Sonoco Products (NYSE:SON) Stock Position Decreased by Retirement Systems of Alabama

Retirement Systems of Alabama decreased its position in Sonoco Products (NYSE:SON) by 0.7% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 267,460 shares of the industrial products company’s stock after selling 1,912 shares during the quarter. Retirement Systems of Alabama’s holdings in Sonoco Products were worth $14,611,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in SON. Franklin Resources Inc. grew its position in Sonoco Products by 110.4% in the third quarter. Franklin Resources Inc. now owns 73,501 shares of the industrial products company’s stock worth $4,018,000 after acquiring an additional 38,564 shares in the last quarter. Tidal Investments LLC lifted its stake in shares of Sonoco Products by 36.0% in the 3rd quarter. Tidal Investments LLC now owns 25,941 shares of the industrial products company’s stock valued at $1,417,000 after purchasing an additional 6,869 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in shares of Sonoco Products in the 3rd quarter valued at $71,000. Sanctuary Advisors LLC boosted its holdings in Sonoco Products by 23.6% in the third quarter. Sanctuary Advisors LLC now owns 17,482 shares of the industrial products company’s stock worth $890,000 after purchasing an additional 3,341 shares in the last quarter. Finally, TD Private Client Wealth LLC increased its position in Sonoco Products by 33.4% during the third quarter. TD Private Client Wealth LLC now owns 3,213 shares of the industrial products company’s stock worth $176,000 after buying an additional 804 shares during the last quarter. Institutional investors and hedge funds own 77.69% of the company’s stock.

Sonoco Products Stock Performance

Shares of NYSE SON opened at $51.93 on Monday. Sonoco Products has a 12 month low of $48.22 and a 12 month high of $61.73. The company has a market cap of $5.10 billion, a P/E ratio of 17.85, a P/E/G ratio of 2.14 and a beta of 0.67. The business’s 50 day moving average is $51.92 and its two-hundred day moving average is $52.99. The company has a quick ratio of 1.91, a current ratio of 2.36 and a debt-to-equity ratio of 1.74.

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, topping analysts’ consensus estimates 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 in the previous year, the firm posted $1.46 earnings per share. Sonoco Products’s revenue was down 2.0% compared to the same quarter last year. On average, equities analysts expect that Sonoco Products will post 5.09 EPS for the current year.

Sonoco Products Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 10th. Investors of record on Friday, November 8th were given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 4.01%. The ex-dividend date of this dividend was Friday, November 8th. Sonoco Products’s dividend payout ratio (DPR) is presently 71.48%.

Analysts Set New Price Targets

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

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.