Pacer Advisors Inc. Takes $560,000 Position in Sonoco Products Company $SON

Pacer Advisors Inc. acquired a new position in shares of Sonoco Products Company (NYSE:SON) in the third quarter, HoldingsChannel reports. The fund acquired 13,000 shares of the industrial products company’s stock, valued at approximately $560,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in Sonoco Products during the second quarter valued at about $53,618,000. Nordea Investment Management AB grew its holdings in shares of Sonoco Products by 70.1% during the 2nd quarter. Nordea Investment Management AB now owns 2,827,569 shares of the industrial products company’s stock worth $122,914,000 after purchasing an additional 1,164,849 shares during the period. Millennium Management LLC grew its holdings in shares of Sonoco Products by 739.7% during the 1st quarter. Millennium Management LLC now owns 1,152,506 shares of the industrial products company’s stock worth $54,444,000 after purchasing an additional 1,015,250 shares during the period. Balyasny Asset Management L.P. acquired a new stake in Sonoco Products during the 2nd quarter worth approximately $11,569,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Sonoco Products by 87.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 545,179 shares of the industrial products company’s stock valued at $25,754,000 after buying an additional 255,055 shares during the period. Institutional investors and hedge funds own 77.69% of the company’s stock.

Sonoco Products Trading Up 1.7%

SON opened at $44.37 on Friday. Sonoco Products Company has a 12-month low of $38.65 and a 12-month high of $50.09. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.92 and a quick ratio of 0.58. The stock has a market capitalization of $4.38 billion, a PE ratio of 7.04, a P/E/G ratio of 0.77 and a beta of 0.55. The firm’s fifty day moving average price is $41.62 and its 200 day moving average price is $43.81.

Sonoco Products (NYSE:SON) last released its earnings results on Wednesday, June 22nd. The industrial products company reported $1.00 earnings per share for the quarter. The company had revenue of $1.35 billion during the quarter. Sonoco Products had a net margin of 8.82% and a return on equity of 20.49%. Sonoco Products has set its Q2 2022 guidance at $1.60-$1.70 EPS. As a group, research analysts expect that Sonoco Products Company will post 6.1 EPS for the current fiscal year.

Sonoco Products Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, December 10th. Shareholders of record on Monday, November 10th were issued a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 4.8%. The ex-dividend date of this dividend was Monday, November 10th. Sonoco Products’s dividend payout ratio (DPR) is currently 33.65%.

Insider Activity at Sonoco Products

In other Sonoco Products news, CFO Paul Joachimczyk acquired 20,500 shares of the firm’s stock in a transaction on Wednesday, October 29th. The stock was purchased at an average price of $39.50 per share, with a total value of $809,750.00. Following the completion of the acquisition, the chief financial officer directly owned 20,500 shares in the company, valued at $809,750. This trade represents a ∞ increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director John R. Haley bought 2,506 shares of the stock in a transaction on Tuesday, October 28th. The shares were acquired at an average price of $39.87 per share, with a total value of $99,914.22. Following the purchase, the director owned 23,310 shares of the company’s stock, valued at $929,369.70. The trade was a 12.05% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 0.74% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on SON shares. Raymond James Financial reiterated a “market perform” rating on shares of Sonoco Products in a research note on Friday, October 17th. Bank of America reaffirmed a “neutral” rating and set a $56.00 price target on shares of Sonoco Products in a research report on Thursday, October 9th. Jefferies Financial Group cut their price objective on Sonoco Products from $61.00 to $60.00 and set a “buy” rating on the stock in a research report on Friday, October 24th. Citigroup reduced their target price on shares of Sonoco Products from $56.00 to $55.00 and set a “buy” rating on the stock in a research report on Monday, September 29th. Finally, UBS Group decreased their target price on shares of Sonoco Products from $50.00 to $46.00 and set a “neutral” rating for the company in a research note on Monday, October 6th. Four analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $54.43.

About Sonoco Products

Sonoco Products Company (NYSE: SON) is a global provider of diversified packaging solutions, serving a wide range of consumer, industrial and retail markets. The company offers a broad portfolio that includes rigid paper and plastic containers, flexible packaging, industrial core and tube products, thermoformed plastics, retail point-of-purchase displays, and packaging supply chain services. Through its solutions, Sonoco helps customers in food and beverage, personal care, chemicals, healthcare, home and garden, and electronics industries address their packaging needs, improve product shelf appeal, and optimize logistics efficiency.

With operations in more than 30 countries across North America, South America, Europe, Asia and Africa, Sonoco leverages a global network of manufacturing facilities, recycling centers and distribution channels to meet the demands of multinational and regional customers.