Sonoco Products Company (NYSE:SON) Declares Quarterly Dividend of $0.53

Sonoco Products Company (NYSE:SON - Get Free Report) announced a quarterly dividend on Wednesday, July 16th, RTT News reports. Stockholders of record on Friday, August 8th will be given a dividend of 0.53 per share by the industrial products company on Wednesday, September 10th. This represents a $2.12 annualized dividend and a dividend yield of 4.64%.

Sonoco Products has a payout ratio of 32.6% meaning its dividend is sufficiently covered by earnings. Analysts expect Sonoco Products to earn $6.85 per share next year, which means the company should continue to be able to cover its $2.12 annual dividend with an expected future payout ratio of 30.9%.

Sonoco Products Stock Up 0.8%

Shares of NYSE:SON traded up $0.38 during midday trading on Wednesday, hitting $45.67. 667,973 shares of the company's stock were exchanged, compared to its average volume of 765,749. The company has a debt-to-equity ratio of 2.02, a current ratio of 0.80 and a quick ratio of 0.51. The stock has a 50 day moving average price of $45.26 and a 200-day moving average price of $46.02. The company has a market cap of $4.50 billion, a PE ratio of 29.66, a price-to-earnings-growth ratio of 0.60 and a beta of 0.68. Sonoco Products has a 12 month low of $39.46 and a 12 month high of $56.77.

Sonoco Products (NYSE:SON - Get Free Report) last posted its earnings results on Tuesday, April 29th. The industrial products company reported $1.38 EPS for the quarter, missing the consensus estimate of $1.41 by ($0.03). Sonoco Products had a return on equity of 21.78% and a net margin of 2.40%. The business had revenue of $1.71 billion for the quarter, compared to the consensus estimate of $2.02 billion. During the same period in the previous year, the firm earned $1.12 earnings per share. The company's revenue was up 30.6% on a year-over-year basis. On average, sell-side analysts anticipate that Sonoco Products will post 6.1 EPS for the current fiscal year.

Insider Activity

In other news, Director John R. Haley purchased 2,246 shares of the stock in a transaction dated Friday, May 2nd. The shares were purchased at an average cost of $44.57 per share, with a total value of $100,104.22. Following the completion of the acquisition, the director owned 20,804 shares in the company, valued at $927,234.28. This represents a 12.10% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Robert R. Hill, Jr. bought 5,475 shares of the firm's stock in a transaction that occurred on Wednesday, April 30th. The shares were purchased at an average cost of $40.34 per share, for a total transaction of $220,861.50. Following the acquisition, the director directly owned 29,540 shares in the company, valued at $1,191,643.60. This trade represents a 22.75% increase in their position. The disclosure for this purchase can be found here. Insiders have acquired a total of 27,721 shares of company stock valued at $1,144,366 over the last quarter. Company insiders own 0.74% of the company's stock.

Institutional Trading of Sonoco Products

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in Sonoco Products by 87.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 545,179 shares of the industrial products company's stock worth $25,754,000 after acquiring an additional 255,055 shares during the period. Empowered Funds LLC raised its position in shares of Sonoco Products by 14.1% during the 1st quarter. Empowered Funds LLC now owns 11,058 shares of the industrial products company's stock valued at $522,000 after buying an additional 1,364 shares in the last quarter. Goldman Sachs Group Inc. raised its position in shares of Sonoco Products by 80.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 206,493 shares of the industrial products company's stock valued at $9,755,000 after buying an additional 92,286 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Sonoco Products by 44.3% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 49,093 shares of the industrial products company's stock valued at $2,319,000 after buying an additional 15,079 shares in the last quarter. Institutional investors own 77.69% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on SON shares. Raymond James Financial boosted their price target on shares of Sonoco Products from $50.00 to $55.00 and gave the stock an "outperform" rating in a report on Tuesday. Truist Financial cut their price target on shares of Sonoco Products from $54.00 to $53.00 and set a "buy" rating on the stock in a report on Friday, July 11th. Wall Street Zen upgraded shares of Sonoco Products from a "sell" rating to a "hold" rating in a report on Wednesday, May 7th. Jefferies Financial Group began coverage on shares of Sonoco Products in a research report on Tuesday, April 22nd. They set a "buy" rating and a $62.00 target price for the company. Finally, Wells Fargo & Company raised shares of Sonoco Products from an "underweight" rating to an "overweight" rating and lifted their price target for the stock from $45.00 to $55.00 in a report on Friday, May 23rd. Three analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $56.75.

Sonoco Products Company 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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