Empowered Funds LLC Boosts Stake in Sonoco Products (NYSE:SON)

Empowered Funds LLC increased its holdings in shares of Sonoco Products (NYSE:SON) by 13.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 49,073 shares of the industrial products company’s stock after purchasing an additional 5,792 shares during the period. Empowered Funds LLC’s holdings in Sonoco Products were worth $2,681,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in SON. Allspring Global Investments Holdings LLC purchased a new position in shares of Sonoco Products during the first quarter worth $50,000. CANADA LIFE ASSURANCE Co raised its holdings in shares of Sonoco Products by 11.6% during the first quarter. CANADA LIFE ASSURANCE Co now owns 70,403 shares of the industrial products company’s stock worth $4,072,000 after purchasing an additional 7,294 shares during the last quarter. EP Wealth Advisors LLC purchased a new position in shares of Sonoco Products during the first quarter worth $264,000. Truvestments Capital LLC raised its holdings in shares of Sonoco Products by 26.1% during the first quarter. Truvestments Capital LLC now owns 37,205 shares of the industrial products company’s stock worth $2,152,000 after purchasing an additional 7,699 shares during the last quarter. Finally, Lazard Asset Management LLC purchased a new position in shares of Sonoco Products during the first quarter worth $122,000. Hedge funds and other institutional investors own 77.69% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on SON. Citigroup raised their target price on shares of Sonoco Products from $62.00 to $63.00 and gave the stock a “buy” rating in a report on Wednesday, October 2nd. Robert W. Baird dropped their price target on shares of Sonoco Products from $58.00 to $55.00 and set a “neutral” rating on the stock in a research report on Monday, November 4th. Finally, Wells Fargo & Company lowered shares of Sonoco Products from an “equal weight” rating to an “underweight” rating and dropped their price target for the company from $54.00 to $52.00 in a research report on Wednesday, August 21st. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, Sonoco Products presently has a consensus rating of “Hold” and a consensus target price of $58.00.

Sonoco Products Stock Down 1.4 %

SON stock opened at $49.19 on Wednesday. The firm has a market cap of $4.83 billion, a PE ratio of 16.90, a P/E/G ratio of 2.06 and a beta of 0.69. The company has a debt-to-equity ratio of 1.74, a quick ratio of 1.91 and a current ratio of 2.36. The firm’s fifty day moving average is $52.96 and its 200 day moving average is $54.05. Sonoco Products has a one year low of $48.22 and a one year high of $61.73.

Sonoco Products (NYSE:SON) last announced its earnings results on Thursday, October 31st. The industrial products company reported $1.49 earnings per share (EPS) for the quarter, beating 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 business had revenue of $1.68 billion for the quarter, compared to analyst estimates of $1.72 billion. During the same quarter last year, the business earned $1.46 earnings per share. The company’s revenue for the quarter was down 2.0% compared to the same quarter last year. On average, research analysts forecast that Sonoco Products will post 5.1 EPS for the current year.

Sonoco Products Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Friday, November 8th will be given a $0.52 dividend. The ex-dividend date is Friday, November 8th. This represents a $2.08 annualized dividend and a dividend yield of 4.23%. Sonoco Products’s dividend payout ratio (DPR) is 71.48%.

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.