Raymond James Financial Inc. Boosts Stake 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. increased its stake in shares of Sonoco Products Company (NYSE:SON - Free Report) by 11.0% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 136,553 shares of the industrial products company's stock after buying an additional 13,479 shares during the quarter. Raymond James Financial Inc. owned about 0.14% of Sonoco Products worth $6,451,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Whittier Trust Co. of Nevada Inc. raised its position in Sonoco Products by 508.1% in the first quarter. Whittier Trust Co. of Nevada Inc. now owns 900 shares of the industrial products company's stock valued at $43,000 after purchasing an additional 752 shares during the period. UMB Bank n.a. raised its position in 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 purchasing an additional 574 shares during the period. Colonial Trust Co SC raised its position in Sonoco Products by 90.6% in the fourth quarter. Colonial Trust Co SC now owns 953 shares of the industrial products company's stock valued at $47,000 after purchasing an additional 453 shares during the period. Allworth Financial LP raised its position in Sonoco Products by 152.0% in the first quarter. Allworth Financial LP now owns 1,071 shares of the industrial products company's stock valued at $50,000 after purchasing an additional 646 shares during the period. Finally, Versant Capital Management Inc raised its position in Sonoco Products by 474.8% in the first quarter. Versant Capital Management Inc now owns 2,299 shares of the industrial products company's stock valued at $109,000 after purchasing an additional 1,899 shares during the period. Hedge funds and other institutional investors own 77.69% of the company's stock.

Sonoco Products Stock Down 0.2%

SON traded down $0.11 on Tuesday, hitting $46.06. 188,625 shares of the company were exchanged, compared to its average volume of 861,384. Sonoco Products Company has a twelve month low of $39.46 and a twelve month high of $56.36. The company has a market cap of $4.54 billion, a price-to-earnings ratio of 8.25, a price-to-earnings-growth ratio of 0.62 and a beta of 0.70. The company has a current ratio of 1.25, a quick ratio of 0.72 and a debt-to-equity ratio of 1.53. The firm has a 50-day moving average price of $46.33 and a two-hundred day moving average price of $45.63.

Sonoco Products (NYSE:SON - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The industrial products company reported $1.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.44 by ($0.07). The business had revenue of $1.91 billion for the quarter, compared to analyst estimates of $1.92 billion. Sonoco Products had a return on equity of 20.46% and a net margin of 8.35%.The company's revenue was up 17.7% compared to the same quarter last year. During the same period in the prior year, the company posted $1.28 earnings per share. Sonoco Products has set its FY 2025 guidance at 6.000-6.2 EPS. On average, equities analysts predict 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 will be paid on Wednesday, September 10th. Stockholders of record on Friday, August 8th will be issued a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 4.6%. The ex-dividend date of this dividend is Friday, August 8th. Sonoco Products's payout ratio is presently 37.99%.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on SON. Wells Fargo & Company raised Sonoco Products from an "underweight" rating to an "overweight" rating and lifted their price objective for the company from $45.00 to $55.00 in a research note on Friday, May 23rd. Truist Financial lifted their price objective on Sonoco Products from $53.00 to $58.00 and gave the company a "buy" rating in a research note on Friday, July 25th. UBS Group lifted their price objective on Sonoco Products from $48.00 to $50.00 and gave the company a "neutral" rating in a research note on Thursday, July 24th. Finally, Raymond James Financial lifted their price objective on Sonoco Products from $50.00 to $55.00 and gave the company an "outperform" rating in a research note on Tuesday, July 15th. Six analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, Sonoco Products presently has a consensus rating of "Moderate Buy" and a consensus price target of $57.63.

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.