Jacobs Levy Equity Management Inc. Sells 8,618 Shares of Sonoco Products (NYSE:SON)

Jacobs Levy Equity Management Inc. cut its stake in Sonoco Products (NYSE:SON) by 69.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,850 shares of the industrial products company’s stock after selling 8,618 shares during the period. Jacobs Levy Equity Management Inc.’s holdings in Sonoco Products were worth $210,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Kennebec Savings Bank bought a new position in shares of Sonoco Products in the third quarter worth about $27,000. Capital Performance Advisors LLP bought a new stake in shares of Sonoco Products during the third quarter worth approximately $33,000. Abich Financial Wealth Management LLC bought a new stake in shares of Sonoco Products during the second quarter worth approximately $50,000. Gradient Investments LLC bought a new stake in shares of Sonoco Products during the second quarter worth approximately $58,000. Finally, Northwestern Mutual Wealth Management Co. raised its stake 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 buying an additional 1,675 shares during the last quarter. 77.69% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research firms recently weighed in on SON. Citigroup boosted their price target 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. Wells Fargo & Company downgraded shares of Sonoco Products from an “equal weight” rating to an “underweight” rating and dropped their price target for the stock from $54.00 to $52.00 in a research note on Wednesday, August 21st. Robert W. Baird decreased their price objective on shares of Sonoco Products from $58.00 to $55.00 and set a “neutral” rating for the company in a report on Monday, November 4th. Finally, Truist Financial started coverage on shares of Sonoco Products in a report on Tuesday, November 26th. They set a “buy” rating and a $63.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $59.00.

Sonoco Products Stock Down 1.0 %

Shares of NYSE SON opened at $51.49 on Wednesday. The stock has a market cap of $5.06 billion, a P/E ratio of 17.69, a P/E/G ratio of 2.11 and a beta of 0.67. 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 1.74, a quick ratio of 1.91 and a current ratio of 2.36. The firm has a 50 day moving average price of $52.01 and a 200 day moving average price of $53.15.

Sonoco Products (NYSE:SON) last released 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 net margin of 4.38% and a return on equity of 19.92%. The business’s quarterly revenue was down 2.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.46 earnings per share. Analysts expect that Sonoco Products will post 5.09 EPS for the current year.

Sonoco Products Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 10th. Stockholders of record on Friday, November 8th were issued a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 4.04%. The ex-dividend date was Friday, November 8th. Sonoco Products’s dividend payout ratio (DPR) is presently 71.48%.

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.