Vanguard Group Inc. Has $498.22 Million Stake in Sonoco Products Company (NYSE:SON)

Vanguard Group Inc. lowered its position in Sonoco Products Company (NYSE:SON - Free Report) by 5.2% during the first quarter, according to its most recent filing with the SEC. The firm owned 10,546,614 shares of the industrial products company's stock after selling 582,111 shares during the period. Vanguard Group Inc. owned 10.69% of Sonoco Products worth $498,222,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently modified their holdings of SON. Bank of Montreal Can lifted its position in shares of Sonoco Products by 11.8% in the 4th quarter. Bank of Montreal Can now owns 17,119 shares of the industrial products company's stock worth $836,000 after purchasing an additional 1,812 shares during the period. Renaissance Technologies LLC acquired a new position in shares of Sonoco Products in the 4th quarter worth approximately $7,811,000. Raymond James Financial Inc. acquired a new position in shares of Sonoco Products in the 4th quarter worth approximately $6,012,000. Treasurer of the State of North Carolina lifted its position in shares of Sonoco Products by 0.6% in the 4th quarter. Treasurer of the State of North Carolina now owns 43,056 shares of the industrial products company's stock worth $2,103,000 after purchasing an additional 270 shares during the period. Finally, Barclays PLC lifted its position in shares of Sonoco Products by 7.2% in the 4th quarter. Barclays PLC now owns 101,684 shares of the industrial products company's stock worth $4,967,000 after purchasing an additional 6,799 shares during the period. Institutional investors and hedge funds own 77.69% of the company's stock.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the stock. Wall Street Zen upgraded shares of Sonoco Products from a "sell" rating to a "hold" rating in a research report on Wednesday, May 7th. Wells Fargo & Company upgraded shares of Sonoco Products from an "underweight" rating to an "overweight" rating and lifted their price objective for the company from $45.00 to $55.00 in a research note on Friday, May 23rd. Truist Financial lifted their price objective on shares of 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 lifted their price objective 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. Finally, Jefferies Financial Group initiated coverage on shares of Sonoco Products in a research note on Tuesday, April 22nd. They issued a "buy" rating and a $62.00 price objective for the company. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. According to MarketBeat.com, Sonoco Products presently has a consensus rating of "Moderate Buy" and a consensus price target of $57.63.

Sonoco Products Stock Performance

Shares of SON stock opened at $46.06 on Friday. The firm has a market capitalization of $4.54 billion, a PE ratio of 8.25, a price-to-earnings-growth ratio of 0.63 and a beta of 0.69. The firm has a fifty day simple moving average of $45.59 and a two-hundred day simple moving average of $45.79. The company has a current ratio of 1.25, a quick ratio of 0.72 and a debt-to-equity ratio of 1.53. Sonoco Products Company has a 12 month low of $39.46 and a 12 month high of $56.77.

Sonoco Products (NYSE:SON - Get Free Report) last announced its quarterly 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 for the quarter, compared to the consensus estimate of $1.92 billion. Sonoco Products had a net margin of 8.35% and a return on equity of 20.46%. The business's revenue for the quarter was up 17.7% compared to the same quarter last year. During the same quarter last year, the firm posted $1.28 EPS. Analysts forecast that Sonoco Products Company will post 6.1 EPS for the current fiscal year.

Sonoco Products Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Friday, August 8th will be paid a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 4.6%. The ex-dividend date is Friday, August 8th. Sonoco Products's payout ratio is 37.99%.

Sonoco Products 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.

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