Earnest Partners LLC Acquires 60,746 Shares of Sonoco Products Company $SON

Key Points

• Earnest Partners LLC has increased its stake in Sonoco Products by 2.3%, now owning approximately 2.69% of the company’s shares, worth $125.4 million.
• Several hedge funds have also raised their stakes in Sonoco Products this quarter, indicating strong institutional interest in the stock, which is currently owned 77.69% by institutional investors.
• Sonoco Products announced a quarterly dividend of $0.53 per share, with a yield of 4.5% and a payout ratio of 37.99%.

Earnest Partners LLC increased its holdings in shares of Sonoco Products Company (NYSE:SON - Free Report) by 2.3% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,655,347 shares of the industrial products company's stock after purchasing an additional 60,746 shares during the period. Earnest Partners LLC owned approximately 2.69% of Sonoco Products worth $125,439,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in SON. Whittier Trust Co. of Nevada Inc. grew its stake in Sonoco Products by 508.1% during 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 period. UMB Bank n.a. grew its stake in Sonoco Products by 152.7% during the first quarter. UMB Bank n.a. now owns 950 shares of the industrial products company's stock worth $45,000 after purchasing an additional 574 shares during the period. Quarry LP grew its stake in Sonoco Products by 111.3% during the fourth quarter. Quarry LP now owns 970 shares of the industrial products company's stock worth $47,000 after purchasing an additional 511 shares during the period. Colonial Trust Co SC grew its stake in Sonoco Products by 90.6% during the fourth quarter. Colonial Trust Co SC now owns 953 shares of the industrial products company's stock worth $47,000 after purchasing an additional 453 shares during the period. Finally, Allworth Financial LP grew its stake in Sonoco Products by 152.0% during the first quarter. Allworth Financial LP now owns 1,071 shares of the industrial products company's stock worth $50,000 after purchasing an additional 646 shares during the period. Institutional investors and hedge funds own 77.69% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Truist Financial raised their price objective on Sonoco Products from $53.00 to $58.00 and gave the company 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. UBS Group raised their price objective on Sonoco Products from $48.00 to $50.00 and gave the company a "neutral" rating in a research note on Thursday, July 24th. Wells Fargo & Company raised Sonoco Products from an "underweight" rating to an "overweight" rating and raised their price objective for the company from $45.00 to $55.00 in a research note on Friday, May 23rd. Finally, Raymond James Financial raised 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 research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, Sonoco Products currently has an average rating of "Moderate Buy" and a consensus price target of $57.63.

Sonoco Products Stock Up 1.0%

NYSE SON traded up $0.45 on Friday, reaching $47.19. The company had a trading volume of 1,733,012 shares, compared to its average volume of 750,246. The stock has a market capitalization of $4.65 billion, a P/E ratio of 8.46, a P/E/G ratio of 0.64 and a beta of 0.69. The company's fifty day moving average is $46.04 and its 200 day moving average is $45.69. Sonoco Products Company has a 52-week low of $39.46 and a 52-week high of $56.77. 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 released its quarterly earnings results on Wednesday, July 23rd. The industrial products company reported $1.37 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 analysts' expectations of $1.92 billion. Sonoco Products had a net margin of 8.35% and a return on equity of 20.46%. The company's quarterly revenue was up 17.7% compared to the same quarter last year. During the same period in the previous year, the company posted $1.28 earnings per share. Sonoco Products has set its FY 2025 guidance at 6.000-6.2 EPS. Sell-side analysts anticipate that Sonoco Products Company will post 6.1 earnings per share for the current fiscal year.

Sonoco Products Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Friday, August 8th will be given a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 4.5%. The ex-dividend date of this dividend is Friday, August 8th. Sonoco Products's dividend payout ratio is presently 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.