LPL Financial LLC Boosts Stake in Sonoco Products Company (NYSE:SON)

LPL Financial LLC raised its holdings in Sonoco Products Company (NYSE:SON) by 16.1% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 67,101 shares of the industrial products company’s stock after purchasing an additional 9,303 shares during the quarter. LPL Financial LLC owned 0.07% of Sonoco Products worth $3,170,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Beverly Hills Private Wealth LLC raised its holdings in shares of Sonoco Products by 4.1% in the 1st quarter. Beverly Hills Private Wealth LLC now owns 5,669 shares of the industrial products company’s stock valued at $268,000 after buying an additional 224 shares during the period. IVC Wealth Advisors LLC raised its holdings in shares of Sonoco Products by 4.6% in the 1st quarter. IVC Wealth Advisors LLC now owns 6,542 shares of the industrial products company’s stock valued at $309,000 after buying an additional 288 shares during the period. State of Michigan Retirement System raised its holdings in shares of Sonoco Products by 1.3% in the 1st quarter. State of Michigan Retirement System now owns 23,551 shares of the industrial products company’s stock valued at $1,113,000 after buying an additional 300 shares during the period. State of Alaska Department of Revenue raised its holdings in shares of 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 buying an additional 305 shares during the period. Finally, Mercer Global Advisors Inc. ADV raised its holdings in shares of 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 valued at $460,000 after buying an additional 368 shares during the period. Hedge funds and other institutional investors own 77.69% of the company’s stock.

Sonoco Products Price Performance

Shares of Sonoco Products stock opened at $46.25 on Friday. Sonoco Products Company has a twelve month low of $39.46 and a twelve month high of $56.77. The stock has a market capitalization of $4.56 billion, a P/E ratio of 8.29, a PEG ratio of 0.62 and a beta of 0.69. The company has a current ratio of 1.25, a quick ratio of 0.72 and a debt-to-equity ratio of 1.53. The business’s fifty day moving average price is $45.61 and its 200 day moving average price is $45.75.

Sonoco Products (NYSE:SON) last released its quarterly earnings data on Wednesday, July 23rd. The industrial products company reported $1.37 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 analysts’ expectations of $1.92 billion. During the same period last year, the business earned $1.28 earnings per share. The company’s revenue for the quarter was up 17.7% compared to the same quarter last year. As a group, research analysts anticipate 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 issued a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 4.6%. The ex-dividend date of this dividend is Friday, August 8th. Sonoco Products’s payout ratio is currently 37.99%.

Analysts Set New Price Targets

Several research analysts recently commented on the company. Truist Financial boosted their target price on Sonoco Products from $53.00 to $58.00 and gave the stock a “buy” rating in a research note on Friday, July 25th. Wells Fargo & Company raised Sonoco Products from an “underweight” rating to an “overweight” rating and boosted their target price for the stock from $45.00 to $55.00 in a research note on Friday, May 23rd. Wall Street Zen raised Sonoco Products from a “sell” rating to a “hold” rating in a research note on Wednesday, May 7th. Jefferies Financial Group assumed coverage on Sonoco Products in a research note on Tuesday, April 22nd. They set a “buy” rating and a $62.00 target price for the company. Finally, UBS Group boosted their target price on Sonoco Products from $48.00 to $50.00 and gave the stock a “neutral” rating in a research note on Thursday, July 24th. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, Sonoco Products presently has a consensus rating of “Moderate Buy” and an average 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.