Allianz Asset Management GmbH Buys 25,836 Shares of Sonoco Products Company $SON

Allianz Asset Management GmbH raised its stake in Sonoco Products Company (NYSE:SON) by 46.2% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 81,728 shares of the industrial products company’s stock after purchasing an additional 25,836 shares during the quarter. Allianz Asset Management GmbH owned approximately 0.08% of Sonoco Products worth $3,522,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. AGF Management Ltd. grew its stake in shares of Sonoco Products by 7.3% in the third quarter. AGF Management Ltd. now owns 69,998 shares of the industrial products company’s stock valued at $3,016,000 after buying an additional 4,750 shares in the last quarter. Jones Financial Companies Lllp lifted its stake in Sonoco Products by 58.0% in the third quarter. Jones Financial Companies Lllp now owns 14,246 shares of the industrial products company’s stock valued at $626,000 after acquiring an additional 5,230 shares during the last quarter. Access Investment Management LLC grew its position in shares of Sonoco Products by 7.3% in the 3rd quarter. Access Investment Management LLC now owns 259,875 shares of the industrial products company’s stock valued at $11,198,000 after acquiring an additional 17,685 shares during the period. AlphaQuest LLC increased its stake in shares of Sonoco Products by 1,237.0% during the 3rd quarter. AlphaQuest LLC now owns 24,079 shares of the industrial products company’s stock worth $1,038,000 after purchasing an additional 22,278 shares during the last quarter. Finally, Arizona State Retirement System raised its holdings in shares of Sonoco Products by 1.4% in the 3rd quarter. Arizona State Retirement System now owns 29,185 shares of the industrial products company’s stock valued at $1,258,000 after purchasing an additional 403 shares during the period. Institutional investors and hedge funds own 77.69% of the company’s stock.

Sonoco Products Trading Up 0.1%

Shares of Sonoco Products stock opened at $51.38 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. Sonoco Products Company has a 12-month low of $38.65 and a 12-month high of $51.84. The company has a market capitalization of $5.07 billion, a price-to-earnings ratio of 8.15, a PEG ratio of 0.80 and a beta of 0.54. The firm’s 50-day moving average price is $46.07 and its two-hundred day moving average price is $44.38.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on SON shares. Jefferies Financial Group dropped their price objective on Sonoco Products from $61.00 to $60.00 and set a “buy” rating on the stock in a research note on Friday, October 24th. Zacks Research raised Sonoco Products from a “strong sell” rating to a “hold” rating in a report on Tuesday, January 6th. Wells Fargo & Company reiterated an “equal weight” rating and issued a $47.00 price objective (down from $52.00) on shares of Sonoco Products in a report on Tuesday, January 6th. Weiss Ratings restated a “hold (c-)” rating on shares of Sonoco Products in a research note on Wednesday, January 21st. Finally, Bank of America raised shares of Sonoco Products from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $56.00 to $60.00 in a report on Monday, January 5th. Four research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Sonoco Products currently has a consensus rating of “Hold” and a consensus price target of $54.86.

Sonoco Products Company Profile

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.