Sonoco Products Company $SON Shares Sold by Voya Investment Management LLC

Voya Investment Management LLC lessened its holdings in shares of Sonoco Products Company (NYSE:SON) by 10.2% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 171,979 shares of the industrial products company’s stock after selling 19,448 shares during the period. Voya Investment Management LLC owned 0.17% of Sonoco Products worth $8,124,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Sequoia Financial Advisors LLC acquired a new position in Sonoco Products during the first quarter worth approximately $820,000. Principal Financial Group Inc. increased its holdings in shares of Sonoco Products by 0.5% in the 1st quarter. Principal Financial Group Inc. now owns 226,179 shares of the industrial products company’s stock valued at $10,685,000 after acquiring an additional 1,044 shares during the period. OneDigital Investment Advisors LLC purchased a new stake in Sonoco Products in the 1st quarter valued at $232,000. World Investment Advisors acquired a new stake in Sonoco Products during the 1st quarter worth $1,347,000. Finally, Janney Montgomery Scott LLC grew its position in Sonoco Products by 29.8% during the 1st quarter. Janney Montgomery Scott LLC now owns 23,004 shares of the industrial products company’s stock worth $1,087,000 after purchasing an additional 5,278 shares during the last quarter. 77.69% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on SON shares. Wells Fargo & Company upgraded shares of Sonoco Products from an “underweight” rating to an “overweight” rating and increased their target price for the stock from $45.00 to $55.00 in a research note on Friday, May 23rd. Raymond James Financial increased their price objective on Sonoco Products from $50.00 to $55.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 15th. UBS Group lifted their target price on Sonoco Products from $48.00 to $50.00 and gave the company a “neutral” rating in a research note on Thursday, July 24th. Finally, Truist Financial upped their price target on Sonoco Products from $53.00 to $58.00 and gave the stock a “buy” rating in a research note on Friday, July 25th. Six analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $57.63.

Sonoco Products Price Performance

Sonoco Products stock opened at $47.33 on Thursday. The company has a market cap of $4.67 billion, a P/E ratio of 8.48, a price-to-earnings-growth ratio of 0.63 and a beta of 0.70. Sonoco Products Company has a one year low of $39.46 and a one year high of $56.36. The business has a fifty day moving average of $46.41 and a two-hundred day moving average of $45.65. The company has a debt-to-equity ratio of 1.53, a quick ratio of 0.72 and a current ratio of 1.25.

Sonoco Products (NYSE:SON) last announced its quarterly earnings data on Wednesday, July 23rd. The industrial products company reported $1.37 EPS for the quarter, missing the consensus estimate 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 analyst estimates of $1.92 billion. During the same quarter last year, the business earned $1.28 EPS. The firm’s revenue for the quarter was up 17.7% on a year-over-year basis. Sonoco Products has set its FY 2025 guidance at 6.000-6.2 EPS. As a group, analysts predict that Sonoco Products Company will post 6.1 earnings per share for the current fiscal year.

Sonoco Products Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Friday, August 8th were issued a dividend of $0.53 per share. The ex-dividend date of this dividend was Friday, August 8th. This represents a $2.12 annualized dividend and a yield of 4.5%. Sonoco Products’s payout ratio is currently 37.99%.

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.