Verition Fund Management LLC Has $8.14 Million Stock Holdings in Sonoco Products (NYSE:SON)

Verition Fund Management LLC raised its stake in shares of Sonoco Products (NYSE:SON) by 1,736.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 148,940 shares of the industrial products company’s stock after purchasing an additional 140,830 shares during the quarter. Verition Fund Management LLC owned 0.15% of Sonoco Products worth $8,137,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of the stock. Lazard Asset Management LLC bought a new stake in shares of Sonoco Products in the 1st quarter worth about $122,000. Price T Rowe Associates Inc. MD grew its stake in Sonoco Products by 6.4% during the first quarter. Price T Rowe Associates Inc. MD now owns 50,313 shares of the industrial products company’s stock worth $2,911,000 after buying an additional 3,036 shares during the last quarter. Tidal Investments LLC increased its holdings in shares of Sonoco Products by 9.7% during the first quarter. Tidal Investments LLC now owns 17,573 shares of the industrial products company’s stock worth $1,016,000 after buying an additional 1,561 shares in the last quarter. Atria Investments Inc bought a new position in shares of Sonoco Products in the first quarter valued at approximately $1,626,000. Finally, Cetera Investment Advisers boosted its holdings in shares of Sonoco Products by 3,413.0% in the 1st quarter. Cetera Investment Advisers now owns 130,788 shares of the industrial products company’s stock worth $7,565,000 after acquiring an additional 127,065 shares in the last quarter. 77.69% of the stock is currently owned by institutional investors.

Sonoco Products Price Performance

Shares of SON stock opened at $51.88 on Monday. The firm has a market cap of $5.10 billion, a price-to-earnings ratio of 17.83, a PEG ratio of 2.14 and a beta of 0.69. Sonoco Products has a 12 month low of $48.22 and a 12 month high of $61.73. The company has a quick ratio of 1.91, a current ratio of 2.36 and a debt-to-equity ratio of 1.74. The stock has a 50-day moving average price of $52.37 and a 200 day moving average price of $53.65.

Sonoco Products (NYSE:SON) last issued 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. Sonoco Products had a net margin of 4.38% and a return on equity of 19.92%. The company had revenue of $1.68 billion during the quarter, compared to analysts’ expectations of $1.72 billion. During the same quarter in the previous year, the company earned $1.46 EPS. Sonoco Products’s revenue was down 2.0% on a year-over-year basis. Research analysts expect 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 will be paid on Tuesday, December 10th. Stockholders of record on Friday, November 8th will be paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.01%. The ex-dividend date of this dividend is Friday, November 8th. Sonoco Products’s dividend payout ratio (DPR) is currently 71.48%.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the company. Citigroup lifted 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. Robert W. Baird reduced their price target on shares of Sonoco Products from $58.00 to $55.00 and set a “neutral” rating on the stock in a research report on Monday, November 4th. Truist Financial started coverage on shares of Sonoco Products in a research report on Tuesday, November 26th. They issued a “buy” rating and a $63.00 price objective for the company. Finally, Wells Fargo & Company lowered shares of Sonoco Products from an “equal weight” rating to an “underweight” rating and reduced their target price for the stock from $54.00 to $52.00 in a research report on Wednesday, August 21st. One research analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, Sonoco Products presently has an average rating of “Moderate Buy” and an average price target of $59.00.

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.