Sonoco Products Company $SON Shares Bought by Wedge Capital Management L L P NC

Key Points

• Wedge Capital Management L L P NC increased its stake in Sonoco Products Company by 17.2%, now owning 152,974 shares valued at approximately $6.66 million.
• Sonoco Products Company reported $1.37 earnings per share (EPS) for the last quarter, falling short of estimates and showing a 17.7% year-over-year revenue increase.
• The company declared a quarterly dividend of $0.53 per share, yielding 4.6% annually, with a payout ratio of 37.99%.

Wedge Capital Management L L P NC grew its position in shares of Sonoco Products Company (NYSE:SON - Free Report) by 17.2% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 152,974 shares of the industrial products company's stock after purchasing an additional 22,483 shares during the period. Wedge Capital Management L L P NC owned approximately 0.16% of Sonoco Products worth $6,664,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Dimensional Fund Advisors LP lifted its position in Sonoco Products by 14.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,591,263 shares of the industrial products company's stock worth $169,646,000 after buying an additional 450,792 shares in the last quarter. Earnest Partners LLC grew its stake in shares of Sonoco Products by 2.3% during the first quarter. Earnest Partners LLC now owns 2,655,347 shares of the industrial products company's stock valued at $125,439,000 after purchasing an additional 60,746 shares during the last quarter. Fuller & Thaler Asset Management Inc. increased its stake in shares of Sonoco Products by 9.8% in the 1st quarter. Fuller & Thaler Asset Management Inc. now owns 2,308,939 shares of the industrial products company's stock valued at $109,074,000 after acquiring an additional 206,749 shares during the last quarter. Invesco Ltd. lifted its holdings in shares of Sonoco Products by 3.2% in the first quarter. Invesco Ltd. now owns 1,401,051 shares of the industrial products company's stock valued at $66,186,000 after purchasing an additional 43,049 shares in the last quarter. Finally, Millennium Management LLC increased its holdings in Sonoco Products by 739.7% during the first quarter. Millennium Management LLC now owns 1,152,506 shares of the industrial products company's stock worth $54,444,000 after buying an additional 1,015,250 shares during the last quarter. 77.69% of the stock is owned by institutional investors and hedge funds.

Sonoco Products Stock Down 1.5%

NYSE SON traded down $0.70 on Friday, reaching $46.32. The company had a trading volume of 1,544,193 shares, compared to its average volume of 961,785. The company's fifty day moving average is $46.41 and its 200 day moving average is $45.63. Sonoco Products Company has a 52-week low of $39.46 and a 52-week high of $55.33. The stock has a market capitalization of $4.57 billion, a P/E ratio of 8.30, a P/E/G ratio of 0.62 and a beta of 0.70. 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 issued its 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 business had revenue of $1.91 billion during the quarter, compared to analysts' expectations of $1.92 billion. Sonoco Products had a return on equity of 20.46% and a net margin of 8.35%.Sonoco Products's revenue for the quarter was up 17.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.28 EPS. 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 Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Friday, August 8th were given a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 4.6%. The ex-dividend date was Friday, August 8th. Sonoco Products's dividend payout ratio is presently 37.99%.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on SON shares. UBS Group raised their price objective on shares of Sonoco Products from $48.00 to $50.00 and gave the company a "neutral" rating in a report on Thursday, July 24th. Raymond James Financial upped their target price on Sonoco Products from $50.00 to $55.00 and gave the company an "outperform" rating in a report on Tuesday, July 15th. Finally, Truist Financial increased their price target on Sonoco Products from $53.00 to $58.00 and gave the stock a "buy" rating in a research note on Friday, July 25th. Six equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, Sonoco Products currently has a consensus rating of "Moderate Buy" and an average target price of $57.63.

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.