Code Waechter LLC Makes New $440,000 Investment in Sonoco Products (NYSE:SON)

by · The Markets Daily

Code Waechter LLC purchased a new stake in shares of Sonoco Products (NYSE:SON – Free Report) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 8,061 shares of the industrial products company’s stock, valued at approximately $440,000.

Several other institutional investors and hedge funds have also recently made changes to their positions in SON. Pacer Advisors Inc. raised its holdings in shares of Sonoco Products by 13,464.6% in the 2nd quarter. Pacer Advisors Inc. now owns 1,980,297 shares of the industrial products company’s stock valued at $100,441,000 after purchasing an additional 1,965,698 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Sonoco Products by 11.0% in the second quarter. Dimensional Fund Advisors LP now owns 2,631,259 shares of the industrial products company’s stock worth $133,465,000 after buying an additional 261,062 shares in the last quarter. AQR Capital Management LLC lifted its holdings in Sonoco Products by 80.8% during the second quarter. AQR Capital Management LLC now owns 555,575 shares of the industrial products company’s stock worth $28,179,000 after buying an additional 248,236 shares during the period. Kingsview Wealth Management LLC bought a new stake in Sonoco Products during the 1st quarter valued at $8,507,000. Finally, Earnest Partners LLC increased its holdings in shares of Sonoco Products by 5.3% in the 1st quarter. Earnest Partners LLC now owns 2,580,829 shares of the industrial products company’s stock valued at $149,275,000 after acquiring an additional 131,012 shares during the period. 77.69% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have issued reports on SON. Citigroup lifted their target price on Sonoco Products from $62.00 to $63.00 and gave the company a “buy” rating in a research note on Wednesday, October 2nd. Wells Fargo & Company cut shares of Sonoco Products from an “equal weight” rating to an “underweight” rating and lowered their target price for the stock from $54.00 to $52.00 in a research note on Wednesday, August 21st. StockNews.com downgraded Sonoco Products from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, July 3rd. Finally, Raymond James began coverage on shares of Sonoco Products in a report on Friday, July 19th. They issued an “outperform” rating and a $62.00 price target on the stock. One investment analyst has rated the stock with a sell rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $59.00.

Read Our Latest Research Report on Sonoco Products

Sonoco Products Stock Performance

Sonoco Products stock traded up $0.60 during midday trading on Friday, hitting $54.20. 746,106 shares of the company were exchanged, compared to its average volume of 611,291. The business has a fifty day simple moving average of $53.25 and a two-hundred day simple moving average of $55.03. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.85 and a current ratio of 1.30. The firm has a market capitalization of $5.33 billion, a PE ratio of 14.57, a price-to-earnings-growth ratio of 2.08 and a beta of 0.68. Sonoco Products has a fifty-two week low of $48.22 and a fifty-two week high of $61.73.

Sonoco Products (NYSE:SON – Get Free Report) last issued its quarterly earnings data on Wednesday, July 31st. The industrial products company reported $1.28 EPS for the quarter, topping analysts’ consensus estimates of $1.26 by $0.02. Sonoco Products had a net margin of 5.57% and a return on equity of 20.10%. The business had revenue of $1.62 billion for the quarter, compared to analysts’ expectations of $1.69 billion. During the same quarter last year, the company earned $1.38 EPS. The business’s revenue was down 4.8% on a year-over-year basis. On average, sell-side analysts forecast that Sonoco Products will post 5.09 earnings per share for the current year.

Sonoco Products Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 10th. Shareholders of record on Friday, August 9th were issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 3.84%. The ex-dividend date was Friday, August 9th. Sonoco Products’s payout ratio is 55.91%.

About Sonoco Products

(Free Report)

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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