Invenomic Capital Management LP Acquires 32,460 Shares of Sonoco Products (NYSE:SON)

Invenomic Capital Management LP increased its holdings in Sonoco Products (NYSE:SONFree Report) by 49.7% in the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 97,813 shares of the industrial products company’s stock after buying an additional 32,460 shares during the quarter. Invenomic Capital Management LP owned about 0.10% of Sonoco Products worth $5,465,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of SON. Norges Bank purchased a new position in Sonoco Products in the fourth quarter worth about $62,387,000. FMR LLC boosted its position in Sonoco Products by 1,231.2% in the third quarter. FMR LLC now owns 694,263 shares of the industrial products company’s stock worth $37,733,000 after purchasing an additional 642,109 shares during the last quarter. American Century Companies Inc. boosted its position in Sonoco Products by 20.2% in the third quarter. American Century Companies Inc. now owns 2,787,019 shares of the industrial products company’s stock worth $151,474,000 after purchasing an additional 467,431 shares during the last quarter. Brown Advisory Inc. boosted its position in Sonoco Products by 105.0% in the fourth quarter. Brown Advisory Inc. now owns 724,637 shares of the industrial products company’s stock worth $40,485,000 after purchasing an additional 371,096 shares during the last quarter. Finally, Sei Investments Co. lifted its position in shares of Sonoco Products by 30.8% during the 4th quarter. Sei Investments Co. now owns 1,275,530 shares of the industrial products company’s stock valued at $71,264,000 after buying an additional 300,697 shares in the last quarter. 77.69% of the stock is owned by hedge funds and other institutional investors.

Sonoco Products Trading Down 0.9 %

Shares of NYSE:SON opened at $59.16 on Tuesday. The business’s 50-day moving average is $58.48 and its 200 day moving average is $57.27. Sonoco Products has a 1 year low of $49.98 and a 1 year high of $62.76. The firm has a market capitalization of $5.81 billion, a P/E ratio of 14.94, a P/E/G ratio of 2.27 and a beta of 0.72. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.31 and a quick ratio of 0.83.

Sonoco Products (NYSE:SONGet Free Report) last announced its earnings results on Tuesday, April 30th. The industrial products company reported $1.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.05 by $0.07. Sonoco Products had a return on equity of 20.79% and a net margin of 5.86%. The company had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.67 billion. During the same period in the prior year, the company posted $1.40 EPS. The firm’s quarterly revenue was down 5.3% compared to the same quarter last year. On average, research analysts predict that Sonoco Products will post 5.19 earnings per share for the current fiscal year.

Sonoco Products Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 10th. Stockholders of record on Friday, May 10th were issued a $0.52 dividend. The ex-dividend date of this dividend was Thursday, May 9th. This is a positive change from Sonoco Products’s previous quarterly dividend of $0.51. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.52%. Sonoco Products’s dividend payout ratio is currently 52.53%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on SON shares. Wells Fargo & Company lifted their price objective on Sonoco Products from $56.00 to $57.00 and gave the company an “equal weight” rating in a research report on Friday, May 3rd. TheStreet downgraded Sonoco Products from a “b-” rating to a “c+” rating in a research report on Wednesday, February 14th. Finally, Citigroup lowered their target price on Sonoco Products from $66.00 to $65.00 and set a “buy” rating for the company in a report on Thursday, April 4th. Two investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, Sonoco Products currently has a consensus rating of “Moderate Buy” and an average target price of $63.33.

Get Our Latest Stock Analysis on Sonoco Products

About Sonoco Products

(Free Report)

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.

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Institutional Ownership by Quarter for Sonoco Products (NYSE:SON)

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