versant Capital Management Inc now owns 2,299 shares of the industrial products company's stock worth $109,000 after buying an additional 1,899 shares during the last quarter. 77.69% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on SON shares. UBS Group upped their price target 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. Truist Financial upped their price target on shares of Sonoco Products from $53.00 to $58.00 and gave the stock a "buy" rating in a research report on Friday, July 25th. Raymond James Financial upped their price target 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. Finally, Wells Fargo & Company raised shares of Sonoco Products from an "underweight" rating to an "overweight" rating and upped their price target for the stock from $45.00 to $55.00 in a research report on Friday, May 23rd. Six research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, Sonoco Products presently has an average rating of "Moderate Buy" and an average target price of $57.63.

Sonoco Products Stock Up 1.2%

Shares of SON stock traded up $0.58 during trading hours on Friday, hitting $47.79. 847,814 shares of the company were exchanged, compared to its average volume of 865,623. The company has a debt-to-equity ratio of 1.53, a quick ratio of 0.72 and a current ratio of 1.25. Sonoco Products Company has a one year low of $39.46 and a one year high of $56.36. The business's 50-day simple moving average is $46.34 and its two-hundred day simple moving average is $45.64. The stock has a market capitalization of $4.71 billion, a price-to-earnings ratio of 8.56, a P/E/G ratio of 0.62 and a beta of 0.70.

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

Sonoco Products Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Friday, August 8th were paid a dividend of $0.53 per share. The ex-dividend date was Friday, August 8th. This represents a $2.12 annualized dividend and a yield of 4.4%. Sonoco Products's dividend payout ratio is 37.99%.

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.