HB Wealth Management LLC Makes New $429,000 Investment in Sonoco Products (NYSE:SON)

HB Wealth Management LLC bought a new stake in Sonoco Products (NYSE:SON) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 7,422 shares of the industrial products company’s stock, valued at approximately $429,000.

Other large investors have also recently made changes to their positions in the company. Rise Advisors LLC acquired a new position in Sonoco Products during the first quarter worth approximately $26,000. Bruce G. Allen Investments LLC acquired a new position in shares of Sonoco Products in the 4th quarter valued at $28,000. Burkett Financial Services LLC acquired a new position in shares of Sonoco Products in the 4th quarter valued at $30,000. TFO Wealth Partners LLC raised its position in Sonoco Products by 12,183.3% in the 4th quarter. TFO Wealth Partners LLC now owns 737 shares of the industrial products company’s stock valued at $41,000 after purchasing an additional 731 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC purchased a new position in Sonoco Products during the 1st quarter worth $50,000. 77.69% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have recently commented on SON shares. Citigroup reduced their target price on shares of Sonoco Products from $66.00 to $65.00 and set a “buy” rating for the company in a report on Thursday, April 4th. StockNews.com cut Sonoco Products from a “strong-buy” rating to a “buy” rating in a research report on Wednesday. Finally, Wells Fargo & Company boosted their target price on Sonoco Products from $56.00 to $57.00 and gave the company an “equal weight” rating in a report on Friday, May 3rd. Two investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $63.33.

Sonoco Products Stock Performance

Shares of Sonoco Products stock traded down $1.15 on Friday, reaching $48.42. 404,834 shares of the stock were exchanged, compared to its average volume of 545,772. The company has a current ratio of 1.31, a quick ratio of 0.83 and a debt-to-equity ratio of 1.08. The firm 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 has a 1-year low of $48.22 and a 1-year high of $61.73. The business has a fifty day moving average price of $57.48 and a two-hundred day moving average price of $57.11.

Sonoco Products (NYSE:SON) last issued its earnings results on Tuesday, April 30th. The industrial products company reported $1.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.05 by $0.07. Sonoco Products had a return on equity of 20.79% and a net margin of 5.86%. The business had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.67 billion. During the same period in the prior year, the business posted $1.40 EPS. The company’s revenue for the quarter was down 5.3% on a year-over-year basis. As a group, research analysts anticipate that Sonoco Products will post 5.1 earnings per share for the current fiscal year.

Sonoco Products Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 10th. Stockholders of record on Friday, May 10th were paid a dividend of $0.52 per share. The ex-dividend date of this dividend was Thursday, May 9th. This is a boost from Sonoco Products’s previous quarterly dividend of $0.51. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.30%. Sonoco Products’s dividend payout ratio is 52.53%.

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.