Quantbot Technologies LP Buys Shares of 149,667 Sonoco Products Company $SON

Quantbot Technologies LP purchased a new stake in shares of Sonoco Products Company (NYSE:SON) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 149,667 shares of the industrial products company’s stock, valued at approximately $6,519,000. Quantbot Technologies LP owned about 0.15% of Sonoco Products as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also modified their holdings of SON. CW Advisors LLC grew its position in shares of Sonoco Products by 1.5% in the 1st quarter. CW Advisors LLC now owns 14,791 shares of the industrial products company’s stock worth $699,000 after buying an additional 224 shares during the last quarter. Federated Hermes Inc. boosted its stake in Sonoco Products by 2.5% in the first quarter. Federated Hermes Inc. now owns 9,304 shares of the industrial products company’s stock valued at $440,000 after acquiring an additional 230 shares in the last quarter. Richardson Financial Services Inc. grew its holdings in Sonoco Products by 13.2% in the second quarter. Richardson Financial Services Inc. now owns 2,185 shares of the industrial products company’s stock worth $100,000 after purchasing an additional 255 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its position in shares of Sonoco Products by 11.2% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 4,559 shares of the industrial products company’s stock worth $199,000 after purchasing an additional 459 shares in the last quarter. Finally, US Bancorp DE increased its position in shares of Sonoco Products by 2.9% during the first quarter. US Bancorp DE now owns 17,809 shares of the industrial products company’s stock worth $841,000 after purchasing an additional 510 shares in the last quarter. 77.69% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, Director John R. Haley acquired 2,506 shares of the firm’s stock in a transaction dated Tuesday, October 28th. The stock was acquired at an average price of $39.87 per share, with a total value of $99,914.22. Following the acquisition, the director directly owned 23,310 shares in the company, valued at $929,369.70. This represents a 12.05% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Paul Joachimczyk bought 20,500 shares of the stock in a transaction dated Wednesday, October 29th. The stock was bought at an average price of $39.50 per share, for a total transaction of $809,750.00. Following the purchase, the chief financial officer directly owned 20,500 shares of the company’s stock, valued at approximately $809,750. The trade was a ∞ increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders own 0.74% of the company’s stock.

Analyst Upgrades and Downgrades

SON has been the topic of several research analyst reports. Weiss Ratings restated a “hold (c-)” rating on shares of Sonoco Products in a research note on Wednesday, October 8th. Wells Fargo & Company raised their price target on Sonoco Products from $50.00 to $52.00 and gave the stock an “overweight” rating in a report on Friday, October 24th. Raymond James Financial restated a “market perform” rating on shares of Sonoco Products in a report on Friday, October 17th. Truist Financial decreased their price objective on shares of Sonoco Products from $58.00 to $57.00 and set a “buy” rating for the company in a research report on Monday, October 13th. Finally, Jefferies Financial Group dropped their target price on shares of Sonoco Products from $61.00 to $60.00 and set a “buy” rating on the stock in a research report on Friday, October 24th. Four equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $54.43.

Sonoco Products Trading Down 2.8%

Shares of NYSE:SON opened at $41.11 on Wednesday. The company has a quick ratio of 0.58, a current ratio of 0.92 and a debt-to-equity ratio of 1.14. Sonoco Products Company has a 52-week low of $38.65 and a 52-week high of $52.77. The stock has a market cap of $4.05 billion, a price-to-earnings ratio of 6.53, a PEG ratio of 0.73 and a beta of 0.67. The business has a 50-day moving average price of $41.16 and a 200-day moving average price of $44.22.

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

Sonoco Products Announces Dividend

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

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.