Abich Financial Wealth Management LLC Invests $50,000 in Sonoco Products (NYSE:SON)

Abich Financial Wealth Management LLC purchased a new position in shares of Sonoco Products (NYSE:SON) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 989 shares of the industrial products company’s stock, valued at approximately $50,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Sonoco Products in the second quarter valued at about $164,000. Point72 Hong Kong Ltd lifted its position in shares of Sonoco Products by 1,247.3% during the 2nd quarter. Point72 Hong Kong Ltd now owns 70,290 shares of the industrial products company’s stock worth $3,565,000 after buying an additional 65,073 shares in the last quarter. Point72 DIFC Ltd grew its holdings in shares of Sonoco Products by 13.6% in the second quarter. Point72 DIFC Ltd now owns 17,351 shares of the industrial products company’s stock valued at $880,000 after acquiring an additional 2,082 shares in the last quarter. Marshall Wace LLP bought a new stake in Sonoco Products during the second quarter worth $1,491,000. Finally, Magnetar Financial LLC purchased a new position in Sonoco Products in the second quarter worth $245,000. 77.69% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Sonoco Products Stock Performance

NYSE SON opened at $53.62 on Thursday. The firm has a market cap of $5.27 billion, a P/E ratio of 13.54, a price-to-earnings-growth ratio of 2.11 and a beta of 0.68. The company has a quick ratio of 0.85, a current ratio of 1.30 and a debt-to-equity ratio of 1.04. The company’s 50 day moving average is $52.87 and its 200-day moving average is $55.28. Sonoco Products has a 12-month low of $48.22 and a 12-month high of $61.73.

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

Sonoco Products Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Shareholders of record on Friday, August 9th were issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 3.88%. The ex-dividend date was Friday, August 9th. Sonoco Products’s payout ratio 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.