Sonoco Products Company $SON Shares Sold by Pictet Asset Management Holding SA

Key Points

• Pictet Asset Management cut its stake in Sonoco Products by 8.7% in the first quarter, selling 57,257 shares and ending with 601,871 shares valued at about $32.6 million.
• Sonoco Products reported weaker-than-expected quarterly results, posting EPS of $1.20 versus the $1.57 estimate and revenue of $1.68 billion versus expectations of $1.88 billion.
• The company raised its quarterly dividend to $0.54 per share, while analysts currently hold a consensus rating of “Hold” with an average price target of $60.11.

Pictet Asset Management Holding SA trimmed its stake in shares of Sonoco Products Company (NYSE:SON - Free Report) by 8.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 601,871 shares of the industrial products company's stock after selling 57,257 shares during the period. Pictet Asset Management Holding SA owned 0.61% of Sonoco Products worth $32,555,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. SBI Securities Co. Ltd. boosted its holdings in Sonoco Products by 77.7% in the 4th quarter. SBI Securities Co. Ltd. now owns 590 shares of the industrial products company's stock worth $26,000 after buying an additional 258 shares during the last quarter. LRI Investments LLC acquired a new position in shares of Sonoco Products during the fourth quarter valued at approximately $29,000. Ameriflex Group Inc. lifted its position in shares of Sonoco Products by 1,263.6% in the third quarter. Ameriflex Group Inc. now owns 900 shares of the industrial products company's stock valued at $39,000 after acquiring an additional 834 shares in the last quarter. Larson Financial Group LLC lifted its position in shares of Sonoco Products by 1,826.9% in the third quarter. Larson Financial Group LLC now owns 1,002 shares of the industrial products company's stock valued at $43,000 after acquiring an additional 950 shares in the last quarter. Finally, Cullen Frost Bankers Inc. acquired a new stake in shares of Sonoco Products in the fourth quarter worth approximately $47,000. Hedge funds and other institutional investors own 77.69% of the company's stock.

Sonoco Products Stock Performance

Shares of Sonoco Products stock opened at $56.39 on Wednesday. Sonoco Products Company has a one year low of $38.65 and a one year high of $58.44. The company has a market cap of $5.58 billion, a price-to-earnings ratio of 5.53, a PEG ratio of 1.17 and a beta of 0.39. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.54 and a current ratio of 0.96. The business's 50 day moving average price is $50.34 and its 200 day moving average price is $50.50.

Sonoco Products (NYSE:SON - Get Free Report) last issued its earnings results on Tuesday, April 21st. The industrial products company reported $1.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.57 by ($0.37). Sonoco Products had a net margin of 13.57% and a return on equity of 16.50%. The company had revenue of $1.68 billion during the quarter, compared to analysts' expectations of $1.88 billion. During the same quarter in the previous year, the company earned $1.38 earnings per share. The firm's quarterly revenue was down 1.9% compared to the same quarter last year. Sonoco Products has set its FY 2026 guidance at 5.800-6.200 EPS. On average, research analysts predict that Sonoco Products Company will post 5.81 EPS for the current year.

Sonoco Products Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 10th. Investors of record on Friday, May 8th were issued a $0.54 dividend. This is an increase from Sonoco Products's previous quarterly dividend of $0.53. This represents a $2.16 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date of this dividend was Friday, May 8th. Sonoco Products's payout ratio is currently 21.18%.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Wells Fargo & Company dropped their price target on Sonoco Products from $60.00 to $56.00 and set an "equal weight" rating for the company in a research report on Friday, March 20th. Citigroup lowered their target price on shares of Sonoco Products from $70.00 to $63.00 and set a "buy" rating on the stock in a research note on Thursday, April 23rd. Truist Financial reaffirmed a "buy" rating and set a $65.00 target price (down from $68.00) on shares of Sonoco Products in a report on Tuesday, April 28th. UBS Group reduced their target price on shares of Sonoco Products from $62.00 to $59.00 and set a "neutral" rating for the company in a research report on Friday, April 10th. Finally, Deutsche Bank Aktiengesellschaft started coverage on shares of Sonoco Products in a research note on Wednesday, April 1st. They issued a "buy" rating and a $63.00 price target on the stock. Five equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $60.11.

Insider Activity

In other news, CFO Paul Joachimczyk purchased 8,058 shares of the company's stock in a transaction dated Friday, April 24th. The stock was acquired at an average price of $49.64 per share, with a total value of $399,999.12. Following the purchase, the chief financial officer directly owned 28,558 shares in the company, valued at approximately $1,417,619.12. This represents a 39.31% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider James A. Harrell III purchased 6,753 shares of the business's stock in a transaction dated Monday, April 27th. The shares were purchased at an average price of $50.37 per share, with a total value of $340,148.61. Following the acquisition, the insider directly owned 10,070 shares in the company, valued at approximately $507,225.90. The trade was a 203.59% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 0.98% of the stock is currently owned by company insiders.

Sonoco Products Company Profile

Sonoco Products Company NYSE: SON is a global provider of diversified packaging solutions, serving a wide range of consumer, industrial and retail markets. The company offers a broad portfolio that includes rigid paper and plastic containers, flexible packaging, industrial core and tube products, thermoformed plastics, retail point-of-purchase displays, and packaging supply chain services. Through its solutions, Sonoco helps customers in food and beverage, personal care, chemicals, healthcare, home and garden, and electronics industries address their packaging needs, improve product shelf appeal, and optimize logistics efficiency.

With operations in more than 30 countries across North America, South America, Europe, Asia and Africa, Sonoco leverages a global network of manufacturing facilities, recycling centers and distribution channels to meet the demands of multinational and regional customers.

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