Independent Advisor Alliance Takes Position in Sonoco Products (NYSE:SON)

Independent Advisor Alliance acquired a new position in shares of Sonoco Products (NYSE:SON) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 6,680 shares of the industrial products company’s stock, valued at approximately $365,000.

Several other hedge funds have also made changes to their positions in SON. Kennebec Savings Bank purchased a new position in Sonoco Products during the 3rd quarter worth approximately $27,000. Capital Performance Advisors LLP acquired a new position in Sonoco Products during the third quarter valued at $33,000. Abich Financial Wealth Management LLC acquired a new position in Sonoco Products during the second quarter valued at $50,000. Gradient Investments LLC purchased a new stake in Sonoco Products in the 2nd quarter worth about $58,000. Finally, Northwestern Mutual Wealth Management Co. grew its stake in Sonoco Products by 821.1% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,879 shares of the industrial products company’s stock valued at $95,000 after acquiring an additional 1,675 shares in the last quarter. Hedge funds and other institutional investors own 77.69% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Robert W. Baird reduced their price target on shares of Sonoco Products from $58.00 to $55.00 and set a “neutral” rating for the company in a research report on Monday, November 4th. Citigroup raised their price target on shares of Sonoco Products from $62.00 to $63.00 and gave the company a “buy” rating in a report on Wednesday, October 2nd. Truist Financial initiated coverage on Sonoco Products in a report on Tuesday. They issued a “buy” rating and a $63.00 target price for the company. Finally, Wells Fargo & Company cut shares of Sonoco Products from an “equal weight” rating to an “underweight” rating and decreased their price target for the company from $54.00 to $52.00 in a report on Wednesday, August 21st. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $59.00.

Sonoco Products Stock Down 0.6 %

NYSE SON opened at $51.31 on Friday. Sonoco Products has a 1-year low of $48.22 and a 1-year high of $61.73. The company has a market capitalization of $5.04 billion, a price-to-earnings ratio of 17.63, a PEG ratio of 2.14 and a beta of 0.69. The stock’s 50 day moving average is $52.49 and its two-hundred day moving average is $53.77. The company has a current ratio of 2.36, a quick ratio of 1.91 and a debt-to-equity ratio of 1.74.

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

Sonoco Products Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Friday, November 8th will be given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.05%. The ex-dividend date of this dividend is Friday, November 8th. Sonoco Products’s dividend payout ratio (DPR) is currently 71.48%.

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.