ING Groep NV Makes New $1.16 Million Investment in Sonoco Products (NYSE:SON)

ING Groep NV bought a new position in shares of Sonoco Products (NYSE:SON) in the third quarter, HoldingsChannel.com reports. The firm bought 21,300 shares of the industrial products company’s stock, valued at approximately $1,164,000.

Other hedge funds also recently bought and sold shares of the company. Kennebec Savings Bank purchased a new stake in Sonoco Products during the third quarter worth $27,000. Capital Performance Advisors LLP purchased a new stake in Sonoco Products during the third quarter worth $33,000. Allspring Global Investments Holdings LLC purchased a new stake in Sonoco Products during the first quarter worth $50,000. Abich Financial Wealth Management LLC purchased a new stake in Sonoco Products during the second quarter worth $50,000. Finally, Gradient Investments LLC purchased a new stake in Sonoco Products during the second quarter worth $58,000. Hedge funds and other institutional investors own 77.69% of the company’s stock.

Sonoco Products Stock Performance

Shares of SON opened at $50.07 on Monday. The company has a current ratio of 2.36, a quick ratio of 1.91 and a debt-to-equity ratio of 1.74. The stock has a fifty day moving average price of $53.16 and a 200-day moving average price of $54.14. Sonoco Products has a 12 month low of $48.22 and a 12 month high of $61.73. The firm has a market cap of $4.92 billion, a PE ratio of 17.21, a P/E/G ratio of 2.06 and a beta of 0.69.

Sonoco Products (NYSE:SON) last released 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 return on equity of 19.92% and a net margin of 4.38%. The firm had revenue of $1.68 billion for the quarter, compared to the consensus estimate of $1.72 billion. During the same period in the prior year, the firm earned $1.46 EPS. The firm’s revenue was down 2.0% on a year-over-year basis. Equities research analysts predict that Sonoco Products will post 5.1 earnings per share for the current fiscal year.

Sonoco Products Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Friday, November 8th will be given a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 4.15%. The ex-dividend date is Friday, November 8th. Sonoco Products’s payout ratio is 71.48%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on SON shares. Robert W. Baird lowered their target price on Sonoco Products from $58.00 to $55.00 and set a “neutral” rating for the company in a report on Monday, November 4th. Wells Fargo & Company lowered Sonoco Products from an “equal weight” rating to an “underweight” rating and decreased their price objective for the company from $54.00 to $52.00 in a report on Wednesday, August 21st. Finally, Citigroup increased their price objective on Sonoco Products from $62.00 to $63.00 and gave the company a “buy” rating in a report on Wednesday, October 2nd. One investment analyst has rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $58.00.

About Sonoco Products

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.