First Trust Advisors LP Purchases 156,793 Shares of Sonoco Products Company $SON

Key Points

• First Trust Advisors LP increased its stake in Sonoco by 12.8% in Q3, buying 156,793 shares to own 1,384,361 shares (about 1.40% of the company) valued at roughly $59.65 million.
• Sonoco beat quarterly estimates with EPS of $1.05 vs. $1.01 expected and revenue of $1.77 billion (up 29.7% YoY), and the company pays a quarterly dividend of $0.53 (annualized $2.12), a 4.0% yield.
• Several analysts raised price targets (e.g., Truist $69, UBS $62, Citigroup $70), but the consensus rating remains Hold with a consensus target of $62.63; institutional ownership is high at 77.69%.

First Trust Advisors LP grew its holdings in shares of Sonoco Products Company (NYSE:SON - Free Report) by 12.8% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,384,361 shares of the industrial products company's stock after purchasing an additional 156,793 shares during the quarter. First Trust Advisors LP owned approximately 1.40% of Sonoco Products worth $59,652,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in SON. TD Waterhouse Canada Inc. bought a new stake in Sonoco Products during the second quarter valued at approximately $30,000. Cornerstone Planning Group LLC purchased a new position in shares of Sonoco Products during the 3rd quarter worth $29,000. True Wealth Design LLC grew its position in shares of Sonoco Products by 172.5% during the 3rd quarter. True Wealth Design LLC now owns 744 shares of the industrial products company's stock valued at $32,000 after acquiring an additional 471 shares during the period. Clearstead Advisors LLC increased its stake in shares of Sonoco Products by 258.7% in the 3rd quarter. Clearstead Advisors LLC now owns 1,338 shares of the industrial products company's stock worth $58,000 after purchasing an additional 965 shares in the last quarter. Finally, EverSource Wealth Advisors LLC increased its stake in shares of Sonoco Products by 315.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,587 shares of the industrial products company's stock worth $69,000 after purchasing an additional 1,205 shares in the last quarter. Institutional investors own 77.69% of the company's stock.

Insiders Place Their Bets

In other Sonoco Products news, insider Ernest D. Haynes III sold 1,581 shares of the company's stock in a transaction that occurred on Friday, February 27th. The stock was sold at an average price of $56.39, for a total value of $89,152.59. Following the completion of the transaction, the insider directly owned 9,377 shares in the company, valued at $528,769.03. This represents a 14.43% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.74% of the stock is owned by insiders.

Sonoco Products Trading Down 0.2%

Shares of Sonoco Products stock opened at $53.30 on Wednesday. Sonoco Products Company has a fifty-two week low of $38.65 and a fifty-two week high of $58.44. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.60 and a current ratio of 1.05. The company has a market capitalization of $5.26 billion, a P/E ratio of 5.29, a P/E/G ratio of 1.07 and a beta of 0.51. The company has a fifty day moving average of $50.74 and a 200 day moving average of $45.58.

Sonoco Products (NYSE:SON - Get Free Report) last posted its quarterly earnings results on Tuesday, February 17th. The industrial products company reported $1.05 EPS for the quarter, beating analysts' consensus estimates of $1.01 by $0.04. The business had revenue of $1.77 billion for the quarter, compared to analysts' expectations of $1.76 billion. Sonoco Products had a return on equity of 18.52% and a net margin of 13.34%.The business's quarterly revenue was up 29.7% on a year-over-year basis. During the same period last year, the firm earned $1.17 earnings per share. On average, sell-side analysts anticipate that Sonoco Products Company will post 6.1 earnings per share for the current fiscal year.

Sonoco Products Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 10th. Investors of record on Wednesday, February 25th were issued a $0.53 dividend. The ex-dividend date of this dividend was Wednesday, February 25th. This represents a $2.12 dividend on an annualized basis and a yield of 4.0%. Sonoco Products's payout ratio is currently 21.05%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the company. Truist Financial reiterated a "buy" rating and set a $69.00 target price (up from $54.00) on shares of Sonoco Products in a research report on Friday, February 20th. UBS Group upped their price target on Sonoco Products from $48.00 to $62.00 and gave the stock a "neutral" rating in a research report on Thursday, February 19th. Raymond James Financial reaffirmed a "market perform" rating on shares of Sonoco Products in a research report on Friday. Wells Fargo & Company boosted their price objective on Sonoco Products from $47.00 to $60.00 and gave the company an "equal weight" rating in a research note on Wednesday, February 18th. Finally, Citigroup increased their target price on shares of Sonoco Products from $52.00 to $70.00 and gave the stock a "buy" rating in a report on Thursday, February 19th. Four investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, Sonoco Products presently has a consensus rating of "Hold" and a consensus target price of $62.63.

About Sonoco Products

Sonoco Products Company NYSE: SON is a global provider of diversified packaging solutions, serving a wide range of consumer, industrial and retail markets. The company offers a broad portfolio that includes rigid paper and plastic containers, flexible packaging, industrial core and tube products, thermoformed plastics, retail point-of-purchase displays, and packaging supply chain services. Through its solutions, Sonoco helps customers in food and beverage, personal care, chemicals, healthcare, home and garden, and electronics industries address their packaging needs, improve product shelf appeal, and optimize logistics efficiency.

With operations in more than 30 countries across North America, South America, Europe, Asia and Africa, Sonoco leverages a global network of manufacturing facilities, recycling centers and distribution channels to meet the demands of multinational and regional customers.

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