Victory Capital Management Inc. Has $73.45 Million Stake in Sonoco Products (NYSE:SON)

Victory Capital Management Inc. trimmed its position in shares of Sonoco Products (NYSE:SON) by 38.8% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,344,531 shares of the industrial products company’s stock after selling 850,624 shares during the quarter. Victory Capital Management Inc.’s holdings in Sonoco Products were worth $73,452,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also made changes to their positions in SON. Kennebec Savings Bank bought a new position in shares of Sonoco Products in the 3rd quarter valued at approximately $27,000. Capital Performance Advisors LLP bought a new position in shares of Sonoco Products in the 3rd quarter valued at approximately $33,000. Allspring Global Investments Holdings LLC bought a new position in shares of Sonoco Products in the 1st quarter valued at approximately $50,000. Abich Financial Wealth Management LLC bought a new position in shares of Sonoco Products in the 2nd quarter valued at approximately $50,000. Finally, Gradient Investments LLC bought a new position in shares of Sonoco Products in the 2nd quarter valued at approximately $58,000. 77.69% of the stock is currently owned by institutional investors and hedge funds.

Sonoco Products Stock Performance

Shares of NYSE SON opened at $50.71 on Thursday. The company has a quick ratio of 1.91, a current ratio of 2.36 and a debt-to-equity ratio of 1.74. The business’s 50 day moving average is $53.35 and its two-hundred day moving average is $54.25. The company has a market cap of $4.98 billion, a P/E ratio of 17.43, a P/E/G ratio of 2.09 and a beta of 0.69. Sonoco Products has a 12 month low of $48.22 and a 12 month high of $61.73.

Sonoco Products (NYSE:SON) last released its quarterly earnings data on Thursday, October 31st. The industrial products company reported $1.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.45 by $0.04. The business had revenue of $1.68 billion for the quarter, compared to analysts’ expectations of $1.72 billion. Sonoco Products had a return on equity of 19.92% and a net margin of 4.38%. Sonoco Products’s quarterly revenue was down 2.0% on a year-over-year basis. During the same period in the previous year, the business posted $1.46 earnings per share. On average, equities analysts expect that Sonoco Products will post 5.1 EPS for the current year.

Sonoco Products Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Friday, November 8th will be paid a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.10%. The ex-dividend date is Friday, November 8th. Sonoco Products’s dividend payout ratio is 71.48%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. Wells Fargo & Company downgraded Sonoco Products from an “equal weight” rating to an “underweight” rating and cut their price objective for the company from $54.00 to $52.00 in a research note on Wednesday, August 21st. Robert W. Baird cut their price objective on Sonoco Products from $58.00 to $55.00 and set a “neutral” rating on the stock in a research note on Monday, November 4th. Citigroup lifted their price target on Sonoco Products from $62.00 to $63.00 and gave the stock a “buy” rating in a research report on Wednesday, October 2nd. Finally, Raymond James started coverage on Sonoco Products in a research report on Friday, July 19th. They issued an “outperform” rating and a $62.00 price target on the stock. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $58.00.

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.