Sonoco Products Company (NYSE:SON) Shares Purchased by HB Wealth Management LLC

HB Wealth Management LLC boosted its holdings in shares of Sonoco Products Company (NYSE:SON) by 16.5% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 8,388 shares of the industrial products company’s stock after buying an additional 1,190 shares during the quarter. HB Wealth Management LLC’s holdings in Sonoco Products were worth $396,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in SON. Whittier Trust Co. of Nevada Inc. increased its stake in shares of Sonoco Products by 508.1% during the first quarter. Whittier Trust Co. of Nevada Inc. now owns 900 shares of the industrial products company’s stock worth $43,000 after buying an additional 752 shares during the period. UMB Bank n.a. grew its holdings in Sonoco Products by 152.7% during the 1st quarter. UMB Bank n.a. now owns 950 shares of the industrial products company’s stock worth $45,000 after acquiring an additional 574 shares in the last quarter. Quarry LP increased its position in shares of Sonoco Products by 111.3% in the 4th quarter. Quarry LP now owns 970 shares of the industrial products company’s stock valued at $47,000 after purchasing an additional 511 shares during the last quarter. Colonial Trust Co SC raised its holdings in shares of Sonoco Products by 90.6% in the 4th quarter. Colonial Trust Co SC now owns 953 shares of the industrial products company’s stock valued at $47,000 after purchasing an additional 453 shares in the last quarter. Finally, Allworth Financial LP lifted its position in shares of Sonoco Products by 152.0% during the 1st quarter. Allworth Financial LP now owns 1,071 shares of the industrial products company’s stock worth $50,000 after purchasing an additional 646 shares during the last quarter. Hedge funds and other institutional investors own 77.69% of the company’s stock.

Sonoco Products Trading Down 1.8%

NYSE SON opened at $44.24 on Friday. The firm’s fifty day moving average is $45.59 and its two-hundred day moving average is $45.95. Sonoco Products Company has a one year low of $39.46 and a one year high of $56.77. The company has a debt-to-equity ratio of 1.53, a quick ratio of 0.72 and a current ratio of 1.25. The firm has a market cap of $4.36 billion, a PE ratio of 7.93, a P/E/G ratio of 0.61 and a beta of 0.69.

Sonoco Products (NYSE:SON) last issued its quarterly earnings results on Wednesday, July 23rd. The industrial products company reported $1.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.44 by ($0.07). Sonoco Products had a net margin of 8.35% and a return on equity of 20.46%. The company had revenue of $1.91 billion during the quarter, compared to analyst estimates of $1.92 billion. During the same quarter last year, the firm earned $1.28 EPS. The business’s revenue was up 17.7% on a year-over-year basis. Analysts expect that Sonoco Products Company will post 6.1 earnings per share for the current year.

Sonoco Products Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Friday, August 8th will be given a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 4.8%. The ex-dividend date is Friday, August 8th. Sonoco Products’s dividend payout ratio (DPR) is 37.99%.

Analyst Ratings Changes

SON has been the subject of a number of research analyst reports. Truist Financial upped their price target on Sonoco Products from $53.00 to $58.00 and gave the company a “buy” rating in a report on Friday, July 25th. Wall Street Zen raised shares of Sonoco Products from a “sell” rating to a “hold” rating in a research report on Wednesday, May 7th. Wells Fargo & Company raised Sonoco Products from an “underweight” rating to an “overweight” rating and raised their price objective for the stock from $45.00 to $55.00 in a report on Friday, May 23rd. Jefferies Financial Group began coverage on Sonoco Products in a research report on Tuesday, April 22nd. They set a “buy” rating and a $62.00 target price on the stock. Finally, Raymond James Financial upped their target price on Sonoco Products from $50.00 to $55.00 and gave the company an “outperform” rating in a research report on Tuesday, July 15th. Three investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $57.63.

Sonoco Products Company 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.