HB Wealth Management LLC Takes $429,000 Position in Sonoco Products (NYSE:SON)

HB Wealth Management LLC purchased a new position in shares of Sonoco Products (NYSE:SON) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 7,422 shares of the industrial products company’s stock, valued at approximately $429,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Rise Advisors LLC bought a new stake in shares of Sonoco Products during the first quarter worth $26,000. Bruce G. Allen Investments LLC purchased a new position in shares of Sonoco Products during the fourth quarter valued at $28,000. Burkett Financial Services LLC purchased a new position in shares of Sonoco Products during the fourth quarter valued at $30,000. TFO Wealth Partners LLC raised its holdings in shares of Sonoco Products by 12,183.3% in the fourth quarter. TFO Wealth Partners LLC now owns 737 shares of the industrial products company’s stock valued at $41,000 after acquiring an additional 731 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC bought a new position in Sonoco Products during the 1st quarter worth about $50,000. 77.69% of the stock is owned by institutional investors.

Sonoco Products Stock Down 2.3 %

SON traded down $1.15 during trading on Friday, hitting $48.42. The stock had a trading volume of 404,834 shares, compared to its average volume of 545,772. The stock has a 50 day simple moving average of $57.48 and a two-hundred day simple moving average of $57.11. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.83 and a current ratio of 1.31. Sonoco Products has a twelve month low of $48.22 and a twelve month high of $61.73. The company has a market capitalization of $4.76 billion, a PE ratio of 12.23, a PEG ratio of 1.92 and a beta of 0.68.

Sonoco Products (NYSE:SON) last announced its earnings results on Tuesday, April 30th. The industrial products company reported $1.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.05 by $0.07. Sonoco Products had a return on equity of 20.79% and a net margin of 5.86%. The company had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.67 billion. During the same period in the prior year, the company posted $1.40 EPS. The firm’s quarterly revenue was down 5.3% compared to the same quarter last year. On average, research analysts predict that Sonoco Products will post 5.1 earnings per share for the current year.

Sonoco Products Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 10th. Investors of record on Friday, May 10th were given a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 4.30%. This is an increase from Sonoco Products’s previous quarterly dividend of $0.51. The ex-dividend date of this dividend was Thursday, May 9th. Sonoco Products’s dividend payout ratio is presently 52.53%.

Wall Street Analysts Forecast Growth

SON has been the subject of several research reports. StockNews.com cut shares of Sonoco Products from a “strong-buy” rating to a “buy” rating in a research report on Wednesday. Citigroup dropped their target price on Sonoco Products from $66.00 to $65.00 and set a “buy” rating on the stock in a research report on Thursday, April 4th. Finally, Wells Fargo & Company boosted their price target on Sonoco Products from $56.00 to $57.00 and gave the stock an “equal weight” rating in a research report on Friday, May 3rd. Two investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, Sonoco Products presently has an average rating of “Moderate Buy” and an average target price of $63.33.

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.