Fintel reports that BlackRock Inc. has filed a 13G/A form with the SEC disclosing ownership of 11,554,514 shares of Sonoco Products Co (SON). This represents 11.8% of the company.
In their previous filing dated January 27, 2022 they reported 10,629,042 shares and 10.80% of the company, an increase in shares of 8.71% and an increase in total ownership of 1.00% (calculated as current - previous percent ownership).
Founded in 1899, Sonoco is a global provider of a variety of consumer packaging, industrial products, protective packaging, and displays and packaging supply chain services. With annualized net sales of approximately $5.4 billion, the Company has 23,000 employees working in approximately 300 operations in 36 countries, serving some of the world’s best known brands in some 85 nations. Sonoco is committed to creating sustainable products, services and programs for our customers, employees and communities that support its corporate purpose of Better Packaging. Better Life. The Company ranked first in the Packaging sector on Fortune’s World’s Most Admired Companies for 2020 as well as Barron’s 100 Most Sustainable Companies.
What are large shareholders doing?
Royal Bank Of Canada holds 2,500,453 shares representing 2.56% ownership of the company. In it's prior filing, the firm reported owning 2,459,741 shares, representing an increase of 1.63%. The firm increased its portfolio allocation in SON by 8.01% over the last quarter.
Bank Of America Corp /de/ holds 2,119,051 shares representing 2.17% ownership of the company. In it's prior filing, the firm reported owning 2,206,879 shares, representing a decrease of 4.14%. The firm increased its portfolio allocation in SON by 0.31% over the last quarter.
American Century Companies Inc holds 2,089,289 shares representing 2.14% ownership of the company. In it's prior filing, the firm reported owning 4,082,235 shares, representing a decrease of 95.39%. The firm decreased its portfolio allocation in SON by 45.23% over the last quarter.
Victory Capital Management Inc holds 1,916,567 shares representing 1.97% ownership of the company. In it's prior filing, the firm reported owning 1,888,524 shares, representing an increase of 1.46%. The firm increased its portfolio allocation in SON by 3.39% over the last quarter.
Bank of New York Mellon Corp holds 1,292,619 shares representing 1.33% ownership of the company. In it's prior filing, the firm reported owning 1,354,007 shares, representing a decrease of 4.75%. The firm decreased its portfolio allocation in SON by 54.87% over the last quarter.
Fund Sentiment
There are 850 funds or institutions reporting positions in Sonoco Products Co. This is an increase of 13 owner(s) or 1.55%.
Average portfolio weight of all funds dedicated to Sonoco Products Co is 0.1856%, an increase of 1.5174%. Total shares owned by institutions increased in the last three months by 1.51% to 84,614,644 shares.
Analyst Sentiment
As of January 21, 2023, the average one-year price target for Sonoco Products is $68.68. The forecasts range from a low of $61.61 to a high of $80.85. The average price target represents an increase of 15.90% from its latest reported closing price of $59.26.
The projected annual revenue for Sonoco Products is $7,480MM, an increase of 6.65%. The projected annual EPS is $5.84, an increase of 32.64%.
This story originally appeared on Fintel.
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