Sound Income Strategies LLC Takes Position in Sonoco Products (NYSE:SON)

by · The Markets Daily

Sound Income Strategies LLC acquired a new position in shares of Sonoco Products (NYSE:SON – Free Report) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 181,856 shares of the industrial products company’s stock, valued at approximately $9,935,000. Sound Income Strategies LLC owned about 0.19% of Sonoco Products at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of SON. Rise Advisors LLC purchased a new position in shares of Sonoco Products in the first quarter valued at approximately $26,000. FinTrust Capital Advisors LLC increased its stake in Sonoco Products by 78.8% in the 1st quarter. FinTrust Capital Advisors LLC now owns 490 shares of the industrial products company’s stock valued at $28,000 after buying an additional 216 shares during the period. Allspring Global Investments Holdings LLC acquired a new position in Sonoco Products in the 1st quarter valued at $50,000. Abich Financial Wealth Management LLC acquired a new position in Sonoco Products in the 2nd quarter valued at $50,000. Finally, Gradient Investments LLC purchased a new stake in shares of Sonoco Products during the 2nd quarter worth $58,000. 77.69% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

SON has been the topic of several recent research reports. Raymond James initiated coverage on shares of Sonoco Products in a research report on Friday, July 19th. They issued an “outperform” rating and a $62.00 price objective on the stock. Wells Fargo & Company downgraded shares of Sonoco Products from an “equal weight” rating to an “underweight” rating and dropped their price objective for the company from $54.00 to $52.00 in a research note on Wednesday, August 21st. Citigroup increased their target price on shares of Sonoco Products from $62.00 to $63.00 and gave the stock a “buy” rating in a research report on Wednesday, October 2nd. Finally, StockNews.com cut Sonoco Products from a “strong-buy” rating to a “buy” rating in a report on Wednesday, July 3rd. One research analyst has rated the stock with a sell rating and three have assigned a buy rating to the company. According to MarketBeat, Sonoco Products presently has an average rating of “Moderate Buy” and an average price target of $59.00.

Get Our Latest Report on SON

Sonoco Products Price Performance

Shares of Sonoco Products stock traded up $0.60 on Friday, hitting $54.20. The company had a trading volume of 746,106 shares, compared to its average volume of 730,424. The company has a market cap of $5.33 billion, a PE ratio of 14.57, a PEG ratio of 2.08 and a beta of 0.68. Sonoco Products has a 52 week low of $48.22 and a 52 week high of $61.73. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.30 and a quick ratio of 0.85. The business has a 50-day simple moving average of $53.25 and a 200-day simple moving average of $55.01.

Sonoco Products (NYSE:SON – Get Free Report) last released its earnings results on Wednesday, July 31st. The industrial products company reported $1.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.26 by $0.02. The company had revenue of $1.62 billion during the quarter, compared to the consensus estimate of $1.69 billion. Sonoco Products had a net margin of 5.57% and a return on equity of 20.10%. The company’s revenue was down 4.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.38 EPS. Research analysts expect that Sonoco Products will post 5.09 EPS for the current fiscal year.

Sonoco Products Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Friday, August 9th were given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.84%. The ex-dividend date of this dividend was Friday, August 9th. Sonoco Products’s dividend payout ratio is presently 55.91%.

Sonoco Products Company Profile

(Free Report)

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.

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