Credit Suisse AG Has $22.81 Million Holdings in Sonoco Products (NYSE:SON)

Posted by Defense World Staff on Jun 8th, 2023

Credit Suisse AG lifted its position in shares of Sonoco Products (NYSE:SON – Get Rating) by 10.1% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 375,718 shares of the industrial products company’s stock after purchasing an additional 34,332 shares during the quarter. Credit Suisse AG owned 0.39% of Sonoco Products worth $22,810,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. State Street Corp increased its stake in Sonoco Products by 13.4% during the 1st quarter. State Street Corp now owns 8,240,829 shares of the industrial products company’s stock valued at $515,546,000 after purchasing an additional 972,157 shares in the last quarter. Fuller & Thaler Asset Management Inc. acquired a new stake in shares of Sonoco Products in the 1st quarter worth about $51,618,000. BlackRock Inc. lifted its position in Sonoco Products by 3.4% in the 1st quarter. BlackRock Inc. now owns 10,991,558 shares of the industrial products company’s stock valued at $687,633,000 after acquiring an additional 362,516 shares in the last quarter. First Trust Advisors LP boosted its stake in Sonoco Products by 30.9% during the 4th quarter. First Trust Advisors LP now owns 1,533,215 shares of the industrial products company’s stock valued at $93,081,000 after purchasing an additional 361,715 shares during the last quarter. Finally, Point72 Asset Management L.P. purchased a new stake in shares of Sonoco Products in the third quarter worth approximately $18,086,000. 76.43% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently commented on SON shares. Deutsche Bank Aktiengesellschaft lowered their price target on Sonoco Products from $61.00 to $57.00 in a research report on Wednesday, March 15th. Citigroup reduced their price objective on shares of Sonoco Products from $71.00 to $69.00 and set a “buy” rating for the company in a research report on Monday, February 13th. Bank of America lifted their target price on shares of Sonoco Products from $76.00 to $82.00 and gave the stock a “buy” rating in a research report on Thursday, April 20th. Seaport Res Ptn raised Sonoco Products from a “neutral” rating to a “buy” rating in a report on Monday, March 20th. Finally, StockNews.com upgraded Sonoco Products from a “hold” rating to a “buy” rating in a report on Wednesday, May 31st. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, Sonoco Products has an average rating of “Moderate Buy” and an average target price of $66.17.

Sonoco Products Price Performance

Sonoco Products stock opened at $63.51 on Thursday. The business has a fifty day moving average price of $60.38 and a 200-day moving average price of $59.96. The company has a debt-to-equity ratio of 1.23, a current ratio of 1.47 and a quick ratio of 0.79. Sonoco Products has a one year low of $51.52 and a one year high of $65.96. The firm has a market capitalization of $6.22 billion, a P/E ratio of 12.58, a PEG ratio of 2.16 and a beta of 0.71.

Sonoco Products (NYSE:SON – Get Rating) last issued its quarterly earnings results on Monday, May 1st. The industrial products company reported $1.40 EPS for the quarter, topping analysts’ consensus estimates of $1.33 by $0.07. Sonoco Products had a net margin of 6.93% and a return on equity of 29.17%. The firm had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.84 billion. During the same quarter in the prior year, the firm earned $1.85 EPS. The business’s revenue for the quarter was down 2.3% compared to the same quarter last year. As a group, equities research analysts forecast that Sonoco Products will post 5.82 EPS for the current year.

Sonoco Products Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 9th. Investors of record on Wednesday, May 10th will be given a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a yield of 3.21%. The ex-dividend date is Tuesday, May 9th. This is a boost from Sonoco Products’s previous quarterly dividend of $0.49. Sonoco Products’s dividend payout ratio (DPR) is presently 40.40%.

Insider Activity

In other news, insider Ernest D. Haynes III sold 531 shares of the business’s stock in a transaction that occurred on Tuesday, March 14th. The stock was sold at an average price of $57.36, for a total transaction of $30,458.16. Following the transaction, the insider now directly owns 1,198 shares of the company’s stock, valued at $68,717.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, insider Ernest D. Haynes III sold 531 shares of Sonoco Products stock in a transaction dated Tuesday, March 14th. The shares were sold at an average price of $57.36, for a total transaction of $30,458.16. Following the completion of the transaction, the insider now directly owns 1,198 shares of the company’s stock, valued at approximately $68,717.28. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Robert R. Hill, Jr. acquired 10,000 shares of the business’s stock in a transaction on Monday, March 13th. The stock was acquired at an average price of $56.00 per share, for a total transaction of $560,000.00. Following the acquisition, the director now owns 20,065 shares of the company’s stock, valued at approximately $1,123,640. The disclosure for this purchase can be found here. 0.51% of the stock is currently owned by corporate insiders.

About Sonoco Products

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Sonoco Products Co engages in the manufacture of industrial and consumer packaging products and services. It operates through the following segments: Consumer Packaging, Paper and Industrial Converted Products, Protective Solutions, and Display and Packaging. The Consumer Packaging segment offers round and shaped rigid containers, fiber and plastic caulk and adhesive tubes, and aluminum, steel, and peelable membrane easy-open closures for paper and metal cans.