Spire Wealth Management Trims Position in Sonoco Products Company $SON

Spire Wealth Management cut its holdings in shares of Sonoco Products Company (NYSE:SON) by 52.6% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,900 shares of the industrial products company’s stock after selling 2,105 shares during the period. Spire Wealth Management’s holdings in Sonoco Products were worth $83,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Principal Financial Group Inc. grew its stake in Sonoco Products by 0.5% in the first quarter. Principal Financial Group Inc. now owns 226,179 shares of the industrial products company’s stock worth $10,685,000 after purchasing an additional 1,044 shares during the period. OneDigital Investment Advisors LLC purchased a new stake in Sonoco Products in the first quarter worth $232,000. Raymond James Financial Inc. grew its stake in Sonoco Products by 11.0% in the first quarter. Raymond James Financial Inc. now owns 136,553 shares of the industrial products company’s stock worth $6,451,000 after purchasing an additional 13,479 shares during the period. Jefferies Financial Group Inc. purchased a new stake in Sonoco Products in the first quarter worth $748,000. Finally, Millennium Management LLC grew its stake in Sonoco Products by 739.7% in the first quarter. Millennium Management LLC now owns 1,152,506 shares of the industrial products company’s stock worth $54,444,000 after purchasing an additional 1,015,250 shares during the period. 77.69% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Sonoco Products

In other news, Director John R. Haley bought 2,506 shares of the stock in a transaction on Tuesday, October 28th. The shares were bought at an average price of $39.87 per share, with a total value of $99,914.22. Following the completion of the acquisition, the director owned 23,310 shares in the company, valued at $929,369.70. The trade was a 12.05% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Paul Joachimczyk bought 20,500 shares of the stock in a transaction on Wednesday, October 29th. The stock was purchased at an average cost of $39.50 per share, for a total transaction of $809,750.00. Following the acquisition, the chief financial officer owned 20,500 shares of the company’s stock, valued at $809,750. This trade represents a ∞ increase in their position. The SEC filing for this purchase provides additional information. 0.74% of the stock is currently owned by corporate insiders.

Sonoco Products Trading Up 1.9%

Shares of NYSE:SON opened at $40.82 on Thursday. The company has a market cap of $4.03 billion, a P/E ratio of 6.48, a PEG ratio of 0.73 and a beta of 0.68. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.92 and a quick ratio of 0.58. Sonoco Products Company has a 1 year low of $38.65 and a 1 year high of $52.77. The stock’s fifty day moving average price is $43.32 and its 200-day moving average price is $44.77.

Sonoco Products (NYSE:SON) last announced its quarterly earnings results on Wednesday, June 22nd. The industrial products company reported $1.00 earnings per share (EPS) for the quarter. The firm had revenue of $1.35 billion for the quarter. Sonoco Products had a return on equity of 20.49% and a net margin of 8.82%. Sonoco Products has set its Q2 2022 guidance at $1.60-$1.70 EPS. Sell-side 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 announced a quarterly dividend, which will be paid on Wednesday, December 10th. Shareholders of record on Monday, November 10th will be issued a $0.53 dividend. The ex-dividend date of this dividend is Monday, November 10th. This represents a $2.12 dividend on an annualized basis and a yield of 5.2%. Sonoco Products’s dividend payout ratio is currently 33.65%.

Analyst Upgrades and Downgrades

SON has been the topic of several recent research reports. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Sonoco Products in a research note on Wednesday, October 8th. Raymond James Financial reaffirmed a “market perform” rating on shares of Sonoco Products in a research note on Friday, October 17th. Citigroup reduced their price target on Sonoco Products from $56.00 to $55.00 and set a “buy” rating on the stock in a research note on Monday, September 29th. Jefferies Financial Group reduced their price target on Sonoco Products from $61.00 to $60.00 and set a “buy” rating on the stock in a research note on Friday, October 24th. Finally, Bank of America reissued a “neutral” rating and issued a $56.00 target price on shares of Sonoco Products in a report on Thursday, October 9th. Four analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $54.43.

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.