Ieq Capital LLC Invests $1.93 Million in Sonoco Products (NYSE:SON)

Ieq Capital LLC bought a new position in shares of Sonoco Products (NYSE:SON) during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 39,576 shares of the industrial products company’s stock, valued at approximately $1,933,000.

Several other institutional investors have also recently added to or reduced their stakes in the business. Kennebec Savings Bank acquired a new stake in shares of Sonoco Products in the 3rd quarter valued at about $27,000. Capital Performance Advisors LLP acquired a new stake in shares of Sonoco Products in the third quarter valued at approximately $33,000. Principal Securities Inc. boosted its holdings in shares of Sonoco Products by 35.0% in the fourth quarter. Principal Securities Inc. now owns 1,355 shares of the industrial products company’s stock valued at $66,000 after acquiring an additional 351 shares during the period. Wilmington Savings Fund Society FSB purchased a new position in shares of Sonoco Products during the third quarter worth approximately $71,000. Finally, Albion Financial Group UT acquired a new position in shares of Sonoco Products in the 4th quarter valued at $84,000. Hedge funds and other institutional investors own 77.69% of the company’s stock.

Sonoco Products Price Performance

Shares of SON opened at $46.88 on Monday. The company has a current ratio of 0.79, a quick ratio of 1.91 and a debt-to-equity ratio of 2.18. The stock’s 50 day moving average is $48.12 and its two-hundred day moving average is $51.04. Sonoco Products has a twelve month low of $44.35 and a twelve month high of $61.73. The firm has a market capitalization of $4.61 billion, a PE ratio of 28.41, a P/E/G ratio of 0.76 and a beta of 0.67.

Sonoco Products (NYSE:SON) last announced its quarterly earnings data on Tuesday, February 18th. The industrial products company reported $1.17 earnings per share for the quarter, missing analysts’ consensus estimates of $1.18 by ($0.01). The business had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.67 billion. Sonoco Products had a return on equity of 20.81% and a net margin of 2.60%. Research analysts anticipate that Sonoco Products will post 6.1 earnings per share for the current year.

Sonoco Products Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 10th. Investors of record on Wednesday, February 26th will be paid a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 4.44%. The ex-dividend date of this dividend is Wednesday, February 26th. Sonoco Products’s dividend payout ratio (DPR) is 126.06%.

Insider Buying and Selling

In related news, Director Robert R. Hill, Jr. sold 4,000 shares of Sonoco Products stock in a transaction on Tuesday, January 7th. The stock was sold at an average price of $47.95, for a total transaction of $191,800.00. Following the completion of the transaction, the director now directly owns 16,065 shares of the company’s stock, valued at approximately $770,316.75. The trade was a 19.94 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 0.51% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

SON has been the subject of a number of recent research reports. StockNews.com cut shares of Sonoco Products from a “buy” rating to a “hold” rating in a research note on Thursday. Truist Financial lowered their price target on Sonoco Products from $68.00 to $60.00 and set a “buy” rating on the stock in a report on Friday. Wells Fargo & Company reduced their price objective on Sonoco Products from $52.00 to $50.00 and set an “underweight” rating for the company in a research note on Monday, January 6th. Bank of America lifted their target price on Sonoco Products from $66.00 to $71.00 and gave the company a “buy” rating in a research note on Monday, January 6th. Finally, Citigroup cut their price target on Sonoco Products from $59.00 to $55.00 and set a “buy” rating for the company in a research note on Monday, January 6th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, Sonoco Products has an average rating of “Hold” and an average price target of $58.83.

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.