Viawealth LLC Sells 2,124 Shares of Sonoco Products Company $SON

Viawealth LLC reduced its holdings in Sonoco Products Company (NYSE:SON) by 30.8% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,776 shares of the industrial products company’s stock after selling 2,124 shares during the quarter. Viawealth LLC’s holdings in Sonoco Products were worth $208,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of the business. CW Advisors LLC grew its holdings in shares of Sonoco Products by 1.5% during the first quarter. CW Advisors LLC now owns 14,791 shares of the industrial products company’s stock worth $699,000 after purchasing an additional 224 shares in the last quarter. Federated Hermes Inc. grew its stake in Sonoco Products by 2.5% in the 1st quarter. Federated Hermes Inc. now owns 9,304 shares of the industrial products company’s stock worth $440,000 after buying an additional 230 shares in the last quarter. Richardson Financial Services Inc. increased its holdings in shares of Sonoco Products by 13.2% in the 2nd quarter. Richardson Financial Services Inc. now owns 2,185 shares of the industrial products company’s stock worth $100,000 after buying an additional 255 shares during the last quarter. US Bancorp DE increased its holdings in shares of Sonoco Products by 2.9% in the 1st quarter. US Bancorp DE now owns 17,809 shares of the industrial products company’s stock worth $841,000 after buying an additional 510 shares during the last quarter. Finally, My Legacy Advisors LLC raised its position in shares of Sonoco Products by 8.1% during the 2nd quarter. My Legacy Advisors LLC now owns 7,174 shares of the industrial products company’s stock valued at $337,000 after buying an additional 536 shares in the last quarter. Institutional investors own 77.69% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on SON. Bank of America restated a “neutral” rating and set a $56.00 price target on shares of Sonoco Products in a research report on Thursday, October 9th. Wells Fargo & Company increased their price target on shares of Sonoco Products from $50.00 to $52.00 and gave the company an “overweight” rating in a research report on Friday, October 24th. Weiss Ratings restated a “hold (c-)” rating on shares of Sonoco Products in a report on Wednesday, October 8th. Jefferies Financial Group decreased their target price on shares of Sonoco Products from $61.00 to $60.00 and set a “buy” rating on the stock in a research report on Friday, October 24th. Finally, Zacks Research cut Sonoco Products from a “hold” rating to a “strong sell” rating in a research note on Monday, October 27th. Four analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $54.43.

Sonoco Products Price Performance

SON opened at $41.83 on Thursday. Sonoco Products Company has a 1 year low of $38.65 and a 1 year high of $52.77. The stock has a 50-day moving average price of $41.51 and a 200-day moving average price of $44.34. The firm has a market cap of $4.13 billion, a PE ratio of 6.64, a P/E/G ratio of 0.73 and a beta of 0.67. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.92 and a quick ratio of 0.58.

Sonoco Products (NYSE:SON) last issued its earnings results on Wednesday, June 22nd. The industrial products company reported $1.00 earnings per share (EPS) for the quarter. Sonoco Products had a net margin of 8.82% and a return on equity of 20.49%. The business had revenue of $1.35 billion during the quarter. Sonoco Products has set its Q2 2022 guidance at $1.60-$1.70 EPS. Sell-side analysts predict that Sonoco Products Company will post 6.1 earnings per share for the current fiscal year.

Sonoco Products Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 10th. Investors of record on Monday, November 10th will be given a dividend of $0.53 per share. The ex-dividend date of this dividend is Monday, November 10th. This represents a $2.12 annualized dividend and a dividend yield of 5.1%. Sonoco Products’s dividend payout ratio (DPR) is 33.65%.

Insider Activity

In other Sonoco Products news, CFO Paul Joachimczyk bought 20,500 shares of the firm’s stock in a transaction on Wednesday, October 29th. The stock was acquired at an average price of $39.50 per share, with a total value of $809,750.00. Following the transaction, the chief financial officer owned 20,500 shares in the company, valued at $809,750. This represents a ? increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, Director John R. Haley bought 2,506 shares of the stock in a transaction on Tuesday, October 28th. The shares were bought at an average price of $39.87 per share, for a total transaction of $99,914.22. Following the purchase, the director directly owned 23,310 shares in the company, valued at approximately $929,369.70. This trade represents a 12.05% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 0.74% of the stock is currently owned by company insiders.

Sonoco Products Company 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.