Sequoia Financial Advisors LLC Makes New $820,000 Investment in Sonoco Products Company (NYSE:SON)

Sequoia Financial Advisors LLC acquired a new stake in Sonoco Products Company (NYSE:SON - Free Report) during the first quarter, according to its most recent filing with the SEC. The firm acquired 17,357 shares of the industrial products company's stock, valued at approximately $820,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of SON. UMB Bank n.a. boosted its holdings in Sonoco Products by 152.7% in the 1st 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 in the last quarter. Quarry LP boosted its stake in shares of Sonoco Products by 111.3% in the fourth quarter. Quarry LP now owns 970 shares of the industrial products company's stock valued at $47,000 after buying an additional 511 shares in the last quarter. Colonial Trust Co SC grew its holdings in Sonoco Products by 90.6% during the fourth quarter. Colonial Trust Co SC now owns 953 shares of the industrial products company's stock worth $47,000 after acquiring an additional 453 shares during the period. True Wealth Design LLC grew its holdings in Sonoco Products by 650.7% during the fourth quarter. True Wealth Design LLC now owns 1,096 shares of the industrial products company's stock worth $54,000 after acquiring an additional 950 shares during the period. Finally, SRS Capital Advisors Inc. raised its position in Sonoco Products by 311.8% in the fourth quarter. SRS Capital Advisors Inc. now owns 1,713 shares of the industrial products company's stock worth $84,000 after acquiring an additional 1,297 shares in the last quarter. 77.69% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Sonoco Products

In other news, CEO R. Howard Coker acquired 20,000 shares of Sonoco Products stock in a transaction that occurred on Thursday, May 1st. The shares were acquired at an average price of $41.17 per share, with a total value of $823,400.00. Following the completion of the purchase, the chief executive officer owned 502,365 shares of the company's stock, valued at approximately $20,682,367.05. This represents a 4.15% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John R. Haley bought 2,246 shares of the stock in a transaction on Friday, May 2nd. The stock was purchased at an average cost 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 in the company, valued at $927,234.28. This trade represents a 12.10% increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders bought 27,721 shares of company stock valued at $1,144,366. 0.74% of the stock is owned by insiders.

Sonoco Products Price Performance

Shares of NYSE SON traded up $0.40 on Wednesday, hitting $46.14. The company's stock had a trading volume of 120,095 shares, compared to its average volume of 765,465. The stock has a 50 day moving average of $44.97 and a 200-day moving average of $46.25. The company has a market capitalization of $4.55 billion, a price-to-earnings ratio of 29.89, a price-to-earnings-growth ratio of 0.54 and a beta of 0.68. Sonoco Products Company has a 12-month low of $39.46 and a 12-month high of $56.77. The company has a debt-to-equity ratio of 2.02, a current ratio of 0.80 and a quick ratio of 0.51.

Sonoco Products (NYSE:SON - Get Free Report) last issued its quarterly earnings data on Tuesday, April 29th. The industrial products company reported $1.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.41 by ($0.03). The company had revenue of $1.71 billion for the quarter, compared to analyst estimates of $2.02 billion. Sonoco Products had a return on equity of 21.78% and a net margin of 2.40%. The company's revenue for the quarter was up 30.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.12 earnings per share. As a group, research analysts predict that Sonoco Products Company will post 6.1 EPS for the current year.

Sonoco Products Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 10th. Investors of record on Friday, May 9th were given a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 4.60%. The ex-dividend date of this dividend was Friday, May 9th. This is a boost from Sonoco Products's previous quarterly dividend of $0.52. Sonoco Products's dividend payout ratio (DPR) is currently 137.66%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Wells Fargo & Company upgraded shares of Sonoco Products from an "underweight" rating to an "overweight" rating and boosted their target price for the stock from $45.00 to $55.00 in a research report on Friday, May 23rd. Raymond James Financial reduced their price objective on shares of Sonoco Products from $54.00 to $50.00 and set an "outperform" rating for the company in a research note on Tuesday, April 22nd. Wall Street Zen upgraded shares of Sonoco Products from a "sell" rating to a "hold" rating in a research report on Wednesday, May 7th. UBS Group assumed coverage on shares of Sonoco Products in a report on Wednesday, June 4th. They issued a "neutral" rating and a $48.00 target price for the company. Finally, Jefferies Financial Group initiated coverage on Sonoco Products in a research note on Tuesday, April 22nd. They set a "buy" rating and a $62.00 price target on the stock. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, Sonoco Products has a consensus rating of "Moderate Buy" and a consensus target price of $56.25.

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.