Allspring Global Investments Holdings LLC Acquires New Holdings in Sonoco Products Company $SON

Allspring Global Investments Holdings LLC bought a new stake in Sonoco Products Company (NYSE:SON) during the first quarter, Holdings Channel.com reports. The firm bought 43,762 shares of the industrial products company’s stock, valued at approximately $2,414,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. D.A. Davidson & CO. boosted its holdings in shares of Sonoco Products by 15.7% during the 1st quarter. D.A. Davidson & CO. now owns 26,673 shares of the industrial products company’s stock valued at $1,443,000 after acquiring an additional 3,629 shares in the last quarter. Bank of New York Mellon Corp raised its position in Sonoco Products by 1.1% in the first quarter. Bank of New York Mellon Corp now owns 1,116,918 shares of the industrial products company’s stock valued at $60,414,000 after purchasing an additional 12,185 shares during the last quarter. Maryland State Retirement & Pension System bought a new position in Sonoco Products in the first quarter valued at about $248,000. State of Michigan Retirement System boosted its stake in shares of Sonoco Products by 1.7% during the first quarter. State of Michigan Retirement System now owns 23,751 shares of the industrial products company’s stock valued at $1,285,000 after purchasing an additional 400 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its stake in shares of Sonoco Products by 3.8% during the first quarter. Principal Financial Group Inc. now owns 220,166 shares of the industrial products company’s stock valued at $11,909,000 after purchasing an additional 8,039 shares in the last quarter. Institutional investors own 77.69% of the company’s stock.

Sonoco Products Price Performance

Sonoco Products stock opened at $58.27 on Friday. The stock’s 50 day moving average is $52.16 and its 200 day moving average is $52.01. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.99 and a quick ratio of 0.54. The firm has a market cap of $5.76 billion, a P/E ratio of 9.26, a P/E/G ratio of 1.26 and a beta of 0.37. Sonoco Products Company has a one year low of $38.65 and a one year high of $58.62.

Sonoco Products (NYSE:SON) last announced its earnings results on Wednesday, July 22nd. The industrial products company reported $1.51 EPS for the quarter, beating the consensus estimate of $1.47 by $0.04. The business had revenue of $1.89 billion for the quarter, compared to analysts’ expectations of $1.88 billion. Sonoco Products had a return on equity of 16.50% and a net margin of 8.41%.The firm’s revenue was down 1.3% on a year-over-year basis. During the same period in the prior year, the business posted $1.37 earnings per share. Sonoco Products has set its FY 2026 guidance at 5.800-6.200 EPS. As a group, research analysts expect that Sonoco Products Company will post 5.79 EPS for the current year.

Sonoco Products Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Monday, August 10th will be paid a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date of this dividend is Monday, August 10th. Sonoco Products’s dividend payout ratio is currently 34.34%.

Wall Street Analysts Forecast Growth

SON has been the subject of several recent research reports. Deutsche Bank Aktiengesellschaft began coverage on Sonoco Products in a research note on Wednesday, April 1st. They issued a “buy” rating and a $63.00 price objective for the company. Wall Street Zen downgraded shares of Sonoco Products from a “buy” rating to a “hold” rating in a research report on Saturday, May 2nd. Robert W. Baird reduced their target price on shares of Sonoco Products from $60.00 to $55.00 and set a “neutral” rating on the stock in a report on Thursday, April 23rd. UBS Group decreased their price target on shares of Sonoco Products from $62.00 to $59.00 and set a “neutral” rating for the company in a research report on Friday, April 10th. Finally, Bank of America raised their price target on shares of Sonoco Products from $65.00 to $69.00 and gave the company a “buy” rating in a research note on Tuesday, July 14th. Five equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $61.78.

Insider Buying and Selling at Sonoco Products

In other news, insider James A. Harrell III acquired 6,753 shares of the firm’s stock in a transaction dated Monday, April 27th. The stock was bought at an average cost of $50.37 per share, for a total transaction of $340,148.61. Following the completion of the transaction, the insider directly owned 10,070 shares in the company, valued at $507,225.90. This represents a 203.59% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.98% of the stock is currently owned by company insiders.

Sonoco Products Company Profile

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.