Zurcher Kantonalbank Zurich Cantonalbank Purchases 4,064 Shares of Sonoco Products Company (NYSE:SON)

Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Sonoco Products Company (NYSE:SON) by 21.0% in the 1st quarter, Holdings Channel reports. The fund owned 23,382 shares of the industrial products company’s stock after buying an additional 4,064 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Sonoco Products were worth $1,105,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Northern Trust Corp grew its stake in shares of Sonoco Products by 24.0% during the 4th quarter. Northern Trust Corp now owns 859,810 shares of the industrial products company’s stock worth $42,002,000 after acquiring an additional 166,552 shares during the period. Wellington Management Group LLP bought a new position in shares of Sonoco Products during the 4th quarter worth $15,533,000. Sequoia Financial Advisors LLC bought a new position in shares of Sonoco Products during the 1st quarter worth $820,000. Principal Financial Group Inc. grew its stake in shares of Sonoco Products by 0.5% during the 1st quarter. Principal Financial Group Inc. now owns 226,179 shares of the industrial products company’s stock worth $10,685,000 after acquiring an additional 1,044 shares during the period. Finally, JPMorgan Chase & Co. grew its stake in shares of Sonoco Products by 3.9% during the 4th quarter. JPMorgan Chase & Co. now owns 528,494 shares of the industrial products company’s stock worth $25,817,000 after acquiring an additional 20,075 shares during the period. Institutional investors own 77.69% of the company’s stock.

Wall Street Analyst Weigh In

SON has been the subject of several analyst reports. Wells Fargo & Company upgraded Sonoco Products from an “underweight” rating to an “overweight” rating and raised their target price for the stock from $45.00 to $55.00 in a research note on Friday, May 23rd. UBS Group raised their target price on Sonoco Products from $48.00 to $50.00 and gave the stock a “neutral” rating in a research note on Thursday, July 24th. Jefferies Financial Group initiated coverage on Sonoco Products in a research note on Tuesday, April 22nd. They issued a “buy” rating and a $62.00 target price for the company. Wall Street Zen upgraded Sonoco Products from a “sell” rating to a “hold” rating in a research note on Wednesday, May 7th. Finally, Raymond James Financial raised their target price on Sonoco Products from $50.00 to $55.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 15th. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $57.63.

Sonoco Products Stock Performance

Shares of NYSE SON opened at $44.74 on Tuesday. The stock has a market cap of $4.41 billion, a price-to-earnings ratio of 8.02, a P/E/G ratio of 0.60 and a beta of 0.69. 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 1-year low of $39.46 and a 1-year high of $56.77. The stock’s 50-day moving average is $45.57 and its 200 day moving average is $45.91.

Sonoco Products (NYSE:SON) last announced its quarterly earnings data on Wednesday, July 23rd. The industrial products company reported $1.37 earnings per share for the quarter, missing analysts’ consensus estimates of $1.44 by ($0.07). The firm had revenue of $1.91 billion for the quarter, compared to analysts’ expectations of $1.92 billion. Sonoco Products had a net margin of 8.35% and a return on equity of 20.46%. The business’s quarterly revenue was up 17.7% on a year-over-year basis. During the same period in the prior year, the business posted $1.28 earnings per share. On average, sell-side analysts anticipate that Sonoco Products Company will post 6.1 EPS for the current fiscal year.

Sonoco Products Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Friday, August 8th will be issued a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a dividend yield of 4.7%. The ex-dividend date of this dividend is Friday, August 8th. Sonoco Products’s dividend payout ratio (DPR) is currently 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.