Sonoco Products Company (NYSE:SON) Shares Sold by Pacer Advisors Inc.

Pacer Advisors Inc. reduced its position in Sonoco Products Company (NYSE:SON) by 33.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,680 shares of the industrial products company’s stock after selling 4,971 shares during the period. Pacer Advisors Inc.’s holdings in Sonoco Products were worth $457,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in the company. Neo Ivy Capital Management acquired a new stake in Sonoco Products in the first quarter valued at approximately $183,000. Avantax Advisory Services Inc. lifted its position in shares of Sonoco Products by 8.4% during the 1st quarter. Avantax Advisory Services Inc. now owns 9,924 shares of the industrial products company’s stock valued at $469,000 after buying an additional 767 shares in the last quarter. AE Wealth Management LLC grew its stake in Sonoco Products by 12.8% in the 1st quarter. AE Wealth Management LLC now owns 234,472 shares of the industrial products company’s stock valued at $11,076,000 after acquiring an additional 26,571 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in Sonoco Products in the 1st quarter worth $1,113,000. Finally, Allianz Asset Management GmbH purchased a new stake in Sonoco Products in the 1st quarter worth $613,000. 77.69% of the stock is owned by hedge funds and other institutional investors.

Sonoco Products Stock Down 1.6%

SON stock opened at $45.10 on Friday. The company has a current ratio of 1.25, a quick ratio of 0.72 and a debt-to-equity ratio of 1.53. The firm has a 50-day moving average of $45.62 and a two-hundred day moving average of $45.97. Sonoco Products Company has a 12 month low of $39.46 and a 12 month high of $56.77. The company has a market cap of $4.45 billion, a price-to-earnings ratio of 8.08, a PEG ratio of 0.62 and a beta of 0.68.

Sonoco Products (NYSE:SON) last posted its quarterly earnings results on Wednesday, July 23rd. The industrial products company reported $1.37 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.44 by ($0.07). Sonoco Products had a net margin of 8.35% and a return on equity of 20.46%. The company had revenue of $1.91 billion during the quarter, compared to analysts’ expectations of $1.92 billion. During the same quarter last year, the company earned $1.28 earnings per share. Sonoco Products’s revenue for the quarter was up 17.7% on a year-over-year basis. As a group, analysts forecast that Sonoco Products Company will post 6.1 earnings per share for the current fiscal year.

Sonoco Products Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Friday, August 8th will be issued a $0.53 dividend. The ex-dividend date of this dividend is Friday, August 8th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 4.7%. Sonoco Products’s dividend payout ratio is currently 37.99%.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. Truist Financial lifted their target price on shares of Sonoco Products from $53.00 to $58.00 and gave the company a “buy” rating in a research report on Friday, July 25th. Jefferies Financial Group assumed coverage on shares of Sonoco Products in a research note on Tuesday, April 22nd. They issued a “buy” rating and a $62.00 price target on the stock. Wall Street Zen upgraded Sonoco Products from a “sell” rating to a “hold” rating in a report on Wednesday, May 7th. Raymond James Financial increased their target price on Sonoco Products from $50.00 to $55.00 and gave the company an “outperform” rating in a report on Tuesday, July 15th. Finally, UBS Group raised their target price on Sonoco Products from $48.00 to $50.00 and gave the company a “neutral” rating in a research report on Thursday, July 24th. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Sonoco Products has an average rating of “Moderate Buy” and an average target price of $57.63.

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.