AE Wealth Management LLC Sells 221,957 Shares of Sonoco Products Company $SON

AE Wealth Management LLC lessened its holdings in Sonoco Products Company (NYSE:SON) by 94.7% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 12,515 shares of the industrial products company’s stock after selling 221,957 shares during the period. AE Wealth Management LLC’s holdings in Sonoco Products were worth $545,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the business. Fox Run Management L.L.C. purchased a new position in shares of Sonoco Products in the 2nd quarter worth $1,324,000. Savant Capital LLC bought a new position in shares of Sonoco Products in the 2nd quarter valued at about $320,000. SouthState Corp grew its position in Sonoco Products by 439.1% in the second quarter. SouthState Corp now owns 1,240 shares of the industrial products company’s stock worth $54,000 after acquiring an additional 1,010 shares in the last quarter. Access Investment Management LLC bought a new stake in Sonoco Products during the second quarter worth approximately $10,550,000. Finally, Speece Thorson Capital Group Inc. raised its position in Sonoco Products by 63.5% during the second quarter. Speece Thorson Capital Group Inc. now owns 355,136 shares of the industrial products company’s stock valued at $15,470,000 after purchasing an additional 137,881 shares during the period. Hedge funds and other institutional investors own 77.69% of the company’s stock.

Sonoco Products Stock Down 1.5%

NYSE:SON opened at $40.96 on Friday. 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 company has a 50-day moving average of $42.51 and a 200 day moving average of $44.55. The firm has a market cap of $4.04 billion, a PE ratio of 6.50, a price-to-earnings-growth ratio of 0.73 and a beta of 0.67.

Sonoco Products (NYSE:SON) last posted its quarterly earnings results on Wednesday, June 22nd. The industrial products company reported $1.00 EPS for the quarter. Sonoco Products had a net margin of 8.82% and a return on equity of 20.49%. The business had revenue of $1.35 billion during the quarter. Sonoco Products has set its Q2 2022 guidance at $1.60-$1.70 EPS. As a group, research analysts anticipate that Sonoco Products Company will post 6.1 EPS for the current fiscal year.

Sonoco Products Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 10th. Shareholders of record on Monday, November 10th will be given a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 5.2%. The ex-dividend date of this dividend is Monday, November 10th. Sonoco Products’s dividend payout ratio (DPR) is 33.65%.

Insiders Place Their Bets

In related news, Director John R. Haley acquired 2,506 shares of the company’s stock in a transaction that occurred 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 transaction, the director directly owned 23,310 shares in the company, valued at $929,369.70. This trade represents a 12.05% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Paul Joachimczyk bought 20,500 shares of Sonoco Products stock in a transaction on Wednesday, October 29th. The stock was purchased at an average price of $39.50 per share, with a total value of $809,750.00. Following the completion of the acquisition, the chief financial officer directly owned 20,500 shares of the company’s stock, valued at $809,750. This represents a ∞ increase in their position. The disclosure for this purchase is available in the SEC filing. Company insiders own 0.74% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently weighed in on SON. Citigroup cut their target price on Sonoco Products from $56.00 to $55.00 and set a “buy” rating on the stock in a research report on Monday, September 29th. Wells Fargo & Company boosted their price objective on shares of Sonoco Products from $50.00 to $52.00 and gave the company an “overweight” rating in a research report on Friday, October 24th. Bank of America restated a “neutral” rating and issued a $56.00 target price on shares of Sonoco Products in a report on Thursday, October 9th. Truist Financial dropped their price target on shares of Sonoco Products from $58.00 to $57.00 and set a “buy” rating for the company in a research note on Monday, October 13th. Finally, UBS Group reduced their price objective on shares of Sonoco Products from $50.00 to $46.00 and set a “neutral” rating on the stock in a research report on Monday, October 6th. Four analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Sonoco Products currently has an average rating of “Hold” and an average 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.