Sonoco Products (SON) To Go Ex-Dividend on May 9th

Sonoco Products (NYSE:SON) declared a quarterly dividend on Wednesday, April 17th, RTT News reports. Shareholders of record on Friday, May 10th will be given a dividend of 0.52 per share by the industrial products company on Monday, June 10th. This represents a $2.08 dividend on an annualized basis and a yield of 3.69%. The ex-dividend date of this dividend is Thursday, May 9th. This is a boost from Sonoco Products’s previous quarterly dividend of $0.51.

Sonoco Products has increased its dividend payment by an average of 5.5% annually over the last three years.

Sonoco Products Stock Performance

NYSE:SON opened at $56.41 on Friday. The company has a quick ratio of 1.10, a current ratio of 1.76 and a debt-to-equity ratio of 1.25. The company has a market cap of $5.54 billion, a P/E ratio of 11.75, a P/E/G ratio of 2.12 and a beta of 0.68. Sonoco Products has a fifty-two week low of $49.98 and a fifty-two week high of $63.74. The firm’s 50 day moving average is $56.93 and its two-hundred day moving average is $55.80.

Sonoco Products (NYSE:SON) last posted its quarterly earnings results on Thursday, February 15th. The industrial products company reported $1.02 earnings per share for the quarter, missing analysts’ consensus estimates of $1.04 by ($0.02). The company had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.61 billion. Sonoco Products had a return on equity of 22.42% and a net margin of 7.00%. The business’s revenue for the quarter was down 2.4% on a year-over-year basis. During the same period in the prior year, the business earned $1.27 EPS. Analysts expect that Sonoco Products will post 5.26 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts have recently commented on SON shares. TheStreet downgraded shares of Sonoco Products from a “b-” rating to a “c+” rating in a research note on Wednesday, February 14th. Wells Fargo & Company cut their target price on shares of Sonoco Products from $58.00 to $56.00 and set an “equal weight” rating on the stock in a research note on Tuesday, February 20th. Finally, Citigroup cut their target price on shares of Sonoco Products from $66.00 to $65.00 and set a “buy” rating on the stock in a research note on Thursday, April 4th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, Sonoco Products currently has an average rating of “Moderate Buy” and a consensus target price of $63.00.

Insider Activity at Sonoco Products

In related news, insider Russell K. Grissett sold 2,039 shares of the firm’s stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $56.06, for a total transaction of $114,306.34. Following the completion of the sale, the insider now directly owns 11,988 shares of the company’s stock, valued at approximately $672,047.28. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, VP Adam Wood sold 537 shares of the firm’s stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $57.04, for a total transaction of $30,630.48. Following the completion of the sale, the vice president now directly owns 28,273 shares of the company’s stock, valued at approximately $1,612,691.92. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Russell K. Grissett sold 2,039 shares of the firm’s stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $56.06, for a total transaction of $114,306.34. Following the sale, the insider now directly owns 11,988 shares of the company’s stock, valued at $672,047.28. The disclosure for this sale can be found here. In the last three months, insiders sold 13,076 shares of company stock valued at $749,002. Corporate insiders own 0.51% of the company’s stock.

Institutional Investors Weigh In On Sonoco Products

Large investors have recently added to or reduced their stakes in the company. Point72 Asset Management L.P. acquired a new position in Sonoco Products during the 2nd quarter worth $34,000. Dark Forest Capital Management LP acquired a new position in shares of Sonoco Products in the 1st quarter valued at about $50,000. Pinnacle Holdings LLC acquired a new position in shares of Sonoco Products in the 1st quarter valued at about $58,000. KBC Group NV acquired a new position in shares of Sonoco Products in the 4th quarter valued at about $114,000. Finally, State of Wyoming boosted its holdings in shares of Sonoco Products by 263.2% in the 4th quarter. State of Wyoming now owns 2,891 shares of the industrial products company’s stock valued at $176,000 after buying an additional 2,095 shares during the period. 77.69% of the stock is owned by institutional investors and hedge funds.

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.