Sequoia Financial Advisors LLC Buys 2,532 Shares of Sonoco Products Company $SON

Sequoia Financial Advisors LLC increased its stake in Sonoco Products Company (NYSE:SON) by 14.6% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 19,889 shares of the industrial products company’s stock after acquiring an additional 2,532 shares during the period. Sequoia Financial Advisors LLC’s holdings in Sonoco Products were worth $866,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Beverly Hills Private Wealth LLC lifted its stake in shares of Sonoco Products by 4.1% in 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 acquiring an additional 224 shares during the last quarter. CW Advisors LLC raised its position in Sonoco Products by 1.5% during the 1st quarter. CW Advisors LLC now owns 14,791 shares of the industrial products company’s stock valued at $699,000 after purchasing an additional 224 shares during the last quarter. Federated Hermes Inc. raised its position in 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. Richardson Financial Services Inc. raised its position in Sonoco Products by 13.2% during the 2nd quarter. Richardson Financial Services Inc. now owns 2,185 shares of the industrial products company’s stock valued at $100,000 after purchasing an additional 255 shares during the last quarter. Finally, State of Michigan Retirement System raised its position in 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. Institutional investors own 77.69% of the company’s stock.

Sonoco Products Stock Down 0.4%

SON stock opened at $40.01 on Friday. Sonoco Products Company has a fifty-two week low of $39.13 and a fifty-two week high of $53.69. The business’s 50 day moving average price is $44.85 and its two-hundred day moving average price is $45.00. The company has a debt-to-equity ratio of 1.53, a quick ratio of 0.72 and a current ratio of 1.25. The company has a market capitalization of $3.95 billion, a price-to-earnings ratio of 7.17, a price-to-earnings-growth ratio of 0.65 and a beta of 0.68.

Sonoco Products (NYSE:SON) last posted its earnings results on Wednesday, June 22nd. The industrial products company reported $1.00 earnings per share for the quarter. The firm had revenue of $1.35 billion for the quarter. Sonoco Products had a return on equity of 20.46% and a net margin of 8.35%. Sonoco Products has set its Q2 2022 guidance at $1.60-$1.70 EPS. As a group, analysts forecast that Sonoco Products Company will post 6.1 earnings per share for the current fiscal year.

Sonoco Products Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 10th. Investors of record on Monday, November 10th will be paid a $0.53 dividend. The ex-dividend date is Monday, November 10th. This represents a $2.12 annualized dividend and a dividend yield of 5.3%. Sonoco Products’s dividend payout ratio is presently 37.99%.

Wall Street Analyst Weigh In

A number of research firms have commented on SON. UBS Group lowered their price target on Sonoco Products from $50.00 to $46.00 and set a “neutral” rating for the company in a research report on Monday, October 6th. Bank of America reaffirmed a “neutral” rating and set a $56.00 price target on shares of Sonoco Products in a research report on Thursday, October 9th. Raymond James Financial reaffirmed a “market perform” rating on shares of Sonoco Products in a research report on Friday. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Sonoco Products in a research report on Wednesday, October 8th. Finally, Truist Financial reduced their target price on Sonoco Products from $58.00 to $57.00 and set a “buy” rating on the stock in a report on Monday, October 13th. Four investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $54.50.

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.