Raymond James Financial Inc. Grows Stock Holdings in Sonoco Products Company $SON

Key Points

• Raymond James Financial Inc. has increased its holdings in Sonoco Products Company by 11.0%, acquiring an additional 13,479 shares, bringing its total ownership to 136,553 shares valued at approximately $6.45 million.
• Sonoco Products recently announced a quarterly dividend of $0.53 per share, with a dividend yield of 4.6% and a payout ratio of 37.99%.
• The company reported $1.37 EPS for the last quarter, falling short of analysts' expectations of $1.44 EPS, although it still showed a 17.7% annual revenue growth.

Raymond James Financial Inc. boosted its position in Sonoco Products Company (NYSE:SON - Free Report) by 11.0% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 136,553 shares of the industrial products company's stock after purchasing an additional 13,479 shares during the period. Raymond James Financial Inc. owned about 0.14% of Sonoco Products worth $6,451,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Beverly Hills Private Wealth LLC increased its position in shares of Sonoco Products by 4.1% during the 1st quarter. Beverly Hills Private Wealth LLC now owns 5,669 shares of the industrial products company's stock valued at $268,000 after purchasing an additional 224 shares during the last quarter. Federated Hermes Inc. increased its position in shares of Sonoco Products by 2.5% during the 1st quarter. Federated Hermes Inc. now owns 9,304 shares of the industrial products company's stock valued at $440,000 after purchasing an additional 230 shares during the last quarter. IVC Wealth Advisors LLC increased its position in shares of Sonoco Products by 4.6% during the 1st quarter. IVC Wealth Advisors LLC now owns 6,542 shares of the industrial products company's stock valued at $309,000 after purchasing an additional 288 shares during the last quarter. State of Michigan Retirement System increased its position in shares of Sonoco Products by 1.3% during the 1st quarter. State of Michigan Retirement System now owns 23,551 shares of the industrial products company's stock valued at $1,113,000 after purchasing an additional 300 shares during the last quarter. Finally, State of Alaska Department of Revenue increased its position in shares of Sonoco Products by 2.7% during the 1st quarter. State of Alaska Department of Revenue now owns 11,511 shares of the industrial products company's stock valued at $543,000 after purchasing an additional 305 shares during the last quarter. Hedge funds and other institutional investors own 77.69% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on SON shares. Raymond James Financial increased their target price on shares of Sonoco Products from $50.00 to $55.00 and gave the stock an "outperform" rating in a report on Tuesday, July 15th. UBS Group increased their price objective on shares of Sonoco Products from $48.00 to $50.00 and gave the company a "neutral" rating in a report on Thursday, July 24th. Truist Financial boosted their target price on shares of Sonoco Products from $53.00 to $58.00 and gave the stock a "buy" rating in a report on Friday, July 25th. Finally, Wells Fargo & Company upgraded shares of Sonoco Products from an "underweight" rating to an "overweight" rating and upped their target price for the stock from $45.00 to $55.00 in a research report on Friday, May 23rd. Six investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat, Sonoco Products has a consensus rating of "Moderate Buy" and an average target price of $57.63.

Sonoco Products Trading Up 1.6%

Shares of Sonoco Products stock traded up $0.71 on Friday, hitting $46.22. 1,251,773 shares of the company traded hands, compared to its average volume of 790,989. Sonoco Products Company has a 52 week low of $39.46 and a 52 week high of $56.36. The company has a market cap of $4.56 billion, a PE ratio of 8.28, a PEG ratio of 0.62 and a beta of 0.70. The stock's 50 day moving average price is $46.28 and its 200-day moving average price is $45.64. The company has a current ratio of 1.25, a quick ratio of 0.72 and a debt-to-equity ratio of 1.53.

Sonoco Products (NYSE:SON - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The industrial products company reported $1.37 EPS for the quarter, missing analysts' consensus estimates of $1.44 by ($0.07). Sonoco Products had a return on equity of 20.46% and a net margin of 8.35%.The business had revenue of $1.91 billion during the quarter, compared to the consensus estimate of $1.92 billion. During the same period last year, the firm earned $1.28 EPS. The business's quarterly revenue was up 17.7% on a year-over-year basis. Sonoco Products has set its FY 2025 guidance at 6.000-6.2 EPS. Equities research analysts predict that Sonoco Products Company will post 6.1 EPS for the current year.

Sonoco Products Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Friday, August 8th will be paid a $0.53 dividend. The ex-dividend date is Friday, August 8th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 4.6%. Sonoco Products's dividend payout ratio is presently 37.99%.

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.