Glenmede Trust Co. NA Acquires 1,545 Shares of Sonoco Products (NYSE:SON)

Glenmede Trust Co. NA raised its stake in shares of Sonoco Products (NYSE:SON) by 27.2% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,220 shares of the industrial products company’s stock after buying an additional 1,545 shares during the quarter. Glenmede Trust Co. NA’s holdings in Sonoco Products were worth $394,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in SON. Kennebec Savings Bank purchased a new stake in Sonoco Products during the 3rd quarter valued at approximately $27,000. Capital Performance Advisors LLP purchased a new stake in Sonoco Products during the 3rd quarter valued at approximately $33,000. Abich Financial Wealth Management LLC purchased a new stake in Sonoco Products during the 2nd quarter valued at approximately $50,000. Gradient Investments LLC purchased a new stake in Sonoco Products during the 2nd quarter valued at approximately $58,000. Finally, Northwestern Mutual Wealth Management Co. grew its holdings in Sonoco Products by 821.1% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,879 shares of the industrial products company’s stock valued at $95,000 after buying an additional 1,675 shares in the last quarter. 77.69% of the stock is owned by hedge funds and other institutional investors.

Sonoco Products Price Performance

Shares of SON stock opened at $51.91 on Thursday. Sonoco Products has a twelve month low of $48.22 and a twelve month high of $61.73. The stock has a market capitalization of $5.10 billion, a price-to-earnings ratio of 17.93, a P/E/G ratio of 2.15 and a beta of 0.67. The stock has a fifty day simple moving average of $52.28 and a two-hundred day simple moving average of $53.49. The company has a current ratio of 2.36, a quick ratio of 1.91 and a debt-to-equity ratio of 1.74.

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

Sonoco Products Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Friday, November 8th will be issued a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, November 8th. This represents a $2.08 dividend on an annualized basis and a yield of 4.01%. Sonoco Products’s dividend payout ratio is currently 71.48%.

Analyst Ratings Changes

Several research firms have weighed in on SON. Citigroup raised their price target on Sonoco Products from $62.00 to $63.00 and gave the company a “buy” rating in a report on Wednesday, October 2nd. Wells Fargo & Company cut 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 report on Wednesday, August 21st. Robert W. Baird cut their price target on Sonoco Products from $58.00 to $55.00 and set a “neutral” rating for the company in a report on Monday, November 4th. Finally, Truist Financial assumed coverage on Sonoco Products in a report on Tuesday, November 26th. They set a “buy” rating and a $63.00 price target for the company. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $59.00.

About Sonoco Products

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.