Access Investment Management LLC Purchases 17,685 Shares of Sonoco Products Company $SON

Access Investment Management LLC increased its position in Sonoco Products Company (NYSE:SON) by 7.3% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 259,875 shares of the industrial products company’s stock after purchasing an additional 17,685 shares during the period. Sonoco Products accounts for about 3.0% of Access Investment Management LLC’s holdings, making the stock its 10th biggest holding. Access Investment Management LLC owned 0.26% of Sonoco Products worth $11,198,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in SON. TD Waterhouse Canada Inc. purchased a new stake in Sonoco Products in the second quarter valued at approximately $30,000. True Wealth Design LLC increased its holdings in shares of Sonoco Products by 172.5% in the 3rd quarter. True Wealth Design LLC now owns 744 shares of the industrial products company’s stock valued at $32,000 after acquiring an additional 471 shares during the period. SouthState Corp raised its position in Sonoco Products by 439.1% in the 2nd quarter. SouthState Corp now owns 1,240 shares of the industrial products company’s stock valued at $54,000 after purchasing an additional 1,010 shares during the last quarter. Hilltop National Bank acquired a new stake in Sonoco Products during the 2nd quarter worth $56,000. Finally, EverSource Wealth Advisors LLC grew its position in Sonoco Products by 315.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,587 shares of the industrial products company’s stock worth $69,000 after purchasing an additional 1,205 shares during the last quarter. Hedge funds and other institutional investors own 77.69% of the company’s stock.

Sonoco Products Stock Up 0.2%

Shares of NYSE SON opened at $47.94 on Friday. The firm’s 50-day moving average is $44.64 and its two-hundred day moving average is $44.19. The company has a market capitalization of $4.73 billion, a PE ratio of 7.61, a price-to-earnings-growth ratio of 0.74 and a beta of 0.55. Sonoco Products Company has a 12-month low of $38.65 and a 12-month high of $50.09. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.92 and a quick ratio of 0.58.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. Jefferies Financial Group reduced their target price on shares of Sonoco Products from $61.00 to $60.00 and set a “buy” rating for the company in a report on Friday, October 24th. Truist Financial lifted their price objective on Sonoco Products from $53.00 to $54.00 and gave the company a “buy” rating in a report on Tuesday, January 6th. Bank of America raised Sonoco Products from a “neutral” rating to a “buy” rating and raised their target price for the company from $56.00 to $60.00 in a report on Monday, January 5th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Sonoco Products in a research note on Wednesday, January 21st. Finally, Zacks Research upgraded shares of Sonoco Products from a “strong sell” rating to a “hold” rating in a research note on Tuesday, January 6th. Four equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $54.86.

Sonoco Products 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.