Dynamic Technology Lab Private Ltd Sells 31,202 Shares of Sonoco Products (NYSE:SON)

Dynamic Technology Lab Private Ltd decreased its position in Sonoco Products (NYSE:SON) by 59.6% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 21,139 shares of the industrial products company’s stock after selling 31,202 shares during the quarter. Dynamic Technology Lab Private Ltd’s holdings in Sonoco Products were worth $1,155,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Cerity Partners LLC increased its stake in Sonoco Products by 17.3% in the 3rd quarter. Cerity Partners LLC now owns 24,042 shares of the industrial products company’s stock valued at $1,313,000 after buying an additional 3,547 shares during the last quarter. Kingsview Wealth Management LLC increased its position in shares of Sonoco Products by 5.8% during the third quarter. Kingsview Wealth Management LLC now owns 144,733 shares of the industrial products company’s stock valued at $7,907,000 after acquiring an additional 7,907 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Sonoco Products by 50.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,029,166 shares of the industrial products company’s stock worth $56,223,000 after acquiring an additional 344,658 shares during the period. Quest Partners LLC boosted its position in Sonoco Products by 179.4% in the third quarter. Quest Partners LLC now owns 57,467 shares of the industrial products company’s stock worth $3,139,000 after purchasing an additional 36,900 shares during the last quarter. Finally, Thrivent Financial for Lutherans grew its stake in Sonoco Products by 305.5% in the 3rd quarter. Thrivent Financial for Lutherans now owns 97,024 shares of the industrial products company’s stock valued at $5,300,000 after purchasing an additional 73,099 shares during the period. Hedge funds and other institutional investors own 77.69% of the company’s stock.

Sonoco Products Stock Down 0.5 %

Sonoco Products stock opened at $51.65 on Wednesday. The firm has a 50 day simple moving average of $52.65 and a 200 day simple moving average of $53.84. 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 has a 1-year low of $48.22 and a 1-year high of $61.73. The firm has a market capitalization of $5.08 billion, a price-to-earnings ratio of 17.75, a P/E/G ratio of 2.09 and a beta of 0.69.

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 analysts’ expectations of $1.72 billion. Sonoco Products had a return on equity of 19.92% and a net margin of 4.38%. The firm’s quarterly revenue was down 2.0% compared to the same quarter last year. During the same period in the previous year, the business earned $1.46 earnings per share. On average, analysts predict that Sonoco Products will post 5.1 earnings per share for the current year.

Sonoco Products Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Friday, November 8th will be given 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 4.03%. Sonoco Products’s dividend payout ratio (DPR) is currently 71.48%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. 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 report on Wednesday, October 2nd. Robert W. Baird reduced their target price on shares of Sonoco Products from $58.00 to $55.00 and set a “neutral” rating for the company in a research report on Monday, November 4th. Wells Fargo & Company cut shares of Sonoco Products from an “equal weight” rating to an “underweight” rating and lowered their price target for the stock from $54.00 to $52.00 in a report on Wednesday, August 21st. Finally, Truist Financial began coverage on Sonoco Products in a report on Tuesday. They set a “buy” rating and a $63.00 price objective for the company. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price 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.