ProShare Advisors LLC Increases Position in Sonoco Products Company $SON

ProShare Advisors LLC lifted its position in shares of Sonoco Products Company (NYSE:SON) by 15.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 727,027 shares of the industrial products company’s stock after purchasing an additional 94,924 shares during the period. ProShare Advisors LLC’s holdings in Sonoco Products were worth $31,669,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of SON. ST Germain D J Co. Inc. purchased a new stake in Sonoco Products during the 2nd quarter worth about $26,000. Whittier Trust Co. of Nevada Inc. raised its position in shares of Sonoco Products by 508.1% during the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 900 shares of the industrial products company’s stock worth $43,000 after acquiring an additional 752 shares in the last quarter. Allworth Financial LP lifted its stake in Sonoco Products by 152.0% during the first quarter. Allworth Financial LP now owns 1,071 shares of the industrial products company’s stock worth $50,000 after purchasing an additional 646 shares during the last quarter. SouthState Corp boosted its holdings in Sonoco Products by 439.1% in the second quarter. SouthState Corp now owns 1,240 shares of the industrial products company’s stock valued at $54,000 after purchasing an additional 1,010 shares in the last quarter. Finally, Hilltop National Bank acquired a new position in Sonoco Products in the second quarter valued at approximately $56,000. Hedge funds and other institutional investors own 77.69% of the company’s stock.

Insider Buying and Selling at Sonoco Products

In other news, Director John R. Haley acquired 2,506 shares of Sonoco Products stock in a transaction that occurred on Tuesday, October 28th. The stock was purchased at an average price of $39.87 per share, for a total transaction of $99,914.22. Following the completion of the transaction, the director directly owned 23,310 shares in the company, valued at approximately $929,369.70. This trade represents a 12.05% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Paul Joachimczyk purchased 20,500 shares of the firm’s stock in a transaction that occurred on Wednesday, October 29th. The stock was acquired at an average price of $39.50 per share, for a total transaction of $809,750.00. Following the completion of the purchase, the chief financial officer owned 20,500 shares of the company’s stock, valued at approximately $809,750. This represents a ? increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 0.74% of the stock is currently owned by company insiders.

Sonoco Products Stock Performance

Shares of SON stock opened at $40.63 on Wednesday. The stock’s 50-day moving average price is $42.81 and its 200 day moving average price is $44.63. The company has a quick ratio of 0.58, a current ratio of 0.92 and a debt-to-equity ratio of 1.14. The stock has a market capitalization of $4.01 billion, a PE ratio of 6.45, a price-to-earnings-growth ratio of 0.73 and a beta of 0.67. Sonoco Products Company has a 52-week low of $38.65 and a 52-week high of $52.77.

Sonoco Products (NYSE:SON) last announced its earnings results on Wednesday, June 22nd. The industrial products company reported $1.00 earnings per share for the quarter. Sonoco Products had a return on equity of 20.49% and a net margin of 8.82%.The company had revenue of $1.35 billion for the quarter. Sonoco Products has set its Q2 2022 guidance at $1.60-$1.70 EPS. As a group, equities research analysts forecast that Sonoco Products Company will post 6.1 EPS for the current year.

Sonoco Products Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 10th. Stockholders of record on Monday, November 10th will be paid a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 5.2%. The ex-dividend date is Monday, November 10th. Sonoco Products’s dividend payout ratio (DPR) is 33.65%.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Wells Fargo & Company boosted their price objective on shares of Sonoco Products from $50.00 to $52.00 and gave the stock an “overweight” rating in a research report on Friday, October 24th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Sonoco Products in a research note on Wednesday, October 8th. Bank of America restated a “neutral” rating and issued a $56.00 price objective on shares of Sonoco Products in a research note on Thursday, October 9th. UBS Group cut their target price on Sonoco Products from $50.00 to $46.00 and set a “neutral” rating on the stock in a research report on Monday, October 6th. Finally, Raymond James Financial reissued a “market perform” rating on shares of Sonoco Products in a research report on Friday, October 17th. Four investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $54.43.

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.