Allen Wealth Management LLC Purchases New Stake in Sonoco Products Company $SON

Allen Wealth Management LLC acquired a new position in Sonoco Products Company (NYSE:SON) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 34,547 shares of the industrial products company’s stock, valued at approximately $1,489,000. Sonoco Products makes up 1.0% of Allen Wealth Management LLC’s portfolio, making the stock its 23rd biggest holding.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Norges Bank acquired a new position in shares of Sonoco Products during the 2nd quarter worth $53,618,000. Nordea Investment Management AB boosted its holdings in Sonoco Products by 70.1% during the second quarter. Nordea Investment Management AB now owns 2,827,569 shares of the industrial products company’s stock worth $122,914,000 after buying an additional 1,164,849 shares in the last quarter. Millennium Management LLC grew its position in Sonoco Products by 739.7% during the first quarter. Millennium Management LLC now owns 1,152,506 shares of the industrial products company’s stock worth $54,444,000 after buying an additional 1,015,250 shares during the period. Balyasny Asset Management L.P. purchased a new position in Sonoco Products in the second quarter valued at about $11,569,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Sonoco Products by 87.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 545,179 shares of the industrial products company’s stock valued at $25,754,000 after acquiring an additional 255,055 shares during the period. Institutional investors and hedge funds own 77.69% of the company’s stock.

Analyst Upgrades and Downgrades

SON has been the topic of a number of research reports. Truist Financial lowered their price target on Sonoco Products from $58.00 to $57.00 and set a “buy” rating on the stock in a report on Monday, October 13th. Zacks Research downgraded Sonoco Products from a “hold” rating to a “strong sell” rating in a research report on Monday, October 27th. UBS Group dropped their price target on Sonoco Products from $50.00 to $46.00 and set a “neutral” rating for the company in a research report on Monday, October 6th. Wells Fargo & Company lifted their price target on Sonoco Products from $50.00 to $52.00 and gave the stock an “overweight” rating in a research note on Friday, October 24th. Finally, Citigroup lowered their price objective on shares of Sonoco Products from $56.00 to $55.00 and set a “buy” rating on the stock in a research note on Monday, September 29th. Four research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $54.43.

Insider Buying and Selling

In other news, Director John R. Haley acquired 2,506 shares of Sonoco Products stock in a transaction that occurred on Tuesday, October 28th. The shares were acquired at an average price of $39.87 per share, with a total value of $99,914.22. Following the completion of the purchase, the director owned 23,310 shares of the company’s stock, valued at approximately $929,369.70. This represents a 12.05% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Paul Joachimczyk bought 20,500 shares of the firm’s stock in a transaction that occurred on Wednesday, October 29th. The shares were purchased at an average price of $39.50 per share, for a total transaction of $809,750.00. Following the transaction, the chief financial officer owned 20,500 shares of the company’s stock, valued at $809,750. The trade was a ∞ increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders own 0.74% of the company’s stock.

Sonoco Products Stock Performance

Sonoco Products stock opened at $44.37 on Monday. Sonoco Products Company has a fifty-two week low of $38.65 and a fifty-two week high of $50.09. The company has a market capitalization of $4.38 billion, a price-to-earnings ratio of 7.04, a PEG ratio of 0.77 and a beta of 0.55. The stock has a fifty day moving average of $41.62 and a two-hundred day moving average of $43.81. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.58 and a current ratio of 0.92.

Sonoco Products (NYSE:SON) last issued its quarterly earnings data on Wednesday, June 22nd. The industrial products company reported $1.00 earnings per share (EPS) for the quarter. The business 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. On average, analysts anticipate that Sonoco Products Company will post 6.1 EPS for the current fiscal year.

Sonoco Products Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, December 10th. Stockholders of record on Monday, November 10th were issued a dividend of $0.53 per share. The ex-dividend date was Monday, November 10th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 4.8%. Sonoco Products’s payout ratio is 33.65%.

Sonoco Products Company Profile

Sonoco Products Company (NYSE: SON) is a global provider of diversified packaging solutions, serving a wide range of consumer, industrial and retail markets. The company offers a broad portfolio that includes rigid paper and plastic containers, flexible packaging, industrial core and tube products, thermoformed plastics, retail point-of-purchase displays, and packaging supply chain services. Through its solutions, Sonoco helps customers in food and beverage, personal care, chemicals, healthcare, home and garden, and electronics industries address their packaging needs, improve product shelf appeal, and optimize logistics efficiency.

With operations in more than 30 countries across North America, South America, Europe, Asia and Africa, Sonoco leverages a global network of manufacturing facilities, recycling centers and distribution channels to meet the demands of multinational and regional customers.