Horizon Kinetics Asset Management LLC Has $2.09 Million Position in Sonoco Products (NYSE:SON)

Horizon Kinetics Asset Management LLC grew its holdings in Sonoco Products (NYSE:SON) by 69.1% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 38,300 shares of the industrial products company’s stock after buying an additional 15,650 shares during the quarter. Horizon Kinetics Asset Management LLC’s holdings in Sonoco Products were worth $2,092,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Mercer Global Advisors Inc. ADV increased its holdings in shares of Sonoco Products by 2.7% in the second quarter. Mercer Global Advisors Inc. ADV now owns 8,862 shares of the industrial products company’s stock valued at $445,000 after purchasing an additional 237 shares in the last quarter. Creative Financial Designs Inc. ADV increased its stake in shares of Sonoco Products by 13.9% in the 3rd quarter. Creative Financial Designs Inc. ADV now owns 2,373 shares of the industrial products company’s stock valued at $130,000 after buying an additional 289 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Sonoco Products by 1.5% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 19,765 shares of the industrial products company’s stock worth $1,002,000 after acquiring an additional 298 shares during the last quarter. TD Asset Management Inc boosted its holdings in Sonoco Products by 2.0% in the second quarter. TD Asset Management Inc now owns 15,200 shares of the industrial products company’s stock valued at $771,000 after acquiring an additional 300 shares during the last quarter. Finally, Curi RMB Capital LLC increased its position in Sonoco Products by 2.4% in the third quarter. Curi RMB Capital LLC now owns 12,979 shares of the industrial products company’s stock worth $709,000 after purchasing an additional 304 shares during the period. 77.69% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently commented on SON shares. Citigroup lifted their price target on shares of Sonoco Products from $62.00 to $63.00 and gave the stock a “buy” rating in a research report on Wednesday, October 2nd. Wells Fargo & Company lowered Sonoco Products from an “equal weight” rating to an “underweight” rating and decreased their target price for the stock from $54.00 to $52.00 in a research report on Wednesday, August 21st. Finally, Robert W. Baird reduced their price objective on shares of Sonoco Products from $58.00 to $55.00 and set a “neutral” rating on the stock in a research note on Monday, November 4th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, Sonoco Products currently has a consensus rating of “Hold” and an average price target of $58.00.

Sonoco Products Stock Up 1.5 %

Shares of Sonoco Products stock opened at $50.92 on Monday. The company has a debt-to-equity ratio of 1.74, a current ratio of 2.36 and a quick ratio of 1.91. Sonoco Products has a 1 year low of $48.22 and a 1 year high of $61.73. The business has a 50-day moving average of $52.72 and a two-hundred day moving average of $53.88. The company has a market capitalization of $5.00 billion, a P/E ratio of 17.50, a price-to-earnings-growth ratio of 2.09 and a beta of 0.69.

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

Sonoco Products Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Friday, November 8th will be given a dividend of $0.52 per share. The ex-dividend date is Friday, November 8th. This represents a $2.08 annualized dividend and a yield of 4.08%. Sonoco Products’s dividend payout ratio (DPR) is presently 71.48%.

About Sonoco Products

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.