Wolverine Asset Management LLC Purchases New Holdings in Sonoco Products Company (NYSE:SON)

Key Points

• Wolverine Asset Management LLC has acquired a new position in Sonoco Products Company, purchasing 64,000 shares valued at approximately $3,023,000, resulting in a 0.06% ownership stake.
• Wall Street analysts have shown positive outlooks on Sonoco Products, with multiple firms raising their price targets, including Raymond James lifting it from $50 to $55 and Jefferies setting a target of $62.
• Sonoco Products recently announced a quarterly dividend of $0.53 per share, reflecting an annualized dividend of $2.12 and a yield of 4.7%, with the ex-dividend date set for August 8th.

Wolverine Asset Management LLC acquired a new stake in Sonoco Products Company (NYSE:SON - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 64,000 shares of the industrial products company's stock, valued at approximately $3,023,000. Wolverine Asset Management LLC owned 0.06% of Sonoco Products at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the company. Dimensional Fund Advisors LP boosted its holdings in Sonoco Products by 4.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,140,471 shares of the industrial products company's stock valued at $153,411,000 after purchasing an additional 136,965 shares in the last quarter. Earnest Partners LLC raised its stake in shares of Sonoco Products by 0.4% during the 4th quarter. Earnest Partners LLC now owns 2,594,601 shares of the industrial products company's stock worth $126,746,000 after buying an additional 10,661 shares during the last quarter. Cooper Creek Partners Management LLC acquired a new position in shares of Sonoco Products during the 4th quarter worth $78,203,000. Invesco Ltd. raised its stake in shares of Sonoco Products by 13.0% during the 4th quarter. Invesco Ltd. now owns 1,358,002 shares of the industrial products company's stock worth $66,338,000 after buying an additional 155,893 shares during the last quarter. Finally, Deprince Race & Zollo Inc. grew its position in shares of Sonoco Products by 53.4% in the fourth quarter. Deprince Race & Zollo Inc. now owns 1,272,121 shares of the industrial products company's stock valued at $62,143,000 after purchasing an additional 442,892 shares during the last quarter. 77.69% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on SON shares. Wall Street Zen raised Sonoco Products from a "sell" rating to a "hold" rating in a research note on Wednesday, May 7th. Jefferies Financial Group began coverage on Sonoco Products in a research report on Tuesday, April 22nd. They set a "buy" rating and a $62.00 price target on the stock. Truist Financial upped their price target on Sonoco Products from $53.00 to $58.00 and gave the company a "buy" rating in a research report on Friday, July 25th. Wells Fargo & Company raised Sonoco Products from an "underweight" rating to an "overweight" rating and upped their target price for the stock from $45.00 to $55.00 in a research report on Friday, May 23rd. Finally, Raymond James Financial upped their target price on Sonoco Products from $50.00 to $55.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 15th. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $57.63.

Sonoco Products Stock Up 1.6%

SON stock traded up $0.72 during mid-day trading on Wednesday, hitting $46.09. The stock had a trading volume of 264,785 shares, compared to its average volume of 856,462. 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 stock has a market capitalization of $4.55 billion, a price-to-earnings ratio of 8.26, a PEG ratio of 0.61 and a beta of 0.69. The company has a fifty day moving average of $45.53 and a 200 day moving average of $45.80. Sonoco Products Company has a 1-year low of $39.46 and a 1-year high of $56.77.

Sonoco Products (NYSE:SON - Get Free Report) last released its 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). The firm had revenue of $1.91 billion during the quarter, compared to analyst estimates of $1.92 billion. Sonoco Products had a net margin of 8.35% and a return on equity of 20.46%. The firm's quarterly revenue was up 17.7% on a year-over-year basis. During the same period last year, the business posted $1.28 earnings per share. On average, equities analysts expect that Sonoco Products Company will post 6.1 EPS for the current fiscal year.

Sonoco Products Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Friday, August 8th will be issued a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a dividend 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.