Bridgewater Associates LP Raises Stock Holdings in Sonoco Products (NYSE:SON)

Bridgewater Associates LP boosted its stake in shares of Sonoco Products (NYSE:SON) by 63.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 39,283 shares of the industrial products company’s stock after buying an additional 15,281 shares during the quarter. Bridgewater Associates LP’s holdings in Sonoco Products were worth $2,146,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in SON. Earnest Partners LLC boosted its position in shares of Sonoco Products by 2.5% during the 2nd quarter. Earnest Partners LLC now owns 2,645,744 shares of the industrial products company’s stock worth $134,192,000 after purchasing an additional 64,915 shares during the period. Dimensional Fund Advisors LP lifted its stake in Sonoco Products by 11.0% during the second quarter. Dimensional Fund Advisors LP now owns 2,631,259 shares of the industrial products company’s stock worth $133,465,000 after purchasing an additional 261,062 shares in the last quarter. Victory Capital Management Inc. grew its stake in shares of Sonoco Products by 2.4% in the second quarter. Victory Capital Management Inc. now owns 2,195,155 shares of the industrial products company’s stock valued at $111,338,000 after buying an additional 50,577 shares in the last quarter. Pacer Advisors Inc. raised its holdings in shares of Sonoco Products by 13,464.6% in the 2nd quarter. Pacer Advisors Inc. now owns 1,980,297 shares of the industrial products company’s stock valued at $100,441,000 after buying an additional 1,965,698 shares during the period. Finally, Sei Investments Co. lifted its stake in Sonoco Products by 9.3% during the 2nd quarter. Sei Investments Co. now owns 1,490,580 shares of the industrial products company’s stock worth $75,602,000 after acquiring an additional 126,643 shares in the last quarter. 77.69% of the stock is currently owned by institutional investors and hedge funds.

Sonoco Products Trading Up 1.1 %

NYSE SON opened at $51.88 on Friday. Sonoco Products has a 52 week low of $48.22 and a 52 week high of $61.73. The firm has a 50 day moving average of $52.37 and a two-hundred day moving average of $53.70. The company has a quick ratio of 1.91, a current ratio of 2.36 and a debt-to-equity ratio of 1.74. The stock has a market capitalization of $5.10 billion, a PE ratio of 17.83, a price-to-earnings-growth ratio of 2.11 and a beta of 0.69.

Sonoco Products (NYSE:SON) last issued its earnings results on Thursday, October 31st. The industrial products company reported $1.49 EPS for the quarter, topping analysts’ consensus estimates of $1.45 by $0.04. Sonoco Products had a net margin of 4.38% and a return on equity of 19.92%. The firm had revenue of $1.68 billion during the quarter, compared to the consensus estimate of $1.72 billion. During the same quarter in the previous year, the firm posted $1.46 earnings per share. The company’s revenue was down 2.0% compared to the same quarter last year. As a group, research analysts expect that Sonoco Products will post 5.09 EPS for the current fiscal year.

Sonoco Products Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Friday, November 8th will be given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 4.01%. The ex-dividend date of this dividend is Friday, November 8th. Sonoco Products’s dividend payout ratio (DPR) is presently 71.48%.

Wall Street Analyst Weigh In

SON has been the subject of several research reports. Wells Fargo & Company downgraded Sonoco Products from an “equal weight” rating to an “underweight” rating and dropped their target price for the company from $54.00 to $52.00 in a research report on Wednesday, August 21st. Truist Financial assumed coverage on shares of Sonoco Products in a research note on Tuesday, November 26th. They set a “buy” rating and a $63.00 target price on the stock. Citigroup raised their price target on shares of Sonoco Products from $62.00 to $63.00 and gave the company a “buy” rating in a research report on Wednesday, October 2nd. Finally, Robert W. Baird cut their price objective on Sonoco Products from $58.00 to $55.00 and set a “neutral” rating on the stock in a research report on Monday, November 4th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $59.00.

Sonoco Products 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.