M&T Bank Corp Has $2.44 Million Holdings in Sonoco Products (NYSE:SON)

M&T Bank Corp reduced its stake in shares of Sonoco Products (NYSE:SON) by 10.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 44,699 shares of the industrial products company’s stock after selling 5,011 shares during the period. M&T Bank Corp’s holdings in Sonoco Products were worth $2,442,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Pacer Advisors Inc. lifted its holdings in Sonoco Products by 13,464.6% in the 2nd quarter. Pacer Advisors Inc. now owns 1,980,297 shares of the industrial products company’s stock worth $100,441,000 after purchasing an additional 1,965,698 shares during the last quarter. Private Management Group Inc. bought a new stake in shares of Sonoco Products during the 3rd quarter worth $24,994,000. Charles Schwab Investment Management Inc. grew its stake in Sonoco Products by 50.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,029,166 shares of the industrial products company’s stock valued at $56,223,000 after buying an additional 344,658 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Sonoco Products by 11.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,631,259 shares of the industrial products company’s stock worth $133,465,000 after acquiring an additional 261,062 shares during the period. Finally, AQR Capital Management LLC boosted its holdings in Sonoco Products by 80.8% during the second quarter. AQR Capital Management LLC now owns 555,575 shares of the industrial products company’s stock valued at $28,179,000 after acquiring an additional 248,236 shares during the period. Institutional investors and hedge funds own 77.69% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Sonoco Products Stock Down 0.4 %

SON opened at $51.92 on Friday. The company has a market capitalization of $5.10 billion, a P/E ratio of 17.84, a P/E/G ratio of 2.14 and a beta of 0.67. 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 firm’s fifty day moving average price is $51.92 and its two-hundred day moving average price is $53.08. Sonoco Products has a fifty-two week low of $48.22 and a fifty-two week high of $61.73.

Sonoco Products (NYSE:SON) last issued its earnings results on Thursday, October 31st. The industrial products company reported $1.49 earnings per share for the quarter, beating the consensus estimate of $1.45 by $0.04. The business 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%. The firm’s revenue was down 2.0% on a year-over-year basis. During the same period in the previous year, the business earned $1.46 EPS. On average, analysts anticipate that Sonoco Products will post 5.09 EPS for the current year.

Sonoco Products Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 10th. Shareholders of record on Friday, November 8th were given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 4.01%. The ex-dividend date of this dividend was Friday, November 8th. Sonoco Products’s dividend payout ratio (DPR) is 71.48%.

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.