Sonoco Products Company $SON Shares Sold by IFP Advisors Inc

IFP Advisors Inc lessened its holdings in shares of Sonoco Products Company (NYSE:SON) by 20.9% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 5,760 shares of the industrial products company’s stock after selling 1,522 shares during the period. IFP Advisors Inc’s holdings in Sonoco Products were worth $251,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the company. ST Germain D J Co. Inc. acquired a new stake in Sonoco Products during the 2nd quarter worth approximately $26,000. Whittier Trust Co. of Nevada Inc. grew its stake in shares of Sonoco Products by 508.1% during the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 900 shares of the industrial products company’s stock worth $43,000 after purchasing an additional 752 shares during the period. Allworth Financial LP increased its holdings in Sonoco Products by 152.0% in the first quarter. Allworth Financial LP now owns 1,071 shares of the industrial products company’s stock valued at $50,000 after buying an additional 646 shares in the last quarter. Hilltop National Bank acquired a new position in Sonoco Products during the second quarter worth $56,000. Finally, Quarry LP raised its stake in shares of Sonoco Products by 56.5% during the 1st quarter. Quarry LP now owns 1,518 shares of the industrial products company’s stock worth $72,000 after buying an additional 548 shares during the last quarter. Hedge funds and other institutional investors own 77.69% of the company’s stock.

Sonoco Products Stock Performance

Shares of SON opened at $40.13 on Friday. Sonoco Products Company has a 52-week low of $39.13 and a 52-week high of $54.59. The company has a quick ratio of 0.72, a current ratio of 1.25 and a debt-to-equity ratio of 1.53. The firm has a market cap of $3.96 billion, a price-to-earnings ratio of 7.19, a PEG ratio of 0.65 and a beta of 0.68. The business’s 50 day moving average is $44.96 and its two-hundred day moving average is $45.08.

Sonoco Products (NYSE:SON) last issued its earnings results on Wednesday, June 22nd. The industrial products company reported $1.00 earnings per share (EPS) for the quarter. Sonoco Products had a net margin of 8.35% and a return on equity of 20.46%. The business had revenue of $1.35 billion for the quarter. Sonoco Products has set its Q2 2022 guidance at $1.60-$1.70 EPS. Analysts forecast that Sonoco Products Company will post 6.1 EPS for the current fiscal year.

Sonoco Products Dividend Announcement

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 $0.53 dividend. The ex-dividend date of this dividend is Monday, November 10th. This represents a $2.12 annualized dividend and a yield of 5.3%. Sonoco Products’s dividend payout ratio (DPR) is currently 37.99%.

Analyst Upgrades and Downgrades

Several analysts have commented on SON shares. Bank of America reaffirmed a “neutral” rating and issued a $56.00 target price on shares of Sonoco Products in a research note on Thursday, October 9th. Truist Financial lowered their price target on Sonoco Products from $58.00 to $57.00 and set a “buy” rating for the company in a research report on Monday. Citigroup reduced their price objective on Sonoco Products from $56.00 to $55.00 and set a “buy” rating on the stock in a research note on Monday, September 29th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Sonoco Products in a research note on Wednesday, October 8th. Finally, Raymond James Financial boosted their price objective on Sonoco Products from $50.00 to $55.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 15th. Five analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $54.50.

Sonoco Products Company 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.