Sonoco Products (NYSE:SON) Raises Dividend to $0.52 Per Share

Sonoco Products (NYSE:SON - Get Free Report) declared a quarterly dividend on Wednesday, April 17th, RTT News reports. Investors of record on Friday, May 10th will be paid a dividend of 0.52 per share by the industrial products company on Monday, June 10th. This represents a $2.08 annualized dividend and a dividend yield of 3.73%. This is an increase from Sonoco Products's previous quarterly dividend of $0.51.

Sonoco Products has increased its dividend by an average of 5.5% annually over the last three years.

Sonoco Products Stock Performance

SON stock traded down $0.37 during midday trading on Wednesday, hitting $55.79. The company's stock had a trading volume of 414,939 shares, compared to its average volume of 434,542. The stock's 50-day moving average price is $56.94 and its 200 day moving average price is $55.80. The company has a quick ratio of 1.10, a current ratio of 1.76 and a debt-to-equity ratio of 1.25. Sonoco Products has a 1 year low of $49.98 and a 1 year high of $63.74. The stock has a market cap of $5.47 billion, a price-to-earnings ratio of 11.62, a PEG ratio of 2.15 and a beta of 0.68.

Sonoco Products (NYSE:SON - Get Free Report) last posted its quarterly earnings data on Thursday, February 15th. The industrial products company reported $1.02 earnings per share for the quarter, missing the consensus estimate of $1.04 by ($0.02). Sonoco Products had a return on equity of 22.42% and a net margin of 7.00%. The business had revenue of $1.64 billion during the quarter, compared to analysts' expectations of $1.61 billion. During the same period in the prior year, the firm posted $1.27 EPS. The firm's revenue for the quarter was down 2.4% on a year-over-year basis. On average, equities analysts forecast that Sonoco Products will post 5.26 EPS for the current year.

Insiders Place Their Bets

In other Sonoco Products news, insider Russell K. Grissett sold 2,039 shares of the company's stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $56.06, for a total value of $114,306.34. Following the transaction, the insider now directly owns 11,988 shares in the company, valued at approximately $672,047.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider Russell K. Grissett sold 2,039 shares of the company's stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $56.06, for a total value of $114,306.34. Following the completion of the transaction, the insider now directly owns 11,988 shares in the company, valued at approximately $672,047.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Adam Wood sold 537 shares of the company's stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $57.04, for a total value of $30,630.48. Following the completion of the transaction, the vice president now owns 28,273 shares of the company's stock, valued at $1,612,691.92. The disclosure for this sale can be found here. Insiders have sold 13,076 shares of company stock worth $749,002 in the last ninety days. 0.51% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Sonoco Products

Hedge funds and other institutional investors have recently modified their holdings of the company. Point72 Asset Management L.P. purchased a new stake in Sonoco Products during the 2nd quarter valued at about $34,000. Dark Forest Capital Management LP purchased a new stake in Sonoco Products during the 1st quarter valued at about $50,000. Pinnacle Holdings LLC bought a new position in Sonoco Products during the 1st quarter valued at approximately $58,000. KBC Group NV bought a new position in Sonoco Products during the 4th quarter valued at approximately $114,000. Finally, State of Wyoming raised its position in Sonoco Products by 263.2% during the 4th quarter. State of Wyoming now owns 2,891 shares of the industrial products company's stock valued at $176,000 after purchasing an additional 2,095 shares during the last quarter. 77.69% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have issued reports on SON. Wells Fargo & Company lowered their target price on Sonoco Products from $58.00 to $56.00 and set an "equal weight" rating on the stock in a research note on Tuesday, February 20th. TheStreet lowered Sonoco Products from a "b-" rating to a "c+" rating in a research note on Wednesday, February 14th. Finally, Citigroup lowered their target price on Sonoco Products from $66.00 to $65.00 and set a "buy" rating on the stock in a research note on Thursday, April 4th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to data from MarketBeat, Sonoco Products presently has an average rating of "Moderate Buy" and an average price target of $63.00.

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.