Kingswood Wealth Advisors LLC Takes Position in Sonoco Products Company $SON

Key Points

• Kingswood Wealth Advisors LLC has acquired a new stake in Sonoco Products Company, purchasing 7,163 shares valued at approximately $312,000 in Q2 2023.
• Institutional investors collectively own 77.69% of Sonoco Products' stock, with several firms significantly increasing their positions in the first quarter of 2023.
• Equities analysts have set a consensus price target of $55.25 for Sonoco Products, with ratings ranging from "buy" to "hold" from various firms.

Kingswood Wealth Advisors LLC acquired a new stake in Sonoco Products Company (NYSE:SON - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 7,163 shares of the industrial products company's stock, valued at approximately $312,000.

A number of other institutional investors have also modified their holdings of SON. UMB Bank n.a. raised its position in shares of Sonoco Products by 152.7% in the first quarter. UMB Bank n.a. now owns 950 shares of the industrial products company's stock valued at $45,000 after buying an additional 574 shares during the last quarter. Farther Finance Advisors LLC raised its position in shares of Sonoco Products by 65.6% in the first quarter. Farther Finance Advisors LLC now owns 3,082 shares of the industrial products company's stock valued at $148,000 after buying an additional 1,221 shares during the last quarter. Sound Income Strategies LLC grew its holdings in Sonoco Products by 19.7% in the first quarter. Sound Income Strategies LLC now owns 333,566 shares of the industrial products company's stock valued at $15,758,000 after purchasing an additional 54,837 shares during the period. Pinion Investment Advisors LLC raised its stake in Sonoco Products by 161.5% during the first quarter. Pinion Investment Advisors LLC now owns 28,456 shares of the industrial products company's stock worth $1,344,000 after purchasing an additional 17,574 shares during the period. Finally, Janney Montgomery Scott LLC raised its stake in Sonoco Products by 29.8% during the first quarter. Janney Montgomery Scott LLC now owns 23,004 shares of the industrial products company's stock worth $1,087,000 after purchasing an additional 5,278 shares during the period. Institutional investors and hedge funds own 77.69% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Raymond James Financial increased their price target on shares of Sonoco Products from $50.00 to $55.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 15th. Truist Financial increased their price target on shares of Sonoco Products from $53.00 to $58.00 and gave the stock a "buy" rating in a research note on Friday, July 25th. UBS Group cut their price target on shares of Sonoco Products from $50.00 to $46.00 and set a "neutral" rating on the stock in a research note on Monday, October 6th. Citigroup cut their price target on shares of Sonoco Products from $56.00 to $55.00 and set a "buy" rating on the stock in a research note on Monday, September 29th. Finally, Bank of America restated a "neutral" rating and issued a $56.00 price target on shares of Sonoco Products in a report on Thursday. Five equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $55.25.

Sonoco Products Price Performance

SON opened at $39.62 on Friday. The company has a quick ratio of 0.72, a current ratio of 1.25 and a debt-to-equity ratio of 1.53. Sonoco Products Company has a 52-week low of $39.46 and a 52-week high of $55.33. The company has a 50 day moving average of $45.39 and a two-hundred day moving average of $45.28. The company has a market cap of $3.91 billion, a P/E ratio of 7.10, a P/E/G ratio of 0.54 and a beta of 0.68.

Sonoco Products (NYSE:SON - Get Free Report) last released its quarterly earnings data on Wednesday, June 22nd. The industrial products company reported $1.00 earnings per share (EPS) for the quarter. The company had revenue of $1.35 billion during the quarter. Sonoco Products had a net margin of 8.35% and a return on equity of 20.46%. Sonoco Products has set its Q2 2022 guidance at $1.60-$1.70 EPS. On average, analysts expect that Sonoco Products Company will post 6.1 earnings per share for the current year.

Sonoco Products Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Friday, August 8th were paid a $0.53 dividend. The ex-dividend date was Friday, August 8th. This represents a $2.12 annualized dividend and a dividend yield of 5.4%. Sonoco Products's dividend payout ratio is 37.99%.

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.

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