Chesapeake Capital Corp IL Invests $325,000 in Sonoco Products (NYSE:SON)

Chesapeake Capital Corp IL purchased a new position in shares of Sonoco Products (NYSE:SON) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 6,415 shares of the industrial products company’s stock, valued at approximately $325,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Earnest Partners LLC lifted its position in Sonoco Products by 5.3% during the 1st quarter. Earnest Partners LLC now owns 2,580,829 shares of the industrial products company’s stock worth $149,275,000 after acquiring an additional 131,012 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Sonoco Products by 5.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,300,033 shares of the industrial products company’s stock valued at $128,506,000 after purchasing an additional 109,983 shares in the last quarter. Victory Capital Management Inc. raised its position in shares of Sonoco Products by 2.4% in the 2nd quarter. Victory Capital Management Inc. now owns 2,195,155 shares of the industrial products company’s stock valued at $111,338,000 after purchasing an additional 50,577 shares in the last quarter. First Trust Advisors LP raised its position in shares of Sonoco Products by 2.4% in the 4th quarter. First Trust Advisors LP now owns 1,654,913 shares of the industrial products company’s stock valued at $92,460,000 after purchasing an additional 38,437 shares in the last quarter. Finally, Sei Investments Co. raised its position in shares of Sonoco Products by 6.9% in the 1st quarter. Sei Investments Co. now owns 1,363,937 shares of the industrial products company’s stock valued at $78,890,000 after purchasing an additional 88,407 shares in the last quarter. 77.69% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on SON. StockNews.com lowered Sonoco Products from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, July 3rd. Citigroup cut their target price on Sonoco Products from $64.00 to $60.00 and set a “buy” rating on the stock in a research report on Monday, July 8th. Raymond James started coverage on Sonoco Products in a research report on Friday, July 19th. They issued an “outperform” rating and a $62.00 target price on the stock. Finally, Wells Fargo & Company downgraded Sonoco Products from an “equal weight” rating to an “underweight” rating and lowered their price target for the company from $54.00 to $52.00 in a report on Wednesday, August 21st. One analyst has rated the stock with a sell rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, Sonoco Products has a consensus rating of “Moderate Buy” and an average price target of $58.00.

Sonoco Products Price Performance

Shares of NYSE SON opened at $54.24 on Wednesday. Sonoco Products has a twelve month low of $54.19 and a twelve month high of $55.08. The company has a current ratio of 1.30, a quick ratio of 0.85 and a debt-to-equity ratio of 1.04. The company has a market capitalization of $5.33 billion, a price-to-earnings ratio of 13.70, a price-to-earnings-growth ratio of 2.13 and a beta of 0.68. The business has a 50 day simple moving average of $51.81 and a 200-day simple moving average of $55.43.

Sonoco Products (NYSE:SON) last issued its quarterly earnings results on Wednesday, July 31st. The industrial products company reported $1.28 earnings per share for the quarter, beating analysts’ consensus estimates of $1.26 by $0.02. The business had revenue of $1.62 billion during the quarter, compared to the consensus estimate of $1.69 billion. Sonoco Products had a return on equity of 20.10% and a net margin of 5.57%. The business’s quarterly revenue was down 4.8% on a year-over-year basis. During the same period in the previous year, the business earned $1.38 EPS. As a group, equities research analysts expect that Sonoco Products will post 5.09 earnings per share for the current year.

Sonoco Products Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 10th. Investors of record on Friday, August 9th were paid a dividend of $0.52 per share. The ex-dividend date was Friday, August 9th. This represents a $2.08 dividend on an annualized basis and a yield of 3.83%. Sonoco Products’s payout ratio is currently 52.53%.

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.