Sonoco Products (NYSE:SON) Shares Sold by State of Michigan Retirement System

Posted by Defense World Staff on Jul 23rd, 2023

State of Michigan Retirement System reduced its stake in Sonoco Products (NYSE:SON – Free Report) by 0.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 24,651 shares of the industrial products company’s stock after selling 200 shares during the period. State of Michigan Retirement System’s holdings in Sonoco Products were worth $1,504,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently made changes to their positions in the stock. Arizona State Retirement System lifted its stake in shares of Sonoco Products by 2.7% in the 1st quarter. Arizona State Retirement System now owns 28,254 shares of the industrial products company’s stock worth $1,723,000 after acquiring an additional 740 shares during the period. Strs Ohio lifted its stake in shares of Sonoco Products by 4.3% in the 1st quarter. Strs Ohio now owns 38,607 shares of the industrial products company’s stock worth $2,355,000 after acquiring an additional 1,609 shares during the period. Peterson Financial Group Inc. lifted its stake in shares of Sonoco Products by 154.2% in the 1st quarter. Peterson Financial Group Inc. now owns 13,080 shares of the industrial products company’s stock worth $798,000 after acquiring an additional 7,934 shares during the period. Rowland & Co. Investment Counsel ADV lifted its stake in shares of Sonoco Products by 1.6% in the 1st quarter. Rowland & Co. Investment Counsel ADV now owns 66,238 shares of the industrial products company’s stock worth $4,041,000 after acquiring an additional 1,070 shares during the period. Finally, Meritage Portfolio Management acquired a new stake in shares of Sonoco Products in the 1st quarter worth approximately $2,323,000. 75.74% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

SON has been the subject of several recent research reports. Citigroup cut their target price on shares of Sonoco Products from $70.00 to $68.00 in a research note on Monday, July 10th. StockNews.com lowered shares of Sonoco Products from a “buy” rating to a “hold” rating in a research note on Friday. Finally, Bank of America cut their target price on shares of Sonoco Products from $80.00 to $68.00 in a research note on Monday, July 10th. One analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $63.67.

Sonoco Products Stock Down 0.2 %

SON stock opened at $58.31 on Friday. Sonoco Products has a 52-week low of $53.78 and a 52-week high of $65.96. The company’s 50 day simple moving average is $59.44 and its 200-day simple moving average is $59.59. The company has a debt-to-equity ratio of 1.23, a current ratio of 1.47 and a quick ratio of 0.79. The firm has a market capitalization of $5.71 billion, a P/E ratio of 11.55, a P/E/G ratio of 2.04 and a beta of 0.69.

Sonoco Products (NYSE:SON – Get Free Report) last released its quarterly earnings results on Monday, May 1st. The industrial products company reported $1.40 earnings per share (EPS) for the quarter, beating 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 business had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.84 billion. During the same quarter in the previous year, the business earned $1.85 earnings per share. The firm’s revenue was down 2.3% compared to the same quarter last year. As a group, equities research analysts anticipate that Sonoco Products will post 5.71 EPS for the current year.

Sonoco Products Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 8th. Stockholders of record on Thursday, August 10th will be issued a dividend of $0.51 per share. The ex-dividend date is Wednesday, August 9th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 3.50%. Sonoco Products’s dividend payout ratio is currently 40.40%.

Sonoco Products Company Profile

(Free Report)

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 through two segments: Consumer Packaging and Industrial Paper Packaging.