Richardson Financial Services Inc. Sells 1,295 Shares of Sonoco Products (NYSE:SON)

Richardson Financial Services Inc. lowered its stake in shares of Sonoco Products (NYSE:SON) by 38.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,050 shares of the industrial products company’s stock after selling 1,295 shares during the period. Richardson Financial Services Inc.’s holdings in Sonoco Products were worth $104,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the stock. Rise Advisors LLC purchased a new position in shares of Sonoco Products during the 1st quarter valued at $26,000. FinTrust Capital Advisors LLC increased its stake in shares of Sonoco Products by 78.8% in the first quarter. FinTrust Capital Advisors LLC now owns 490 shares of the industrial products company’s stock worth $28,000 after purchasing an additional 216 shares in the last quarter. Burkett Financial Services LLC bought a new stake in shares of Sonoco Products in the fourth quarter valued at approximately $30,000. TFO Wealth Partners LLC boosted its holdings in Sonoco Products by 12,183.3% in the 4th quarter. TFO Wealth Partners LLC now owns 737 shares of the industrial products company’s stock worth $41,000 after buying an additional 731 shares during the period. Finally, Parallel Advisors LLC raised its holdings in Sonoco Products by 154.6% during the 4th quarter. Parallel Advisors LLC now owns 881 shares of the industrial products company’s stock valued at $49,000 after acquiring an additional 535 shares during the period. Institutional investors own 77.69% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Raymond James assumed coverage on Sonoco Products in a research note on Friday, July 19th. They set an “outperform” rating and a $62.00 price objective on the stock. StockNews.com lowered shares of Sonoco Products from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, July 3rd. Wells Fargo & Company lowered shares of Sonoco Products from an “equal weight” rating to an “underweight” rating and decreased their target price for the stock from $54.00 to $52.00 in a report on Wednesday, August 21st. Finally, Citigroup decreased their price target on shares of Sonoco Products from $64.00 to $60.00 and set a “buy” rating on the stock in a report on Monday, July 8th. One research analyst has rated the stock with a sell rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $58.00.

Sonoco Products Trading Down 0.2 %

Shares of Sonoco Products stock opened at $54.95 on Friday. The company has a 50 day simple moving average of $52.52 and a two-hundred day simple moving average of $55.37. The firm has a market cap of $5.40 billion, a PE ratio of 13.88, a PEG ratio of 2.16 and a beta of 0.68. Sonoco Products has a 1 year low of $48.22 and a 1 year 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.

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

Sonoco Products Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Shareholders of record on Friday, August 9th were paid a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 3.79%. The ex-dividend date was Friday, August 9th. Sonoco Products’s dividend payout ratio is currently 52.53%.

About Sonoco Products

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.