Federated Hermes Inc. Has $863,000 Stake in Sonoco Products (NYSE:SON)

Federated Hermes Inc. decreased its position in Sonoco Products (NYSE:SON – Get Rating) by 6.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 15,209 shares of the industrial products company’s stock after selling 973 shares during the quarter. Federated Hermes Inc.’s holdings in Sonoco Products were worth $863,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. BlackRock Inc. grew its position in shares of Sonoco Products by 3.4% in the first quarter. BlackRock Inc. now owns 10,991,558 shares of the industrial products company’s stock valued at $687,633,000 after purchasing an additional 362,516 shares during the last quarter. Vanguard Group Inc. grew its position in Sonoco Products by 1.6% during the first quarter. Vanguard Group Inc. now owns 10,583,807 shares of the industrial products company’s stock worth $662,123,000 after buying an additional 164,106 shares in the last quarter. State Street Corp grew its position in Sonoco Products by 13.4% during the first quarter. State Street Corp now owns 8,240,829 shares of the industrial products company’s stock worth $515,546,000 after buying an additional 972,157 shares in the last quarter. Royal Bank of Canada grew its position in Sonoco Products by 1.7% during the third quarter. Royal Bank of Canada now owns 2,500,453 shares of the industrial products company’s stock worth $141,851,000 after buying an additional 40,712 shares in the last quarter. Finally, Victory Capital Management Inc. grew its position in Sonoco Products by 1.5% during the third quarter. Victory Capital Management Inc. now owns 1,916,567 shares of the industrial products company’s stock worth $108,727,000 after buying an additional 28,043 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Sonoco Products Stock Up 0.4 %

Shares of NYSE:SON opened at $56.59 on Tuesday. The firm has a market cap of $5.53 billion, a P/E ratio of 11.99, a P/E/G ratio of 1.95 and a beta of 0.70. The company has a quick ratio of 0.73, a current ratio of 1.35 and a debt-to-equity ratio of 1.31. Sonoco Products has a 12-month low of $51.52 and a 12-month high of $67.06. The business has a fifty day simple moving average of $59.81 and a 200 day simple moving average of $60.20.

Sonoco Products (NYSE:SON – Get Rating) last issued its quarterly earnings results on Thursday, February 9th. The industrial products company reported $1.27 earnings per share for the quarter, topping analysts’ consensus estimates of $1.25 by $0.02. Sonoco Products had a return on equity of 32.53% and a net margin of 6.43%. The firm had revenue of $1.68 billion during the quarter, compared to the consensus estimate of $1.78 billion. During the same period last year, the business posted $0.90 EPS. The business’s revenue was up 16.5% compared to the same quarter last year. Analysts predict that Sonoco Products will post 5.78 earnings per share for the current year.

Sonoco Products Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 10th. Shareholders of record on Wednesday, February 22nd were issued a dividend of $0.49 per share. The ex-dividend date of this dividend was Tuesday, February 21st. This represents a $1.96 dividend on an annualized basis and a yield of 3.46%. Sonoco Products’s payout ratio is currently 41.53%.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on SON shares. Argus raised Sonoco Products from a “hold” rating to a “buy” rating and set a $67.00 target price on the stock in a report on Tuesday, February 14th. They noted that the move was a valuation call. Citigroup dropped their price target on Sonoco Products from $71.00 to $69.00 and set a “buy” rating for the company in a research note on Monday, February 13th. Finally, StockNews.com cut Sonoco Products from a “buy” rating to a “hold” rating in a research note on Wednesday, February 8th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, Sonoco Products currently has a consensus rating of “Hold” and a consensus price target of $65.83.

Insiders Place Their Bets

In other Sonoco Products news, insider Ernest D. Haynes III sold 1,834 shares of the stock in a transaction dated Wednesday, March 1st. The stock was sold at an average price of $60.00, for a total transaction of $110,040.00. Following the completion of the sale, the insider now directly owns 1,729 shares in the company, valued at approximately $103,740. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.47% of the company’s stock.

Sonoco Products Profile

(Get Rating)

Sonoco Products Co engages in the manufacture of industrial and consumer packaging products and services. It operates through the following segments: Consumer Packaging, Paper and Industrial Converted Products, Protective Solutions, and Display and Packaging. The Consumer Packaging segment offers round and shaped rigid containers, fiber and plastic caulk and adhesive tubes, and aluminum, steel, and peelable membrane easy-open closures for paper and metal cans.