Sonoco Products Company $SON Shares Bought by Sound Income Strategies LLC

Key Points

• Sound Income Strategies LLC increased its stake in Sonoco Products Company by 6.5%, now owning 355,188 shares worth approximately $15.47 million.
• Sonoco Products reported earnings of $1.37 per share for the last quarter, missing estimates and showing a 17.7% increase in revenue compared to the prior year.
• The company announced a quarterly dividend of $0.53 per share, with an annualized yield of 4.8% and a payout ratio of 37.99%.

Sound Income Strategies LLC grew its position in shares of Sonoco Products Company (NYSE:SON - Free Report) by 6.5% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 355,188 shares of the industrial products company's stock after purchasing an additional 21,622 shares during the quarter. Sound Income Strategies LLC owned approximately 0.36% of Sonoco Products worth $15,472,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also made changes to their positions in SON. Sonora Investment Management Group LLC grew its stake in Sonoco Products by 2.1% during the 2nd quarter. Sonora Investment Management Group LLC now owns 52,124 shares of the industrial products company's stock worth $2,271,000 after buying an additional 1,055 shares during the last quarter. ST Germain D J Co. Inc. acquired a new position in shares of Sonoco Products in the 2nd quarter valued at $26,000. Steph & Co. raised its position in Sonoco Products by 25.0% in the 2nd quarter. Steph & Co. now owns 11,443 shares of the industrial products company's stock valued at $498,000 after purchasing an additional 2,289 shares during the last quarter. Kempner Capital Management Inc. purchased a new stake in Sonoco Products in the 2nd quarter valued at $1,919,000. Finally, Armstrong Advisory Group Inc. boosted its stake in Sonoco Products by 1,458.6% during the 2nd quarter. Armstrong Advisory Group Inc. now owns 2,260 shares of the industrial products company's stock worth $98,000 after purchasing an additional 2,115 shares during the period. 77.69% of the stock is owned by hedge funds and other institutional investors.

Sonoco Products Price Performance

Sonoco Products stock opened at $43.90 on Monday. The company has a market cap of $4.33 billion, a P/E ratio of 7.87, a price-to-earnings-growth ratio of 0.59 and a beta of 0.70. Sonoco Products Company has a one year low of $39.46 and a one year high of $55.33. The business has a fifty day moving average of $46.32 and a two-hundred day moving average of $45.59. The company has a debt-to-equity ratio of 1.53, a quick ratio of 0.72 and a current ratio of 1.25.

Sonoco Products (NYSE:SON - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The industrial products company reported $1.37 earnings per share 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 analysts' expectations of $1.92 billion. Sonoco Products had a net margin of 8.35% and a return on equity of 20.46%. The business's revenue was up 17.7% compared to the same quarter last year. During the same quarter last year, the business posted $1.28 earnings per share. Sonoco Products has set its FY 2025 guidance at 6.000-6.2 EPS. As a group, analysts predict that Sonoco Products Company will post 6.1 earnings per share for the current fiscal year.

Sonoco Products Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Friday, August 8th were issued a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a dividend yield of 4.8%. The ex-dividend date was Friday, August 8th. Sonoco Products's dividend payout ratio is presently 37.99%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on SON shares. Raymond James Financial upped their target price on shares of Sonoco Products from $50.00 to $55.00 and gave the company an "outperform" rating in a report on Tuesday, July 15th. UBS Group boosted their price target on Sonoco Products from $48.00 to $50.00 and gave the company a "neutral" rating in a research report on Thursday, July 24th. Finally, Truist Financial increased their price objective on Sonoco Products from $53.00 to $58.00 and gave the stock a "buy" rating in a research report on Friday, July 25th. Six investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $57.63.

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.

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