Sonoco Products Company (NYSE:SON) Shares Purchased by Sound Income Strategies LLC

Sound Income Strategies LLC grew its holdings in Sonoco Products Company (NYSE:SON - Free Report) by 19.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 333,566 shares of the industrial products company's stock after purchasing an additional 54,837 shares during the quarter. Sound Income Strategies LLC owned 0.34% of Sonoco Products worth $15,758,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Arizona State Retirement System grew its stake in shares of Sonoco Products by 0.8% in the fourth quarter. Arizona State Retirement System now owns 28,516 shares of the industrial products company's stock worth $1,393,000 after acquiring an additional 224 shares in the last quarter. IFP Advisors Inc grew its position in shares of Sonoco Products by 3.6% during the fourth quarter. IFP Advisors Inc now owns 7,073 shares of the industrial products company's stock worth $346,000 after buying an additional 243 shares in the last quarter. Treasurer of the State of North Carolina raised its holdings in Sonoco Products by 0.6% in the fourth quarter. Treasurer of the State of North Carolina now owns 43,056 shares of the industrial products company's stock valued at $2,103,000 after acquiring an additional 270 shares in the last quarter. IVC Wealth Advisors LLC lifted its stake in Sonoco Products by 4.6% in the first quarter. IVC Wealth Advisors LLC now owns 6,542 shares of the industrial products company's stock worth $309,000 after acquiring an additional 288 shares during the last quarter. Finally, Principal Securities Inc. grew its holdings in Sonoco Products by 35.0% during the 4th quarter. Principal Securities Inc. now owns 1,355 shares of the industrial products company's stock worth $66,000 after acquiring an additional 351 shares in the last quarter. Institutional investors and hedge funds own 77.69% of the company's stock.

Insiders Place Their Bets

In other news, Director Robert R. Hill, Jr. acquired 5,475 shares of Sonoco Products stock in a transaction dated Wednesday, April 30th. The shares were acquired at an average cost of $40.34 per share, with a total value of $220,861.50. Following the purchase, the director now directly owns 29,540 shares of the company's stock, valued at approximately $1,191,643.60. This trade represents a 22.75% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director John R. Haley acquired 2,246 shares of the company's stock in a transaction dated Friday, May 2nd. The stock was acquired at an average cost of $44.57 per share, with a total value of $100,104.22. Following the transaction, the director now directly owns 20,804 shares of the company's stock, valued at approximately $927,234.28. This represents a 12.10% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased a total of 27,721 shares of company stock valued at $1,144,366 over the last quarter. Company insiders own 0.74% of the company's stock.

Sonoco Products Trading Down 0.7%

SON stock traded down $0.33 during midday trading on Wednesday, hitting $43.45. The stock had a trading volume of 574,516 shares, compared to its average volume of 784,851. The company's 50-day moving average price is $44.93 and its 200 day moving average price is $46.80. The company has a debt-to-equity ratio of 2.02, a current ratio of 0.80 and a quick ratio of 0.51. The firm has a market cap of $4.29 billion, a PE ratio of 28.22, a price-to-earnings-growth ratio of 0.56 and a beta of 0.70. Sonoco Products Company has a 12-month low of $39.46 and a 12-month high of $57.81.

Sonoco Products (NYSE:SON - Get Free Report) last released its earnings results on Tuesday, April 29th. The industrial products company reported $1.38 EPS for the quarter, missing the consensus estimate of $1.41 by ($0.03). Sonoco Products had a net margin of 2.40% and a return on equity of 21.78%. The business had revenue of $1.71 billion during the quarter, compared to analyst estimates of $2.02 billion. During the same quarter in the previous year, the company posted $1.12 earnings per share. The business's revenue for the quarter was up 30.6% compared to the same quarter last year. On average, equities research analysts predict that Sonoco Products Company will post 6.1 earnings per share for the current fiscal year.

Sonoco Products Increases Dividend

The business also recently declared 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 is a positive change from Sonoco Products's previous quarterly dividend of $0.52. The ex-dividend date was Friday, May 9th. This represents a $2.12 annualized dividend and a yield of 4.88%. Sonoco Products's dividend payout ratio is 137.66%.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. UBS Group began coverage on shares of Sonoco Products in a research note on Wednesday, June 4th. They set a "neutral" rating and a $48.00 price target on the stock. Truist Financial reduced their target price on shares of Sonoco Products from $60.00 to $54.00 and set a "buy" rating for the company in a research note on Tuesday, April 22nd. Wall Street Zen raised Sonoco Products from a "sell" rating to a "hold" rating in a research note on Wednesday, May 7th. Jefferies Financial Group initiated coverage on Sonoco Products in a report on Tuesday, April 22nd. They issued a "buy" rating and a $62.00 target price for the company. Finally, Raymond James Financial dropped their price objective on Sonoco Products from $54.00 to $50.00 and set an "outperform" rating for the company in a research note on Tuesday, April 22nd. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $56.25.

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.