Albion Financial Group UT Makes New $107,000 Investment in Sonoco Products (NYSE:SON)

Albion Financial Group UT bought a new stake in Sonoco Products (NYSE:SON) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 1,848 shares of the industrial products company’s stock, valued at approximately $107,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. State of Michigan Retirement System increased its position in shares of Sonoco Products by 2.1% during the first quarter. State of Michigan Retirement System now owns 24,051 shares of the industrial products company’s stock worth $1,391,000 after purchasing an additional 500 shares in the last quarter. Allspring Global Investments Holdings LLC purchased a new stake in Sonoco Products in the 1st quarter valued at $50,000. Oak Thistle LLC acquired a new stake in Sonoco Products during the 1st quarter worth $251,000. Norwood Financial Corp grew its position in Sonoco Products by 31.5% during the 1st quarter. Norwood Financial Corp now owns 1,775 shares of the industrial products company’s stock worth $103,000 after purchasing an additional 425 shares during the last quarter. Finally, GoalVest Advisory LLC increased its stake in Sonoco Products by 7.2% in the first quarter. GoalVest Advisory LLC now owns 19,901 shares of the industrial products company’s stock valued at $1,151,000 after purchasing an additional 1,336 shares during the period. 77.69% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on SON. Citigroup lowered their price target on Sonoco Products from $66.00 to $65.00 and set a “buy” rating on the stock in a report on Thursday, April 4th. Wells Fargo & Company upped their price target on Sonoco Products from $56.00 to $57.00 and gave the stock an “equal weight” rating in a research note on Friday, May 3rd. Finally, StockNews.com lowered shares of Sonoco Products from a “strong-buy” rating to a “buy” rating in a research report on Wednesday. Two research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, Sonoco Products currently has an average rating of “Moderate Buy” and a consensus target price of $63.33.

Sonoco Products Trading Up 0.5 %

Shares of SON stock opened at $49.57 on Thursday. The business’s fifty day moving average price is $57.61 and its 200 day moving average price is $57.16. The firm has a market capitalization of $4.87 billion, a PE ratio of 12.52, a P/E/G ratio of 1.91 and a beta of 0.68. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.31 and a quick ratio of 0.83. Sonoco Products has a 1-year low of $49.10 and a 1-year high of $61.73.

Sonoco Products (NYSE:SON) last posted its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $1.12 earnings per share for the quarter, topping analysts’ consensus estimates of $1.05 by $0.07. Sonoco Products had a net margin of 5.86% and a return on equity of 20.79%. The business had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.67 billion. During the same period in the prior year, the company posted $1.40 EPS. The business’s revenue for the quarter was down 5.3% on a year-over-year basis. As a group, sell-side analysts forecast that Sonoco Products will post 5.1 EPS for the current fiscal year.

Sonoco Products Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 10th. Stockholders of record on Friday, May 10th were given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.20%. This is an increase from Sonoco Products’s previous quarterly dividend of $0.51. The ex-dividend date of this dividend was Thursday, May 9th. Sonoco Products’s dividend payout ratio (DPR) is presently 52.53%.

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.