Advisors Asset Management Inc. Acquires 17,165 Shares of Sonoco Products Company $SON

Advisors Asset Management Inc. grew its stake in Sonoco Products Company (NYSE:SON) by 58.3% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 46,590 shares of the industrial products company’s stock after purchasing an additional 17,165 shares during the quarter. Advisors Asset Management Inc.’s holdings in Sonoco Products were worth $2,008,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. Savant Capital LLC raised its position in Sonoco Products by 415.0% in the third quarter. Savant Capital LLC now owns 37,875 shares of the industrial products company’s stock worth $1,632,000 after acquiring an additional 30,520 shares during the period. Allen Wealth Management LLC purchased a new stake in shares of Sonoco Products during the 3rd quarter worth approximately $1,489,000. AlphaQuest LLC raised its holdings in shares of Sonoco Products by 1,237.0% in the 3rd quarter. AlphaQuest LLC now owns 24,079 shares of the industrial products company’s stock worth $1,038,000 after purchasing an additional 22,278 shares during the period. Voya Investment Management LLC lifted its stake in Sonoco Products by 329.3% in the third quarter. Voya Investment Management LLC now owns 50,390 shares of the industrial products company’s stock valued at $2,171,000 after purchasing an additional 38,653 shares during the last quarter. Finally, Pacer Advisors Inc. bought a new position in Sonoco Products during the third quarter valued at $560,000. Institutional investors own 77.69% of the company’s stock.

Sonoco Products Trading Up 0.7%

Shares of Sonoco Products stock opened at $51.66 on Monday. The company has a 50 day simple moving average of $46.47 and a two-hundred day simple moving average of $44.43. The firm has a market cap of $5.10 billion, a PE ratio of 8.20, a PEG ratio of 0.80 and a beta of 0.54. Sonoco Products Company has a 1 year low of $38.65 and a 1 year high of $52.38. 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 Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 10th. Stockholders of record on Wednesday, February 25th will be paid a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date of this dividend is Wednesday, February 25th. Sonoco Products’s payout ratio is 33.65%.

Wall Street Analyst Weigh In

SON has been the topic of several research reports. Raymond James Financial set a $60.00 target price on Sonoco Products in a research note on Monday, January 5th. UBS Group increased their target price on shares of Sonoco Products from $44.00 to $48.00 and gave the stock a “neutral” rating in a research report on Monday, January 12th. Bank of America upgraded shares of Sonoco Products from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $56.00 to $60.00 in a research note on Monday, January 5th. Truist Financial upped their price target on shares of Sonoco Products from $53.00 to $54.00 and gave the company a “buy” rating in a research note on Tuesday, January 6th. 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 analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $54.86.

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.