The Manufacturers Life Insurance Company Acquires Shares of 70,830 Sonoco Products Company $SON

Key Points

• The Manufacturers Life Insurance Company acquired 70,830 shares of Sonoco Products worth approximately $3.99 million, while institutional investors collectively own 77.69% of the company.
• Analyst sentiment is favorable: Sonoco has a consensus rating of “Moderate Buy”, with an average price target of $61.78 after several analysts raised their targets.
• Sonoco exceeded quarterly earnings expectations with $1.51 in EPS and $1.89 billion in revenue, and announced a quarterly dividend of $0.54 per share, representing a 4.0% annualized yield.

The Manufacturers Life Insurance Company bought a new position in shares of Sonoco Products Company (NYSE:SON - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 70,830 shares of the industrial products company's stock, valued at approximately $3,991,000. The Manufacturers Life Insurance Company owned approximately 0.07% of Sonoco Products at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the company. SBI Securities Co. Ltd. grew its holdings in Sonoco Products by 77.7% during the 4th quarter. SBI Securities Co. Ltd. now owns 590 shares of the industrial products company's stock valued at $26,000 after purchasing an additional 258 shares in the last quarter. WPG Advisers LLC lifted its holdings in Sonoco Products by 93.1% in the 1st quarter. WPG Advisers LLC now owns 612 shares of the industrial products company's stock worth $33,000 after buying an additional 295 shares in the last quarter. LRI Investments LLC purchased a new position in Sonoco Products in the 4th quarter valued at about $29,000. Larson Financial Group LLC boosted its position in Sonoco Products by 1,826.9% in the 3rd quarter. Larson Financial Group LLC now owns 1,002 shares of the industrial products company's stock valued at $43,000 after buying an additional 950 shares during the last quarter. Finally, Cullen Frost Bankers Inc. acquired a new stake in shares of Sonoco Products during the fourth quarter valued at about $47,000. 77.69% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts recently commented on SON shares. Weiss Ratings upgraded Sonoco Products from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Wednesday, August 26th. Bank of America raised their price objective on Sonoco Products from $65.00 to $69.00 and gave the company a "buy" rating in a research note on Tuesday, July 14th. Citigroup lifted their price objective on Sonoco Products from $63.00 to $66.00 and gave the stock a "buy" rating in a report on Thursday, July 9th. Finally, Truist Financial upped their target price on Sonoco Products from $64.00 to $68.00 and gave the company a "buy" rating in a research report on Friday, July 24th. Six research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $61.78.

Sonoco Products Stock Performance

Sonoco Products stock opened at $54.14 on Wednesday. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.99 and a quick ratio of 0.55. Sonoco Products Company has a 12 month low of $38.65 and a 12 month high of $60.67. The company has a fifty day moving average price of $56.65 and a two-hundred day moving average price of $53.74. The company has a market cap of $5.35 billion, a PE ratio of 8.61, a P/E/G ratio of 1.17 and a beta of 0.36.

Sonoco Products (NYSE:SON - Get Free Report) last issued its earnings results on Wednesday, July 22nd. The industrial products company reported $1.51 earnings per share for the quarter, topping analysts' consensus estimates of $1.47 by $0.04. Sonoco Products had a net margin of 8.41% and a return on equity of 16.50%. The company had revenue of $1.89 billion for the quarter, compared to analysts' expectations of $1.88 billion. During the same period in the prior year, the company earned $1.37 earnings per share. The firm's revenue was down 1.3% compared to the same quarter last year. Sonoco Products has set its FY 2026 guidance at 5.800-6.200 EPS. Research analysts expect that Sonoco Products Company will post 5.8 earnings per share for the current year.

Sonoco Products Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Monday, August 10th will be issued a $0.54 dividend. The ex-dividend date of this dividend is Monday, August 10th. This represents a $2.16 dividend on an annualized basis and a yield of 4.0%. Sonoco Products's dividend payout ratio (DPR) is currently 34.34%.

Sonoco Products 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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