Northern Trust Corp Cuts Stock Position in Sonoco Products Company $SON

Key Points

• Northern Trust Corp reduced its stake in Sonoco Products by 4.0%, selling 33,984 shares, and now owns approximately 0.84% of the company, valued at $39 million.
• Several institutional investors have increased their stakes in Sonoco Products, including Invenomic Capital Management with a 368.6% increase and Valley Wealth Managers Inc. with a 699.3% increase.
• Sonoco Products announced a quarterly dividend of $0.53, yielding 4.5%, with an upcoming ex-dividend date of August 8th.

Northern Trust Corp lessened its stake in shares of Sonoco Products Company (NYSE:SON - Free Report) by 4.0% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 825,826 shares of the industrial products company's stock after selling 33,984 shares during the period. Northern Trust Corp owned 0.84% of Sonoco Products worth $39,012,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also modified their holdings of the company. Beverly Hills Private Wealth LLC raised its holdings in Sonoco Products by 4.1% in the 1st quarter. Beverly Hills Private Wealth LLC now owns 5,669 shares of the industrial products company's stock valued at $268,000 after buying an additional 224 shares during the period. Federated Hermes Inc. raised its holdings in Sonoco Products by 2.5% in the 1st quarter. Federated Hermes Inc. now owns 9,304 shares of the industrial products company's stock valued at $440,000 after buying an additional 230 shares during the period. IVC Wealth Advisors LLC raised its holdings in Sonoco Products by 4.6% in the 1st quarter. IVC Wealth Advisors LLC now owns 6,542 shares of the industrial products company's stock valued at $309,000 after buying an additional 288 shares during the period. State of Michigan Retirement System raised its holdings in Sonoco Products by 1.3% in the 1st quarter. State of Michigan Retirement System now owns 23,551 shares of the industrial products company's stock valued at $1,113,000 after buying an additional 300 shares during the period. Finally, State of Alaska Department of Revenue raised its holdings in Sonoco Products by 2.7% in the 1st quarter. State of Alaska Department of Revenue now owns 11,511 shares of the industrial products company's stock valued at $543,000 after buying an additional 305 shares during the period. Hedge funds and other institutional investors own 77.69% of the company's stock.

Sonoco Products Stock Performance

Shares of Sonoco Products stock traded down $0.78 during trading hours on Tuesday, hitting $46.47. 1,076,335 shares of the company were exchanged, compared to its average volume of 858,106. Sonoco Products Company has a 1 year low of $39.46 and a 1 year high of $56.66. The company has a current ratio of 1.25, a quick ratio of 0.72 and a debt-to-equity ratio of 1.53. The business has a 50-day moving average of $46.11 and a 200-day moving average of $45.66. The stock has a market capitalization of $4.58 billion, a price-to-earnings ratio of 8.33, a P/E/G ratio of 0.64 and a beta of 0.70.

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 the consensus estimate of $1.44 by ($0.07). Sonoco Products had a return on equity of 20.46% and a net margin of 8.35%.The company had revenue of $1.91 billion for the quarter, compared to analysts' expectations of $1.92 billion. During the same quarter last year, the company earned $1.28 EPS. Sonoco Products's revenue for the quarter was up 17.7% compared to the same quarter last year. Sonoco Products has set its FY 2025 guidance at 6.000-6.2 EPS. As a group, analysts expect that Sonoco Products Company will post 6.1 EPS for the current fiscal 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 dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 4.6%. The ex-dividend date is Friday, August 8th. Sonoco Products's dividend payout ratio is 37.99%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on SON shares. Raymond James Financial lifted their target price on Sonoco Products from $50.00 to $55.00 and gave the company an "outperform" rating in a research report on Tuesday, July 15th. 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 report on Friday, May 23rd. Truist Financial increased their target price 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. UBS Group increased their target price on shares of Sonoco Products from $48.00 to $50.00 and gave the company a "neutral" rating in a research report on Thursday, July 24th. Finally, Wall Street Zen raised shares of Sonoco Products from a "sell" rating to a "hold" rating in a research report on Wednesday, May 7th. Six research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, Sonoco Products presently has a consensus rating of "Moderate Buy" and a consensus price target 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.