Franklin Resources Inc. Raises Stock Position in Sonoco Products (NYSE:SON)

Franklin Resources Inc. raised its holdings in Sonoco Products (NYSE:SON) by 110.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 73,501 shares of the industrial products company’s stock after purchasing an additional 38,564 shares during the quarter. Franklin Resources Inc. owned 0.07% of Sonoco Products worth $4,018,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of SON. Mercer Global Advisors Inc. ADV grew its holdings in Sonoco Products by 2.7% during the second quarter. Mercer Global Advisors Inc. ADV now owns 8,862 shares of the industrial products company’s stock worth $445,000 after acquiring an additional 237 shares during the period. Creative Financial Designs Inc. ADV increased its holdings in shares of Sonoco Products by 13.9% during the 3rd quarter. Creative Financial Designs Inc. ADV now owns 2,373 shares of the industrial products company’s stock valued at $130,000 after purchasing an additional 289 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Sonoco Products by 1.5% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 19,765 shares of the industrial products company’s stock valued at $1,002,000 after purchasing an additional 298 shares during the period. TD Asset Management Inc boosted its holdings in Sonoco Products by 2.0% during the second quarter. TD Asset Management Inc now owns 15,200 shares of the industrial products company’s stock worth $771,000 after buying an additional 300 shares in the last quarter. Finally, Curi RMB Capital LLC grew its position in Sonoco Products by 2.4% during the third quarter. Curi RMB Capital LLC now owns 12,979 shares of the industrial products company’s stock valued at $709,000 after buying an additional 304 shares during the period. Hedge funds and other institutional investors own 77.69% of the company’s stock.

Sonoco Products Price Performance

NYSE:SON opened at $49.53 on Wednesday. The firm has a market cap of $4.87 billion, a P/E ratio of 17.02, a price-to-earnings-growth ratio of 2.14 and a beta of 0.67. The stock has a 50 day moving average of $51.37 and a two-hundred day moving average of $52.46. 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 2.36, a quick ratio of 1.91 and a debt-to-equity ratio of 1.74.

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

Sonoco Products Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 10th. Shareholders of record on Friday, November 8th were issued a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.20%. The ex-dividend date was Friday, November 8th. Sonoco Products’s payout ratio is currently 71.48%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Citigroup increased their target price on shares of Sonoco Products from $62.00 to $63.00 and gave the stock a “buy” rating in a research note on Wednesday, October 2nd. Truist Financial assumed coverage on Sonoco Products in a research report on Tuesday, November 26th. They set a “buy” rating and a $63.00 price target on the stock. Finally, Robert W. Baird cut their price objective on Sonoco Products from $58.00 to $55.00 and set a “neutral” rating for the company in a research report on Monday, November 4th. 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 company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $59.00.

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.