AE Wealth Management LLC increased its position in shares of Sonoco Products Company (NYSE:SON - Free Report) by 12.8% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 234,472 shares of the industrial products company's stock after buying an additional 26,571 shares during the period. AE Wealth Management LLC owned about 0.24% of Sonoco Products worth $11,076,000 at the end of the most recent reporting period.
Other large investors have also recently made changes to their positions in the company. Beverly Hills Private Wealth LLC lifted its holdings in shares of Sonoco Products by 4.1% during the first quarter. Beverly Hills Private Wealth LLC now owns 5,669 shares of the industrial products company's stock worth $268,000 after purchasing an additional 224 shares during the period. Treasurer of the State of North Carolina lifted its holdings in Sonoco Products by 0.6% in the fourth quarter. Treasurer of the State of North Carolina now owns 43,056 shares of the industrial products company's stock valued at $2,103,000 after acquiring an additional 270 shares during the period. IVC Wealth Advisors LLC lifted its holdings in Sonoco Products by 4.6% in the first quarter. IVC Wealth Advisors LLC now owns 6,542 shares of the industrial products company's stock valued at $309,000 after acquiring an additional 288 shares during the period. State of Michigan Retirement System lifted its holdings in Sonoco Products by 1.3% in the first quarter. State of Michigan Retirement System now owns 23,551 shares of the industrial products company's stock valued at $1,113,000 after acquiring an additional 300 shares during the period. Finally, State of Alaska Department of Revenue lifted its holdings in Sonoco Products by 2.7% in the first quarter. State of Alaska Department of Revenue now owns 11,511 shares of the industrial products company's stock valued at $543,000 after acquiring an additional 305 shares during the period. 77.69% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
A number of equities research analysts have commented on SON shares. Wells Fargo & Company raised Sonoco Products from an "underweight" rating to an "overweight" rating and raised their target price for the company from $45.00 to $55.00 in a report on Friday, May 23rd. Raymond James Financial lifted their price target on Sonoco Products from $50.00 to $55.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 15th. UBS Group lifted their price target on Sonoco Products from $48.00 to $50.00 and gave the stock a "neutral" rating in a research note on Thursday. Jefferies Financial Group assumed coverage on Sonoco Products in a research note on Tuesday, April 22nd. They set a "buy" rating and a $62.00 price target for the company. Finally, Truist Financial lifted their price target on Sonoco Products from $53.00 to $58.00 and gave the stock a "buy" rating in a research note on Friday. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $57.63.
Read Our Latest Research Report on Sonoco Products
Sonoco Products Trading Down 0.5%
SON traded down $0.24 during midday trading on Friday, hitting $48.34. The company's stock had a trading volume of 1,164,116 shares, compared to its average volume of 981,950. The company has a current ratio of 1.25, a quick ratio of 0.51 and a debt-to-equity ratio of 1.53. The firm has a market cap of $4.77 billion, a P/E ratio of 8.66, a PEG ratio of 0.62 and a beta of 0.68. The firm has a 50-day moving average price of $45.55 and a two-hundred day moving average price of $45.98. Sonoco Products Company has a 52-week low of $39.46 and a 52-week high of $56.77.
Sonoco Products (NYSE:SON - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The industrial products company reported $1.37 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.44 by ($0.07). The firm had revenue of $1.91 billion for the quarter, compared to analysts' expectations of $1.92 billion. Sonoco Products had a return on equity of 20.46% and a net margin of 8.35%. The firm's revenue for the quarter was up 17.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.28 EPS. On average, research analysts anticipate that Sonoco Products Company will post 6.1 earnings per share for the current year.
Sonoco Products Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Friday, August 8th will be given a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 4.39%. The ex-dividend date of this dividend is Friday, August 8th. Sonoco Products's dividend payout ratio is currently 37.99%.
Insider Activity at Sonoco Products
In other news, Director John R. Haley bought 2,246 shares of the firm's stock in a transaction that occurred on Friday, May 2nd. The stock was acquired at an average price of $44.57 per share, with a total value of $100,104.22. Following the completion of the purchase, the director directly owned 20,804 shares of the company's stock, valued at $927,234.28. This represents a 12.10% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO R. Howard Coker bought 20,000 shares of Sonoco Products stock in a transaction dated Thursday, May 1st. The shares were bought at an average cost of $41.17 per share, with a total value of $823,400.00. Following the completion of the acquisition, the chief executive officer owned 502,365 shares of the company's stock, valued at $20,682,367.05. The trade was a 4.15% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders have bought 27,721 shares of company stock valued at $1,144,366. Corporate insiders own 0.74% of the company's stock.
Sonoco Products Profile
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Free Report)
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.
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