Sonoco Products (NYSE:SON) Stake Cut by IVC Wealth Advisors LLC

IVC Wealth Advisors LLC decreased its holdings in shares of Sonoco Products (NYSE:SON) by 6.7% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 5,194 shares of the industrial products company’s stock after selling 375 shares during the period. IVC Wealth Advisors LLC’s holdings in Sonoco Products were worth $284,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Oak Thistle LLC acquired a new stake in Sonoco Products during the first quarter worth about $251,000. Allspring Global Investments Holdings LLC acquired a new stake in shares of Sonoco Products during the 1st quarter worth approximately $50,000. State of Michigan Retirement System lifted its holdings in shares of Sonoco Products by 2.1% in the 1st quarter. State of Michigan Retirement System now owns 24,051 shares of the industrial products company’s stock worth $1,391,000 after purchasing an additional 500 shares during the last quarter. Albion Financial Group UT acquired a new position in Sonoco Products during the 1st quarter valued at approximately $107,000. Finally, HB Wealth Management LLC bought a new position in Sonoco Products during the 1st quarter worth $429,000. 77.69% of the stock is owned by institutional investors and hedge funds.

Sonoco Products Price Performance

Shares of SON opened at $53.08 on Monday. Sonoco Products has a one year low of $48.22 and a one year high of $61.73. The stock’s fifty day moving average is $53.98 and its 200-day moving average is $54.70. 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 $5.22 billion, a price-to-earnings ratio of 14.27, a price-to-earnings-growth ratio of 2.22 and a beta of 0.68.

Sonoco Products (NYSE:SON) last released its earnings results on Wednesday, July 31st. The industrial products company reported $1.28 EPS for the quarter, beating the consensus estimate of $1.26 by $0.02. The firm had revenue of $1.62 billion for the quarter, compared to analysts’ expectations of $1.69 billion. Sonoco Products had a net margin of 5.57% and a return on equity of 20.10%. Sonoco Products’s quarterly revenue was down 4.8% on a year-over-year basis. During the same quarter last year, the company earned $1.38 EPS. Equities analysts anticipate that Sonoco Products will post 5 EPS for the current year.

Sonoco Products Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Friday, November 8th will be issued a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, November 8th. This represents a $2.08 annualized dividend and a yield of 3.92%. Sonoco Products’s payout ratio is 55.91%.

Analyst Upgrades and Downgrades

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

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.