Thrivent Financial for Lutherans Has $1.21 Million Stock Position in Sonoco Products (NYSE:SON)

Thrivent Financial for Lutherans lessened its position in shares of Sonoco Products (NYSE:SON) by 3.3% during the 2nd quarter, HoldingsChannel reports. The fund owned 23,925 shares of the industrial products company’s stock after selling 807 shares during the quarter. Thrivent Financial for Lutherans’ holdings in Sonoco Products were worth $1,213,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in SON. Quadrature Capital Ltd acquired a new position in Sonoco Products during the 4th quarter valued at about $969,000. Speece Thorson Capital Group Inc. lifted its holdings in Sonoco Products by 18.2% in the fourth quarter. Speece Thorson Capital Group Inc. now owns 266,036 shares of the industrial products company’s stock valued at $14,863,000 after buying an additional 41,006 shares during the period. Sei Investments Co. boosted its stake in Sonoco Products by 6.9% in the first quarter. Sei Investments Co. now owns 1,363,937 shares of the industrial products company’s stock valued at $78,890,000 after acquiring an additional 88,407 shares during the last quarter. Invenomic Capital Management LP grew its holdings in Sonoco Products by 49.7% during the 4th quarter. Invenomic Capital Management LP now owns 97,813 shares of the industrial products company’s stock worth $5,465,000 after acquiring an additional 32,460 shares during the period. Finally, Russell Investments Group Ltd. raised its position in shares of Sonoco Products by 49.3% during the 1st quarter. Russell Investments Group Ltd. now owns 123,974 shares of the industrial products company’s stock valued at $7,171,000 after acquiring an additional 40,927 shares during the last quarter. Institutional investors own 77.69% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. Raymond James started coverage on Sonoco Products in a research report on Friday, July 19th. They issued an “outperform” rating and a $62.00 price target on the stock. StockNews.com lowered Sonoco Products from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, July 3rd. Citigroup boosted their target price on Sonoco Products from $62.00 to $63.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, Wells Fargo & Company downgraded shares of Sonoco Products from an “equal weight” rating to an “underweight” rating and cut their price target for the company 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 and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Sonoco Products currently has a consensus rating of “Moderate Buy” and an average price target of $59.00.

Sonoco Products Stock Performance

Shares of Sonoco Products stock opened at $53.78 on Friday. Sonoco Products has a 12 month low of $48.22 and a 12 month high of $61.73. The company has a current ratio of 1.30, a quick ratio of 0.85 and a debt-to-equity ratio of 1.04. The company has a market capitalization of $5.28 billion, a PE ratio of 13.58, a PEG ratio of 2.10 and a beta of 0.68. The stock’s fifty day simple moving average is $53.14 and its 200 day simple moving average is $55.15.

Sonoco Products (NYSE:SON) last released its quarterly earnings data on Wednesday, July 31st. The industrial products company reported $1.28 earnings per share for the quarter, beating the consensus estimate of $1.26 by $0.02. Sonoco Products had a return on equity of 20.10% and a net margin of 5.57%. The business had revenue of $1.62 billion for the quarter, compared to analysts’ expectations of $1.69 billion. During the same quarter in the previous year, the business posted $1.38 EPS. Sonoco Products’s revenue for the quarter was down 4.8% on a year-over-year basis. On average, research analysts predict that Sonoco Products will post 5.09 EPS for the current year.

Sonoco Products Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 10th. Investors of record on Friday, August 9th were issued a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, August 9th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.87%. Sonoco Products’s payout ratio is 52.53%.

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.