Martingale Asset Management L P Has $486,000 Stake in Sonoco Products Company $SON

Key Points

• Martingale Asset Management L P has significantly reduced its stake in Sonoco Products company by 54.7%, selling 12,428 shares, leaving them with 10,282 shares valued at $486,000.
• Many institutional investors are increasing their positions in Sonoco Products, with Whittier Trust Co. raising its stake by 508.1% during the same quarter.
• Analysts have a consensus rating of "Moderate Buy" for Sonoco Products, with an average target price of $57.63, as several firms have recently upgraded their ratings and price targets.

Martingale Asset Management L P lowered its holdings in shares of Sonoco Products Company (NYSE:SON - Free Report) by 54.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,282 shares of the industrial products company's stock after selling 12,428 shares during the period. Martingale Asset Management L P's holdings in Sonoco Products were worth $486,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Whittier Trust Co. of Nevada Inc. boosted its position in shares of Sonoco Products by 508.1% during 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 in the last quarter. UMB Bank n.a. boosted its holdings 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 valued at $45,000 after purchasing an additional 574 shares in the last quarter. Quarry LP boosted its holdings in Sonoco Products by 111.3% during the fourth quarter. Quarry LP now owns 970 shares of the industrial products company's stock valued at $47,000 after purchasing an additional 511 shares in the last quarter. Colonial Trust Co SC boosted its holdings 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 valued at $47,000 after purchasing an additional 453 shares in the last quarter. Finally, Allworth Financial LP boosted its holdings 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 valued at $50,000 after purchasing an additional 646 shares in the last quarter. Institutional investors and hedge funds own 77.69% of the company's stock.

Analyst Ratings Changes

Several analysts recently commented on the company. Truist Financial boosted their price target on Sonoco Products from $53.00 to $58.00 and gave the company a "buy" rating in a research note on Friday, July 25th. UBS Group boosted their target price on shares of Sonoco Products from $48.00 to $50.00 and gave the company a "neutral" rating in a research note on Thursday, July 24th. Wall Street Zen upgraded shares of Sonoco Products from a "sell" rating to a "hold" rating in a research report on Wednesday, May 7th. Raymond James Financial boosted their target price on Sonoco Products from $50.00 to $55.00 and gave the stock an "outperform" rating in a report on Tuesday, July 15th. Finally, Wells Fargo & Company raised Sonoco Products from an "underweight" rating to an "overweight" rating and boosted their price objective for the stock from $45.00 to $55.00 in a research note on Friday, May 23rd. Six investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $57.63.

Sonoco Products Trading Up 1.0%

Sonoco Products stock traded up $0.45 during trading hours on Friday, reaching $47.19. 1,733,012 shares of the company's stock traded hands, compared to its average volume of 753,846. 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 fifty-two week low of $39.46 and a fifty-two week high of $56.77. The firm has a market capitalization of $4.65 billion, a price-to-earnings ratio of 8.46, a PEG ratio of 0.64 and a beta of 0.70. The firm's 50 day moving average is $46.04 and its 200-day moving average is $45.67.

Sonoco Products (NYSE:SON - Get Free Report) last released its 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). Sonoco Products had a net margin of 8.35% and a return on equity of 20.46%. The business had revenue of $1.91 billion for the quarter, compared to analyst estimates of $1.92 billion. During the same quarter in the previous year, the company posted $1.28 earnings per share. The business's revenue for the quarter was up 17.7% on a year-over-year basis. Sonoco Products has set its FY 2025 guidance at 6.000-6.2 EPS. On average, analysts predict that Sonoco Products Company will post 6.1 earnings per share for the current year.

Sonoco Products Dividend Announcement

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