Pallas Capital Advisors LLC Takes Position in Sonoco Products (NYSE:SON)

Pallas Capital Advisors LLC purchased a new stake in Sonoco Products (NYSE:SON) during the third quarter, HoldingsChannel.com reports. The fund purchased 4,417 shares of the industrial products company’s stock, valued at approximately $234,000.

A number of other institutional investors also recently modified their holdings of SON. Sei Investments Co. grew its stake in shares of 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 worth $78,890,000 after acquiring an additional 88,407 shares during the last quarter. Russell Investments Group Ltd. grew its stake in shares of Sonoco Products by 49.3% in the first quarter. Russell Investments Group Ltd. now owns 123,974 shares of the industrial products company’s stock worth $7,171,000 after acquiring an additional 40,927 shares during the last quarter. Atria Investments Inc acquired a new stake in shares of Sonoco Products in the first quarter worth $1,626,000. AQR Capital Management LLC grew its stake in shares of Sonoco Products by 80.8% in the second quarter. AQR Capital Management LLC now owns 555,575 shares of the industrial products company’s stock worth $28,179,000 after acquiring an additional 248,236 shares during the last quarter. Finally, Canada Pension Plan Investment Board acquired a new stake in shares of Sonoco Products in the second quarter worth $2,419,000. Institutional investors own 77.69% of the company’s stock.

Sonoco Products Stock Down 2.7 %

Shares of NYSE:SON opened at $51.10 on Friday. Sonoco Products has a 52 week low of $48.22 and a 52 week high of $61.73. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.85 and a current ratio of 1.30. The company’s fifty day moving average is $54.03 and its 200-day moving average is $54.57. The company has a market capitalization of $5.02 billion, a PE ratio of 13.74, a P/E/G ratio of 2.20 and a beta of 0.68.

Sonoco Products (NYSE:SON) last issued its earnings results on Thursday, October 31st. The industrial products company reported $1.49 EPS for the quarter, beating the consensus estimate of $1.44 by $0.05. Sonoco Products had a net margin of 5.57% and a return on equity of 20.10%. The company had revenue of $1.68 billion for the quarter, compared to the consensus estimate of $1.72 billion. During the same quarter in the previous year, the company earned $1.46 EPS. The firm’s revenue for the quarter was down 2.0% compared to the same quarter last year. Equities research analysts predict that Sonoco Products will post 5 earnings per share for the current fiscal year.

Sonoco Products Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Friday, November 8th will be issued a $0.52 dividend. The ex-dividend date of this dividend is Friday, November 8th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.07%. Sonoco Products’s dividend payout ratio is 55.91%.

Analyst Ratings Changes

SON has been the topic of several research analyst reports. Wells Fargo & Company downgraded shares of Sonoco Products from an “equal weight” rating to an “underweight” rating and lowered their price objective for the stock from $54.00 to $52.00 in a research note on Wednesday, August 21st. Citigroup raised their price objective 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. Finally, Raymond James began coverage on shares of Sonoco Products in a research note on Friday, July 19th. They set an “outperform” rating and a $62.00 price target on the stock. One equities research analyst has rated the stock with a sell rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus 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.