Sonoco Products Company $SON Shares Bought by Nordea Investment Management AB

Nordea Investment Management AB boosted its holdings in shares of Sonoco Products Company (NYSE:SON) by 70.1% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,827,569 shares of the industrial products company’s stock after buying an additional 1,164,849 shares during the quarter. Nordea Investment Management AB’s holdings in Sonoco Products were worth $122,914,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Sequoia Financial Advisors LLC purchased a new stake in shares of Sonoco Products in the 1st quarter valued at approximately $820,000. Principal Financial Group Inc. grew its position in Sonoco Products by 0.5% during the 1st quarter. Principal Financial Group Inc. now owns 226,179 shares of the industrial products company’s stock worth $10,685,000 after purchasing an additional 1,044 shares during the last quarter. OneDigital Investment Advisors LLC purchased a new position in Sonoco Products during the 1st quarter worth $232,000. World Investment Advisors purchased a new position in Sonoco Products during the 1st quarter worth $1,347,000. Finally, Janney Montgomery Scott LLC grew its position in Sonoco Products by 29.8% during the 1st quarter. Janney Montgomery Scott LLC now owns 23,004 shares of the industrial products company’s stock worth $1,087,000 after purchasing an additional 5,278 shares during the last quarter. 77.69% of the stock is owned by hedge funds and other institutional investors.

Sonoco Products Stock Down 0.4%

Shares of NYSE SON opened at $40.01 on Friday. The company has a quick ratio of 0.72, a current ratio of 1.25 and a debt-to-equity ratio of 1.53. Sonoco Products Company has a 52 week low of $39.13 and a 52 week high of $53.69. The firm has a 50-day moving average price of $44.85 and a 200 day moving average price of $45.02. The stock has a market capitalization of $3.95 billion, a price-to-earnings ratio of 7.17, a price-to-earnings-growth ratio of 0.66 and a beta of 0.68.

Sonoco Products (NYSE:SON) last announced its quarterly earnings data on Wednesday, June 22nd. The industrial products company reported $1.00 EPS for the quarter. Sonoco Products had a net margin of 8.35% and a return on equity of 20.46%. The firm had revenue of $1.35 billion during the quarter. Sonoco Products has set its Q2 2022 guidance at $1.60-$1.70 EPS. Equities research analysts anticipate that Sonoco Products Company will post 6.1 EPS for the current fiscal year.

Sonoco Products Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 10th. Investors of record on Monday, November 10th will be paid a $0.53 dividend. The ex-dividend date is Monday, November 10th. This represents a $2.12 annualized dividend and a dividend yield of 5.3%. Sonoco Products’s dividend payout ratio (DPR) is 37.99%.

Analyst Ratings Changes

Several research analysts have issued reports on SON shares. Bank of America reissued a “neutral” rating and set a $56.00 price objective on shares of Sonoco Products in a research report on Thursday, October 9th. Raymond James Financial restated a “market perform” rating on shares of Sonoco Products in a research note on Friday. Citigroup reduced their target price 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 reduced their target price on shares of Sonoco Products from $55.00 to $50.00 and set an “overweight” rating for the company in a research note on Wednesday. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of Sonoco Products in a research note on Wednesday, October 8th. Four 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.com, Sonoco Products presently has a consensus rating of “Hold” and an average target price of $54.50.

Sonoco Products Company 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.