Tidal Investments LLC Increases Holdings in Sonoco Products (NYSE:SON)

Tidal Investments LLC grew its holdings in Sonoco Products (NYSE:SON) by 36.0% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 25,941 shares of the industrial products company’s stock after acquiring an additional 6,869 shares during the quarter. Tidal Investments LLC’s holdings in Sonoco Products were worth $1,417,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Kennebec Savings Bank acquired a new stake in Sonoco Products during the third quarter worth approximately $27,000. Capital Performance Advisors LLP purchased a new position in shares of Sonoco Products in the 3rd quarter valued at $33,000. Abich Financial Wealth Management LLC acquired a new stake in Sonoco Products during the 2nd quarter worth $50,000. Wilmington Savings Fund Society FSB acquired a new position in Sonoco Products in the third quarter valued at $71,000. Finally, Northwestern Mutual Wealth Management Co. grew its holdings in shares of Sonoco Products by 821.1% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,879 shares of the industrial products company’s stock worth $95,000 after purchasing an additional 1,675 shares during the last quarter. Institutional investors and hedge funds own 77.69% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently weighed in on SON shares. Citigroup boosted their target price on Sonoco Products from $62.00 to $63.00 and gave the company a “buy” rating in a report on Wednesday, October 2nd. Wells Fargo & Company cut Sonoco Products from an “equal weight” rating to an “underweight” rating and reduced their price objective for the company from $54.00 to $52.00 in a research note on Wednesday, August 21st. Robert W. Baird lowered their target price on shares of Sonoco Products from $58.00 to $55.00 and set a “neutral” rating on the stock in a research report on Monday, November 4th. Finally, Truist Financial initiated coverage on shares of Sonoco Products in a research report on Tuesday, November 26th. They issued a “buy” rating and a $63.00 price target for the company. One analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $59.00.

Sonoco Products Stock Down 2.8 %

Sonoco Products stock opened at $49.06 on Thursday. The stock has a market capitalization of $4.82 billion, a price-to-earnings ratio of 16.86, a PEG ratio of 2.14 and a beta of 0.67. The company has a current ratio of 2.36, a quick ratio of 1.91 and a debt-to-equity ratio of 1.74. The stock has a 50 day moving average of $51.75 and a two-hundred day moving average of $52.83. Sonoco Products has a twelve month low of $48.22 and a twelve month high of $61.73.

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

Sonoco Products Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 10th. Investors of record on Friday, November 8th were issued a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, November 8th. This represents a $2.08 annualized dividend and a yield of 4.24%. Sonoco Products’s dividend payout ratio is currently 71.48%.

About Sonoco Products

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.