Avantax Advisory Services Inc. Has $469,000 Position in Sonoco Products Company (NYSE:SON)

Avantax Advisory Services Inc. grew its holdings in Sonoco Products Company (NYSE:SON) by 8.4% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 9,924 shares of the industrial products company’s stock after buying an additional 767 shares during the quarter. Avantax Advisory Services Inc.’s holdings in Sonoco Products were worth $469,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SON. Whittier Trust Co. of Nevada Inc. increased its stake in shares of Sonoco Products by 508.1% in the first quarter. Whittier Trust Co. of Nevada Inc. now owns 900 shares of the industrial products company’s stock valued at $43,000 after buying an additional 752 shares in the last quarter. UMB Bank n.a. increased its stake in shares of Sonoco Products by 152.7% in the first quarter. UMB Bank n.a. now owns 950 shares of the industrial products company’s stock valued at $45,000 after buying an additional 574 shares in the last quarter. Quarry LP boosted its holdings in Sonoco Products by 111.3% in the fourth quarter. Quarry LP now owns 970 shares of the industrial products company’s stock valued at $47,000 after acquiring an additional 511 shares during the last quarter. Colonial Trust Co SC boosted its holdings in Sonoco Products by 90.6% in the fourth quarter. Colonial Trust Co SC now owns 953 shares of the industrial products company’s stock valued at $47,000 after acquiring an additional 453 shares during the last quarter. Finally, Allworth Financial LP boosted its holdings in Sonoco Products by 152.0% in the first quarter. Allworth Financial LP now owns 1,071 shares of the industrial products company’s stock valued at $50,000 after acquiring an additional 646 shares during the last quarter. 77.69% of the stock is currently owned by institutional investors and hedge funds.

Sonoco Products Stock Performance

Shares of NYSE:SON opened at $45.38 on Thursday. The company has a market capitalization of $4.48 billion, a price-to-earnings ratio of 8.13, a P/E/G ratio of 0.60 and a beta of 0.69. The firm’s 50 day simple moving average is $45.53 and its 200 day simple moving average is $45.90. The company has a debt-to-equity ratio of 1.53, a current ratio of 1.25 and a quick ratio of 0.72. Sonoco Products Company has a fifty-two week low of $39.46 and a fifty-two week high of $56.77.

Sonoco Products (NYSE:SON) last released its quarterly earnings data on Wednesday, July 23rd. The industrial products company reported $1.37 earnings per share 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 business had revenue of $1.91 billion for the quarter, compared to the consensus estimate of $1.92 billion. During the same quarter last year, the firm earned $1.28 EPS. The company’s revenue for the quarter was up 17.7% on a year-over-year basis. As a group, sell-side analysts forecast that Sonoco Products Company will post 6.1 earnings per share for the current year.

Sonoco Products Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Friday, August 8th will be issued a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 4.7%. The ex-dividend date is Friday, August 8th. Sonoco Products’s payout ratio is 37.99%.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on SON. Jefferies Financial Group began coverage on Sonoco Products in a report on Tuesday, April 22nd. They issued a “buy” rating and a $62.00 price target on the stock. Wells Fargo & Company upgraded Sonoco Products from an “underweight” rating to an “overweight” rating and raised their price target for the company from $45.00 to $55.00 in a report on Friday, May 23rd. Wall Street Zen upgraded Sonoco Products from a “sell” rating to a “hold” rating in a report on Wednesday, May 7th. Truist Financial raised 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. Finally, Raymond James Financial raised their price target on Sonoco Products from $50.00 to $55.00 and gave the company an “outperform” rating in a report on Tuesday, July 15th. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, Sonoco Products has a consensus rating of “Moderate Buy” and an average price target of $57.63.

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.