Martingale Asset Management L P Boosts Holdings in Sonoco Products (NYSE:SON)

Martingale Asset Management L P boosted its stake in Sonoco Products (NYSE:SON) by 129.1% in the third quarter, Holdings Channel.com reports. The fund owned 28,294 shares of the industrial products company’s stock after buying an additional 15,944 shares during the quarter. Martingale Asset Management L P’s holdings in Sonoco Products were worth $1,546,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of SON. Mercer Global Advisors Inc. ADV lifted its holdings in shares of Sonoco Products by 2.7% in the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 8,862 shares of the industrial products company’s stock valued at $445,000 after purchasing an additional 237 shares during the last quarter. Creative Financial Designs Inc. ADV boosted its holdings in shares of Sonoco Products by 13.9% in the third quarter. Creative Financial Designs Inc. ADV now owns 2,373 shares of the industrial products company’s stock valued at $130,000 after acquiring an additional 289 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Sonoco Products by 1.5% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 19,765 shares of the industrial products company’s stock valued at $1,002,000 after acquiring an additional 298 shares during the period. TD Asset Management Inc raised its position in Sonoco Products by 2.0% in the 2nd quarter. TD Asset Management Inc now owns 15,200 shares of the industrial products company’s stock valued at $771,000 after purchasing an additional 300 shares during the last quarter. Finally, Curi RMB Capital LLC boosted its stake in Sonoco Products by 2.4% during the 3rd quarter. Curi RMB Capital LLC now owns 12,979 shares of the industrial products company’s stock worth $709,000 after purchasing an additional 304 shares during the period. Institutional investors and hedge funds own 77.69% of the company’s stock.

Sonoco Products Stock Up 1.1 %

SON opened at $51.88 on Monday. The company has a debt-to-equity ratio of 1.74, a current ratio of 2.36 and a quick ratio of 1.91. Sonoco Products has a 12 month low of $48.22 and a 12 month high of $61.73. The stock has a market capitalization of $5.10 billion, a P/E ratio of 17.83, a P/E/G ratio of 2.14 and a beta of 0.69. The business has a 50 day simple moving average of $52.37 and a 200-day simple moving average of $53.65.

Sonoco Products (NYSE:SON) last issued its earnings results on Thursday, October 31st. The industrial products company reported $1.49 EPS for the quarter, topping the consensus estimate of $1.45 by $0.04. Sonoco Products had a net margin of 4.38% and a return on equity of 19.92%. The company had revenue of $1.68 billion for the quarter, compared to analyst estimates of $1.72 billion. During the same period in the previous year, the firm earned $1.46 EPS. The business’s revenue was down 2.0% on a year-over-year basis. On average, equities analysts anticipate that Sonoco Products will post 5.09 earnings per share for the current fiscal year.

Sonoco Products Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Friday, November 8th will be given a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, November 8th. This represents a $2.08 annualized dividend and a yield of 4.01%. Sonoco Products’s payout ratio is currently 71.48%.

Analyst Ratings Changes

SON has been the topic of a number of recent research reports. Citigroup lifted their price objective on shares of Sonoco Products from $62.00 to $63.00 and gave the company a “buy” rating in a research note on Wednesday, October 2nd. Wells Fargo & Company downgraded Sonoco Products from an “equal weight” rating to an “underweight” rating and reduced their price objective for the company from $54.00 to $52.00 in a research note on Wednesday, August 21st. Robert W. Baird decreased their price objective on Sonoco Products from $58.00 to $55.00 and set a “neutral” rating for the company in a research report on Monday, November 4th. Finally, Truist Financial began coverage on Sonoco Products in a report on Tuesday, November 26th. They issued a “buy” rating and a $63.00 target price on the stock. One investment analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $59.00.

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.