ProShare Advisors LLC Buys 94,924 Shares of Sonoco Products Company $SON

ProShare Advisors LLC grew its stake in Sonoco Products Company (NYSE:SON) by 15.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 727,027 shares of the industrial products company’s stock after acquiring an additional 94,924 shares during the period. ProShare Advisors LLC owned 0.74% of Sonoco Products worth $31,669,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Nordea Investment Management AB grew its stake in Sonoco Products by 70.1% in the second 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 in the last quarter. Millennium Management LLC lifted its holdings in shares of Sonoco Products by 739.7% in the 1st quarter. Millennium Management LLC now owns 1,152,506 shares of the industrial products company’s stock worth $54,444,000 after buying an additional 1,015,250 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Sonoco Products by 14.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,591,263 shares of the industrial products company’s stock worth $169,646,000 after buying an additional 450,792 shares in the last quarter. Valley Wealth Managers Inc. increased its stake in shares of Sonoco Products by 699.3% during the first quarter. Valley Wealth Managers Inc. now owns 497,814 shares of the industrial products company’s stock valued at $23,517,000 after buying an additional 435,529 shares during the period. Finally, Hotchkis & Wiley Capital Management LLC purchased a new stake in Sonoco Products in the first quarter worth about $12,883,000. 77.69% of the stock is owned by hedge funds and other institutional investors.

Sonoco Products Stock Performance

NYSE:SON opened at $40.63 on Wednesday. The stock has a market capitalization of $4.01 billion, a PE ratio of 6.45, a P/E/G ratio of 0.73 and a beta of 0.67. Sonoco Products Company has a fifty-two week low of $38.65 and a fifty-two week high of $52.77. The company has a fifty day moving average of $42.81 and a two-hundred day moving average of $44.63. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.58 and a current ratio of 0.92.

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

Sonoco Products Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 10th. Stockholders of record on Monday, November 10th will be paid a $0.53 dividend. The ex-dividend date of this dividend is Monday, November 10th. This represents a $2.12 annualized dividend and a dividend yield of 5.2%. Sonoco Products’s dividend payout ratio (DPR) is presently 33.65%.

Wall Street Analyst Weigh In

Several research analysts have issued reports on SON shares. Bank of America reiterated a “neutral” rating and set a $56.00 target price on shares of Sonoco Products in a report on Thursday, October 9th. Raymond James Financial reaffirmed a “market perform” rating on shares of Sonoco Products in a research report on Friday, October 17th. Weiss Ratings reissued a “hold (c-)” rating on shares of Sonoco Products in a report on Wednesday, October 8th. Truist Financial reduced their price target on Sonoco Products from $58.00 to $57.00 and set a “buy” rating for the company in a research report on Monday, October 13th. Finally, Wells Fargo & Company raised their target price on shares of Sonoco Products from $50.00 to $52.00 and gave the company an “overweight” rating in a research note on Friday, October 24th. Four investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Sonoco Products presently has an average rating of “Hold” and a consensus target price of $54.43.

Insider Activity at Sonoco Products

In other Sonoco Products news, CFO Paul Joachimczyk bought 20,500 shares of Sonoco Products stock in a transaction on Wednesday, October 29th. The shares were bought at an average cost of $39.50 per share, for a total transaction of $809,750.00. Following the acquisition, the chief financial officer directly owned 20,500 shares in the company, valued at $809,750. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director John R. Haley purchased 2,506 shares of the company’s stock in a transaction on Tuesday, October 28th. The stock was 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 approximately $929,369.70. This represents a 12.05% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 0.74% of the stock is owned by corporate insiders.

Sonoco Products 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.