Nordea Investment Management AB Buys 437,128 Shares of Sonoco Products (NYSE:SON)

Nordea Investment Management AB increased its stake in Sonoco Products (NYSE:SON) by 63.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,129,133 shares of the industrial products company’s stock after purchasing an additional 437,128 shares during the quarter. Nordea Investment Management AB’s holdings in Sonoco Products were worth $55,181,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Kennebec Savings Bank bought a new stake in Sonoco Products in the 3rd quarter valued at about $27,000. Capital Performance Advisors LLP bought a new stake in shares of Sonoco Products in the third quarter valued at approximately $33,000. Abich Financial Wealth Management LLC purchased a new position in Sonoco Products in the 2nd quarter valued at approximately $50,000. Wilmington Savings Fund Society FSB bought a new stake in Sonoco Products during the 3rd quarter valued at $71,000. Finally, Northwestern Mutual Wealth Management Co. lifted its position in shares of Sonoco Products by 821.1% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,879 shares of the industrial products company’s stock worth $95,000 after acquiring an additional 1,675 shares in the last quarter. 77.69% of the stock is owned by institutional investors.

Sonoco Products Stock Up 0.4 %

NYSE SON opened at $47.42 on Wednesday. The stock has a market capitalization of $4.66 billion, a PE ratio of 16.30, a PEG ratio of 2.14 and a beta of 0.68. Sonoco Products has a 1 year low of $47.18 and a 1 year high of $61.73. The business’s 50-day moving average is $50.46 and its 200 day moving average is $51.82. The company has a debt-to-equity ratio of 1.74, a current ratio of 2.36 and a quick ratio of 1.91.

Sonoco Products (NYSE:SON) last announced its quarterly 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 company had revenue of $1.68 billion during the quarter, compared to the consensus estimate of $1.72 billion. Sonoco Products had a net margin of 4.38% and a return on equity of 19.92%. The firm’s quarterly revenue was down 2.0% compared to the same quarter last year. During the same quarter last year, the firm earned $1.46 earnings per share. Sell-side analysts forecast that Sonoco Products will post 5.09 earnings per share for the current year.

Sonoco Products Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 10th. Investors of record on Friday, November 8th were issued a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 4.39%. The ex-dividend date of this dividend was Friday, November 8th. Sonoco Products’s payout ratio is currently 71.48%.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Robert W. Baird cut their target price on Sonoco Products from $58.00 to $55.00 and set a “neutral” rating for the company in a research note on Monday, November 4th. Truist Financial increased their target price on shares of Sonoco Products from $63.00 to $68.00 and gave the stock a “buy” rating in a research note on Monday. Wells Fargo & Company decreased their price target on shares of Sonoco Products from $52.00 to $50.00 and set an “underweight” rating on the stock in a report on Monday. Citigroup decreased their target price on Sonoco Products from $59.00 to $55.00 and set a “buy” rating on the stock in a research note on Monday. Finally, Bank of America boosted their price target on shares of Sonoco Products from $66.00 to $71.00 and gave the stock a “buy” rating in a research note on Monday. One analyst has rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, Sonoco Products presently has an average rating of “Moderate Buy” and a consensus target price of $60.17.

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.