Concurrent Investment Advisors LLC Acquires New Holdings in Sonoco Products (NYSE:SON)

Concurrent Investment Advisors LLC bought a new position in Sonoco Products (NYSE:SON) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 4,096 shares of the industrial products company’s stock, valued at approximately $224,000.

Other large investors have also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC bought a new stake in shares of Sonoco Products during the first quarter valued at about $50,000. Janney Montgomery Scott LLC increased its position in shares of Sonoco Products by 26.2% during the 1st quarter. Janney Montgomery Scott LLC now owns 17,152 shares of the industrial products company’s stock valued at $992,000 after purchasing an additional 3,559 shares during the period. Envestnet Portfolio Solutions Inc. raised its stake in shares of Sonoco Products by 35.2% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 5,125 shares of the industrial products company’s stock worth $296,000 after buying an additional 1,333 shares in the last quarter. Illinois Municipal Retirement Fund lifted its holdings in shares of Sonoco Products by 58.3% in the first quarter. Illinois Municipal Retirement Fund now owns 23,106 shares of the industrial products company’s stock valued at $1,336,000 after buying an additional 8,511 shares during the period. Finally, Russell Investments Group Ltd. boosted its stake in Sonoco Products by 49.3% during the first quarter. Russell Investments Group Ltd. now owns 123,974 shares of the industrial products company’s stock valued at $7,171,000 after buying an additional 40,927 shares in the last quarter. 77.69% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms recently commented on SON. Wells Fargo & Company lowered shares of Sonoco Products from an “equal weight” rating to an “underweight” rating and cut their target price for the company from $54.00 to $52.00 in a research note on Wednesday, August 21st. 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 target price on the stock. Citigroup upped their price target on shares of Sonoco Products from $62.00 to $63.00 and gave the company a “buy” rating in a research report on Wednesday, October 2nd. Finally, Robert W. Baird lowered their price objective on shares of Sonoco Products from $58.00 to $55.00 and set a “neutral” rating on the stock in a research report on Monday, November 4th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $58.00.

Sonoco Products Stock Performance

Shares of NYSE:SON opened at $50.66 on Tuesday. Sonoco Products has a 1 year low of $48.22 and a 1 year high of $61.73. The firm has a fifty day moving average price of $53.52 and a 200 day moving average price of $54.31. The company has a current ratio of 2.36, a quick ratio of 1.91 and a debt-to-equity ratio of 1.74. The stock has a market capitalization of $4.98 billion, a PE ratio of 17.41, a P/E/G ratio of 2.08 and a beta of 0.69.

Sonoco Products (NYSE:SON) last posted its earnings results on Thursday, October 31st. The industrial products company reported $1.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.45 by $0.04. The business had revenue of $1.68 billion for the quarter, compared to analyst estimates of $1.72 billion. Sonoco Products had a net margin of 4.38% and a return on equity of 19.92%. Sonoco Products’s revenue was down 2.0% compared to the same quarter last year. During the same period last year, the business posted $1.46 EPS. Analysts expect that Sonoco Products will post 5.1 EPS for the current fiscal year.

Sonoco Products Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Friday, November 8th will be paid a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, November 8th. This represents a $2.08 annualized dividend and a yield of 4.11%. Sonoco Products’s payout ratio is 71.48%.

Sonoco Products 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.