GAMMA Investing LLC Grows Position in Sonoco Products (NYSE:SON)

GAMMA Investing LLC boosted its stake in shares of Sonoco Products (NYSE:SON) by 33.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,158 shares of the industrial products company’s stock after purchasing an additional 798 shares during the period. GAMMA Investing LLC’s holdings in Sonoco Products were worth $154,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in SON. AQR Capital Management LLC raised its position in shares of Sonoco Products by 80.8% in the 2nd quarter. AQR Capital Management LLC now owns 555,575 shares of the industrial products company’s stock worth $28,179,000 after buying an additional 248,236 shares during the period. Canada Pension Plan Investment Board purchased a new position in shares of Sonoco Products in the 2nd quarter worth about $2,419,000. Versor Investments LP acquired a new position in shares of Sonoco Products in the 3rd quarter valued at about $970,000. Jane Street Group LLC grew its holdings in shares of Sonoco Products by 312.1% during the 3rd quarter. Jane Street Group LLC now owns 185,351 shares of the industrial products company’s stock worth $10,126,000 after purchasing an additional 140,370 shares during the period. Finally, Speece Thorson Capital Group Inc. increased its position in Sonoco Products by 18.6% during the 3rd quarter. Speece Thorson Capital Group Inc. now owns 305,971 shares of the industrial products company’s stock worth $16,715,000 after purchasing an additional 47,928 shares in the last quarter. Institutional investors and hedge funds own 77.69% of the company’s stock.

Sonoco Products Stock Performance

Shares of SON stock opened at $47.24 on Thursday. The company has a debt-to-equity ratio of 1.74, a current ratio of 2.36 and a quick ratio of 1.91. The company’s fifty day moving average price is $50.36 and its two-hundred day moving average price is $51.79. The firm has a market capitalization of $4.64 billion, a P/E ratio of 16.23, a P/E/G ratio of 2.14 and a beta of 0.68. Sonoco Products has a 12 month low of $46.46 and a 12 month high of $61.73.

Sonoco Products (NYSE:SON) last released its quarterly earnings results on Thursday, October 31st. The industrial products company reported $1.49 EPS for the quarter, topping the consensus estimate of $1.45 by $0.04. The business had revenue of $1.68 billion for the quarter, compared to analysts’ expectations of $1.72 billion. Sonoco Products had a return on equity of 19.92% and a net margin of 4.38%. The company’s revenue was down 2.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.46 earnings per share. On average, research analysts anticipate that Sonoco Products will post 5.09 earnings per share for the current fiscal year.

Sonoco Products Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 10th. Stockholders of record on Friday, November 8th were paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 4.40%. The ex-dividend date of this dividend was Friday, November 8th. Sonoco Products’s dividend payout ratio (DPR) is currently 71.48%.

Wall Street Analysts Forecast Growth

SON has been the subject of several research reports. Bank of America boosted their price objective on shares of Sonoco Products from $66.00 to $71.00 and gave the stock a “buy” rating in a research note on Monday. Citigroup decreased their price target on shares of Sonoco Products from $59.00 to $55.00 and set a “buy” rating for the company in a research report on Monday. Truist Financial increased their price target on Sonoco Products from $63.00 to $68.00 and gave the company a “buy” rating in a report on Monday. Wells Fargo & Company reduced their price objective on Sonoco Products from $52.00 to $50.00 and set an “underweight” rating on the stock in a research note on Monday. Finally, Robert W. Baird lowered their target price on Sonoco Products from $58.00 to $55.00 and set a “neutral” rating for the company in a research note on Monday, November 4th. One analyst has rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, Sonoco Products presently has an average rating of “Moderate Buy” and a consensus target price of $60.17.

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.