Deprince Race & Zollo Inc. Reduces Position in Sonoco Products Company $SON

Deprince Race & Zollo Inc. trimmed its position in Sonoco Products Company (NYSE:SON) by 25.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,178,383 shares of the industrial products company’s stock after selling 399,986 shares during the quarter. Sonoco Products accounts for approximately 1.0% of Deprince Race & Zollo Inc.’s holdings, making the stock its 22nd biggest holding. Deprince Race & Zollo Inc. owned about 1.19% of Sonoco Products worth $50,777,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Raymond James Financial Inc. boosted its stake in shares of Sonoco Products by 11.0% during the 1st quarter. Raymond James Financial Inc. now owns 136,553 shares of the industrial products company’s stock valued at $6,451,000 after purchasing an additional 13,479 shares in the last quarter. Millennium Management LLC lifted its holdings in Sonoco Products by 739.7% in the first quarter. Millennium Management LLC now owns 1,152,506 shares of the industrial products company’s stock worth $54,444,000 after buying an additional 1,015,250 shares during the period. Creative Planning lifted its holdings in Sonoco Products by 72.0% in the second quarter. Creative Planning now owns 24,636 shares of the industrial products company’s stock worth $1,073,000 after buying an additional 10,312 shares during the period. AGF Management Ltd. boosted its position in Sonoco Products by 12.9% during the 2nd quarter. AGF Management Ltd. now owns 65,248 shares of the industrial products company’s stock valued at $2,842,000 after acquiring an additional 7,440 shares in the last quarter. Finally, Nordea Investment Management AB grew its holdings in shares of Sonoco Products by 70.1% during the 2nd 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 during the period. 77.69% of the stock is currently owned by institutional investors.

Sonoco Products Stock Performance

Shares of Sonoco Products stock opened at $43.51 on Friday. Sonoco Products Company has a 1 year low of $38.65 and a 1 year high of $50.09. The firm’s 50-day moving average is $41.34 and its 200 day moving average is $43.84. The stock has a market cap of $4.29 billion, a price-to-earnings ratio of 6.91, a PEG ratio of 0.80 and a beta of 0.55. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.92 and a quick ratio of 0.58.

Sonoco Products (NYSE:SON) last released its quarterly earnings data on Wednesday, June 22nd. The industrial products company reported $1.00 earnings per share for the quarter. Sonoco Products had a net margin of 8.82% and a return on equity of 20.49%. The business had revenue of $1.35 billion during the quarter. Sonoco Products has set its Q2 2022 guidance at $1.60-$1.70 EPS. Sell-side analysts anticipate 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 was paid on Wednesday, December 10th. Shareholders of record on Monday, November 10th were paid a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 4.9%. The ex-dividend date was Monday, November 10th. Sonoco Products’s dividend payout ratio (DPR) is currently 33.65%.

Insiders Place Their Bets

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

Analyst Ratings Changes

Several equities research analysts recently weighed in on SON shares. Jefferies Financial Group dropped 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. Weiss Ratings restated a “hold (c-)” rating on shares of Sonoco Products in a report on Wednesday, October 8th. Citigroup decreased their price target on shares of Sonoco Products from $56.00 to $55.00 and set a “buy” rating for the company in a research note on Monday, September 29th. Wells Fargo & Company lifted their price target on shares of Sonoco Products from $50.00 to $52.00 and gave the company an “overweight” rating in a research report on Friday, October 24th. Finally, Bank of America restated a “neutral” rating and issued a $56.00 price objective on shares of Sonoco Products in a report on Thursday, October 9th. Four research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Sonoco Products has an average rating of “Hold” and a consensus target price of $54.43.

About Sonoco Products

Sonoco Products Company (NYSE: SON) is a global provider of diversified packaging solutions, serving a wide range of consumer, industrial and retail markets. The company offers a broad portfolio that includes rigid paper and plastic containers, flexible packaging, industrial core and tube products, thermoformed plastics, retail point-of-purchase displays, and packaging supply chain services. Through its solutions, Sonoco helps customers in food and beverage, personal care, chemicals, healthcare, home and garden, and electronics industries address their packaging needs, improve product shelf appeal, and optimize logistics efficiency.

With operations in more than 30 countries across North America, South America, Europe, Asia and Africa, Sonoco leverages a global network of manufacturing facilities, recycling centers and distribution channels to meet the demands of multinational and regional customers.