JPMorgan Chase & Co. Sells 31,393 Shares of Sonoco Products (NYSE:SON)

JPMorgan Chase & Co. reduced its stake in Sonoco Products (NYSE:SON) by 5.8% in the third quarter, Holdings Channel.com reports. The institutional investor owned 508,419 shares of the industrial products company’s stock after selling 31,393 shares during the period. JPMorgan Chase & Co.’s holdings in Sonoco Products were worth $27,775,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of SON. Kennebec Savings Bank bought a new stake in shares of Sonoco Products during the third quarter valued at approximately $27,000. Capital Performance Advisors LLP purchased a new position in Sonoco Products during the third quarter valued at $33,000. Abich Financial Wealth Management LLC bought a new stake in shares of Sonoco Products during the 2nd quarter valued at $50,000. Wilmington Savings Fund Society FSB purchased a new stake in shares of Sonoco Products in the 3rd quarter worth about $71,000. Finally, Northwestern Mutual Wealth Management Co. increased its stake in shares of Sonoco Products by 821.1% in the 2nd 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 currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on SON shares. Citigroup decreased their target price on shares of Sonoco Products from $59.00 to $55.00 and set a “buy” rating for the company in a research note on Monday. Bank of America raised their price objective on Sonoco Products from $66.00 to $71.00 and gave the company a “buy” rating in a research report on Monday. Truist Financial boosted their target price on Sonoco Products from $63.00 to $68.00 and gave the stock a “buy” rating in a report on Monday. Wells Fargo & Company dropped their price target on shares of Sonoco Products from $52.00 to $50.00 and set an “underweight” rating on the stock in a research note on Monday. Finally, Robert W. Baird reduced their price objective on shares of Sonoco Products from $58.00 to $55.00 and set a “neutral” rating for the company in a research note on Monday, November 4th. One research analyst has rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $60.17.

Sonoco Products Stock Performance

Shares of NYSE SON opened at $47.42 on Wednesday. The company has a quick ratio of 1.91, a current ratio of 2.36 and a debt-to-equity ratio of 1.74. The firm’s 50-day moving average price is $50.46 and its 200-day moving average price is $51.82. Sonoco Products has a 52-week low of $47.18 and a 52-week high of $61.73. The company has a market cap of $4.66 billion, a PE ratio of 16.30, a PEG ratio of 2.14 and a beta of 0.68.

Sonoco Products (NYSE:SON) last posted its earnings results on Thursday, October 31st. The industrial products company reported $1.49 EPS for the quarter, topping analysts’ consensus estimates of $1.45 by $0.04. The business 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 revenue was down 2.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.46 EPS. As a group, analysts anticipate that Sonoco Products will post 5.09 EPS for the current year.

Sonoco Products Announces Dividend

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

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.