JPMorgan Chase & Co. Has $20.94 Million Holdings in Sonoco Products Company $SON

JPMorgan Chase & Co. trimmed its position in shares of Sonoco Products Company (NYSE:SON) by 3.8% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 485,849 shares of the industrial products company’s stock after selling 19,154 shares during the period. JPMorgan Chase & Co.’s holdings in Sonoco Products were worth $20,935,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Sonoco Products by 44.3% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 49,093 shares of the industrial products company’s stock worth $2,319,000 after purchasing an additional 15,079 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in Sonoco Products by 80.8% during the first quarter. Goldman Sachs Group Inc. now owns 206,493 shares of the industrial products company’s stock worth $9,755,000 after purchasing an additional 92,286 shares during the period. Empowered Funds LLC increased its position in Sonoco Products by 14.1% during the first quarter. Empowered Funds LLC now owns 11,058 shares of the industrial products company’s stock worth $522,000 after buying an additional 1,364 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Sonoco Products by 87.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 545,179 shares of the industrial products company’s stock valued at $25,754,000 after buying an additional 255,055 shares during the period. Finally, Envestnet Asset Management Inc. lifted its position in shares of Sonoco Products by 1.7% in the second quarter. Envestnet Asset Management Inc. now owns 107,650 shares of the industrial products company’s stock valued at $4,689,000 after buying an additional 1,778 shares during the last quarter. Institutional investors own 77.69% of the company’s stock.

Insider Activity

In related news, insider Ernest D. Haynes III sold 1,581 shares of the stock in a transaction that occurred on Friday, February 27th. The shares were sold at an average price of $56.39, for a total transaction of $89,152.59. Following the sale, the insider owned 9,377 shares in the company, valued at approximately $528,769.03. This trade represents a 14.43% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.74% of the company’s stock.

Sonoco Products Price Performance

Sonoco Products stock opened at $56.45 on Tuesday. The firm has a market cap of $5.57 billion, a PE ratio of 5.61, a price-to-earnings-growth ratio of 1.13 and a beta of 0.50. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.05 and a quick ratio of 0.60. The stock’s fifty day moving average price is $49.47 and its two-hundred day moving average price is $45.26. Sonoco Products Company has a one year low of $38.65 and a one year high of $58.44.

Sonoco Products (NYSE:SON) last released its earnings results on Tuesday, February 17th. The industrial products company reported $1.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.01 by $0.04. The company had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.76 billion. Sonoco Products had a return on equity of 18.52% and a net margin of 13.34%.Sonoco Products’s quarterly revenue was up 29.7% on a year-over-year basis. During the same period in the prior year, the firm posted $1.17 EPS. As a group, research analysts expect that Sonoco Products Company will post 6.1 EPS for the current fiscal year.

Sonoco Products Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 10th. Stockholders of record on Wednesday, February 25th will be issued a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date of this dividend is Wednesday, February 25th. Sonoco Products’s dividend payout ratio is 21.05%.

Analyst Ratings Changes

A number of research firms recently weighed in on SON. Zacks Research raised Sonoco Products from a “strong sell” rating to a “hold” rating in a report on Tuesday, January 6th. Robert W. Baird increased their price objective on shares of Sonoco Products from $48.00 to $60.00 and gave the company a “neutral” rating in a research report on Wednesday, February 18th. Truist Financial restated a “buy” rating and set a $69.00 target price (up from $54.00) on shares of Sonoco Products in a research note on Friday, February 20th. UBS Group upped their price target on shares of Sonoco Products from $48.00 to $62.00 and gave the company a “neutral” rating in a research note on Thursday, February 19th. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of Sonoco Products in a research report on Wednesday, January 21st. Four investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $62.63.

Sonoco Products Profile

Sonoco Products Company (NYSE: SON) is a global provider of diversified packaging solutions, serving a wide range of consumer, industrial and retail markets. The company offers a broad portfolio that includes rigid paper and plastic containers, flexible packaging, industrial core and tube products, thermoformed plastics, retail point-of-purchase displays, and packaging supply chain services. Through its solutions, Sonoco helps customers in food and beverage, personal care, chemicals, healthcare, home and garden, and electronics industries address their packaging needs, improve product shelf appeal, and optimize logistics efficiency.

With operations in more than 30 countries across North America, South America, Europe, Asia and Africa, Sonoco leverages a global network of manufacturing facilities, recycling centers and distribution channels to meet the demands of multinational and regional customers.