D.A. Davidson & CO. Sells 1,164 Shares of Sonoco Products Company $SON

D.A. Davidson & CO. cut its position in Sonoco Products Company (NYSE:SON) by 8.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,562 shares of the industrial products company’s stock after selling 1,164 shares during the quarter. D.A. Davidson & CO.’s holdings in Sonoco Products were worth $547,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the company. Dimensional Fund Advisors LP raised its stake in shares of Sonoco Products by 14.4% in the first quarter. Dimensional Fund Advisors LP now owns 3,591,263 shares of the industrial products company’s stock valued at $169,646,000 after buying an additional 450,792 shares during the period. Nordea Investment Management AB lifted its position in shares of Sonoco Products by 70.1% during the second quarter. Nordea Investment Management AB now owns 2,827,569 shares of the industrial products company’s stock worth $122,914,000 after acquiring an additional 1,164,849 shares in the last quarter. Earnest Partners LLC boosted its holdings in shares of Sonoco Products by 2.3% in the first quarter. Earnest Partners LLC now owns 2,655,347 shares of the industrial products company’s stock worth $125,439,000 after acquiring an additional 60,746 shares during the period. Fuller & Thaler Asset Management Inc. grew its position in shares of Sonoco Products by 9.8% in the first quarter. Fuller & Thaler Asset Management Inc. now owns 2,308,939 shares of the industrial products company’s stock valued at $109,074,000 after purchasing an additional 206,749 shares in the last quarter. Finally, Invesco Ltd. boosted its stake in Sonoco Products by 3.2% in the 1st quarter. Invesco Ltd. now owns 1,401,051 shares of the industrial products company’s stock worth $66,186,000 after purchasing an additional 43,049 shares during the period. 77.69% of the stock is currently owned by institutional investors.

Sonoco Products Trading Down 1.1%

NYSE SON opened at $39.71 on Thursday. The company has a quick ratio of 0.58, a current ratio of 0.92 and a debt-to-equity ratio of 1.14. The stock’s 50-day simple moving average is $43.99 and its two-hundred day simple moving average is $44.90. Sonoco Products Company has a twelve month low of $39.13 and a twelve month high of $53.22. The company has a market capitalization of $3.92 billion, a price-to-earnings ratio of 6.30, a PEG ratio of 0.74 and a beta of 0.68.

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

Sonoco Products Dividend Announcement

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. The ex-dividend date of this dividend is Monday, November 10th. This represents a $2.12 annualized dividend and a dividend yield of 5.3%. Sonoco Products’s dividend payout ratio (DPR) is currently 33.65%.

Analysts Set New Price Targets

Several brokerages have recently weighed in on SON. Jefferies Financial Group decreased their price target on Sonoco Products from $61.00 to $60.00 and set a “buy” rating on the stock in a research report on Friday, October 24th. UBS Group cut their price target on shares of Sonoco Products from $50.00 to $46.00 and set a “neutral” rating for the company in a report on Monday, October 6th. Raymond James Financial reaffirmed a “market perform” rating on shares of Sonoco Products in a report on Friday, October 17th. Citigroup dropped their price objective on Sonoco Products from $56.00 to $55.00 and set a “buy” rating for the company in a research note on Monday, September 29th. Finally, Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Sonoco Products in a report on Wednesday, October 8th. Four research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Sonoco Products has an average rating of “Hold” and an average price target of $54.50.

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.