Horizon Kinetics Asset Management LLC Purchases 15,650 Shares of Sonoco Products (NYSE:SON)

Horizon Kinetics Asset Management LLC lifted its holdings in Sonoco Products (NYSE:SON) by 69.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 38,300 shares of the industrial products company’s stock after purchasing an additional 15,650 shares during the period. Horizon Kinetics Asset Management LLC’s holdings in Sonoco Products were worth $2,092,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of SON. Kennebec Savings Bank bought a new stake in shares of Sonoco Products during the 3rd quarter worth $27,000. Capital Performance Advisors LLP bought a new stake in Sonoco Products during the third quarter valued at about $33,000. Abich Financial Wealth Management LLC bought a new position in Sonoco Products in the 2nd quarter worth approximately $50,000. Gradient Investments LLC bought a new stake in shares of Sonoco Products in the second quarter valued at approximately $58,000. Finally, Northwestern Mutual Wealth Management Co. grew its stake in shares of Sonoco Products by 821.1% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,879 shares of the industrial products company’s stock worth $95,000 after acquiring an additional 1,675 shares during the last quarter. 77.69% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

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

Sonoco Products Stock Performance

NYSE:SON opened at $50.92 on Monday. The firm has a market capitalization of $5.00 billion, a PE ratio of 17.50, a price-to-earnings-growth ratio of 2.09 and a beta of 0.69. The company has a quick ratio of 1.91, a current ratio of 2.36 and a debt-to-equity ratio of 1.74. Sonoco Products has a 12-month low of $48.22 and a 12-month high of $61.73. The firm has a 50-day moving average price of $52.72 and a 200 day moving average price of $53.88.

Sonoco Products (NYSE:SON) last posted its earnings results on Thursday, October 31st. The industrial products company reported $1.49 EPS for the quarter, topping the consensus estimate of $1.45 by $0.04. The business had revenue of $1.68 billion during the quarter, compared to the consensus estimate of $1.72 billion. Sonoco Products had a return on equity of 19.92% and a net margin of 4.38%. Sonoco Products’s revenue was down 2.0% on a year-over-year basis. During the same quarter last year, the company earned $1.46 EPS. Research analysts anticipate that Sonoco Products will post 5.1 earnings per share for the current fiscal year.

Sonoco Products Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Friday, November 8th will be issued a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 4.08%. The ex-dividend date of this dividend is Friday, November 8th. Sonoco Products’s payout ratio is 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.