Sonoco Products Company (NYSE:SON) Shares Acquired by Allworth Financial LP

Allworth Financial LP lifted its position in Sonoco Products Company (NYSE:SON) by 152.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,071 shares of the industrial products company’s stock after acquiring an additional 646 shares during the period. Allworth Financial LP’s holdings in Sonoco Products were worth $50,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in SON. Beverly Hills Private Wealth LLC boosted its stake in Sonoco Products by 4.1% during the 1st quarter. Beverly Hills Private Wealth LLC now owns 5,669 shares of the industrial products company’s stock worth $268,000 after purchasing an additional 224 shares during the last quarter. Treasurer of the State of North Carolina boosted its position in Sonoco Products by 0.6% during the fourth quarter. Treasurer of the State of North Carolina now owns 43,056 shares of the industrial products company’s stock worth $2,103,000 after acquiring an additional 270 shares during the last quarter. IVC Wealth Advisors LLC grew its stake in Sonoco Products by 4.6% during the 1st quarter. IVC Wealth Advisors LLC now owns 6,542 shares of the industrial products company’s stock valued at $309,000 after acquiring an additional 288 shares in the last quarter. State of Alaska Department of Revenue raised its holdings in Sonoco Products by 2.7% in the 1st quarter. State of Alaska Department of Revenue now owns 11,511 shares of the industrial products company’s stock valued at $543,000 after acquiring an additional 305 shares during the last quarter. Finally, Mercer Global Advisors Inc. ADV lifted its stake in Sonoco Products by 4.1% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 9,419 shares of the industrial products company’s stock worth $460,000 after purchasing an additional 368 shares in the last quarter. 77.69% of the stock is currently owned by hedge funds and other institutional investors.

Sonoco Products Trading Down 0.8%

NYSE SON opened at $45.90 on Friday. The company has a debt-to-equity ratio of 2.02, a current ratio of 0.80 and a quick ratio of 0.51. The stock has a market capitalization of $4.53 billion, a P/E ratio of 29.81, a PEG ratio of 0.60 and a beta of 0.68. The firm’s 50-day moving average is $45.34 and its two-hundred day moving average is $45.98. Sonoco Products Company has a 12 month low of $39.46 and a 12 month high of $56.77.

Sonoco Products (NYSE:SON) last released its quarterly earnings results on Tuesday, April 29th. The industrial products company reported $1.38 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.41 by ($0.03). The company had revenue of $1.71 billion during the quarter, compared to analysts’ expectations of $2.02 billion. Sonoco Products had a net margin of 2.40% and a return on equity of 21.78%. Sonoco Products’s revenue was up 30.6% on a year-over-year basis. During the same period last year, the firm posted $1.12 earnings per share. On average, sell-side analysts anticipate that Sonoco Products Company will post 6.1 earnings per share for the current year.

Sonoco Products Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Friday, August 8th will be paid a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 4.62%. The ex-dividend date is Friday, August 8th. Sonoco Products’s payout ratio is presently 137.66%.

Insider Transactions at Sonoco Products

In other Sonoco Products news, CEO R. Howard Coker bought 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 1st. The stock was purchased at an average price of $41.17 per share, for a total transaction of $823,400.00. Following the completion of the purchase, the chief executive officer directly owned 502,365 shares in the company, valued at $20,682,367.05. This trade represents a 4.15% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Robert R. Hill, Jr. acquired 5,475 shares of the business’s stock in a transaction on Wednesday, April 30th. The shares were bought at an average cost of $40.34 per share, for a total transaction of $220,861.50. Following the acquisition, the director owned 29,540 shares of the company’s stock, valued at $1,191,643.60. This represents a 22.75% increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 27,721 shares of company stock valued at $1,144,366. 0.74% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on SON shares. Wall Street Zen upgraded Sonoco Products from a “sell” rating to a “hold” rating in a research report on Wednesday, May 7th. Jefferies Financial Group started coverage on Sonoco Products in a research note on Tuesday, April 22nd. They issued a “buy” rating and a $62.00 target price for the company. Wells Fargo & Company upgraded Sonoco Products from an “underweight” rating to an “overweight” rating and lifted their price target for the stock from $45.00 to $55.00 in a report on Friday, May 23rd. UBS Group assumed coverage on shares of Sonoco Products in a report on Wednesday, June 4th. They issued a “neutral” rating and a $48.00 price objective for the company. Finally, Raymond James Financial raised their price objective on shares of Sonoco Products from $50.00 to $55.00 and gave the stock an “outperform” rating in a research report on Tuesday. Three investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, Sonoco Products presently has an average rating of “Moderate Buy” and an average price target of $56.75.

Sonoco Products 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.