Synergy Asset Management LLC Buys New Stake in Sonoco Products Company $SON

Synergy Asset Management LLC purchased a new position in Sonoco Products Company (NYSE:SON) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 94,561 shares of the industrial products company’s stock, valued at approximately $4,127,000. Synergy Asset Management LLC owned about 0.10% of Sonoco Products at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the business. Cornerstone Planning Group LLC acquired a new stake in shares of Sonoco Products in the 3rd quarter worth $29,000. TD Waterhouse Canada Inc. purchased a new stake in Sonoco Products in the second quarter valued at about $30,000. True Wealth Design LLC raised its stake in Sonoco Products by 172.5% in the third quarter. True Wealth Design LLC now owns 744 shares of the industrial products company’s stock valued at $32,000 after buying an additional 471 shares during the last quarter. Ameriflex Group Inc. boosted its holdings in Sonoco Products by 1,263.6% in the third quarter. Ameriflex Group Inc. now owns 900 shares of the industrial products company’s stock worth $39,000 after acquiring an additional 834 shares in the last quarter. Finally, Larson Financial Group LLC grew its stake in shares of Sonoco Products by 1,826.9% during the third quarter. Larson Financial Group LLC now owns 1,002 shares of the industrial products company’s stock worth $43,000 after acquiring an additional 950 shares during the last quarter. 77.69% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on SON. Citigroup upped their price objective on shares of Sonoco Products from $52.00 to $70.00 and gave the company a “buy” rating in a report on Thursday, February 19th. Bank of America upgraded shares of Sonoco Products from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $56.00 to $60.00 in a research note on Monday, January 5th. UBS Group upped their price target on shares of Sonoco Products from $48.00 to $62.00 and gave the company a “neutral” rating in a research note on Thursday, February 19th. Wall Street Zen raised shares of Sonoco Products from a “hold” rating to a “buy” rating in a report on Saturday, February 7th. Finally, Truist Financial reiterated a “buy” rating and set a $69.00 price objective (up from $54.00) on shares of Sonoco Products in a research note on Friday, February 20th. Four research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $62.13.

Sonoco Products Trading Up 0.2%

Sonoco Products stock opened at $53.55 on Friday. The stock has a 50-day moving average price of $52.25 and a 200 day moving average price of $46.11. The company has a market capitalization of $5.29 billion, a price-to-earnings ratio of 5.32, a price-to-earnings-growth ratio of 1.07 and a beta of 0.51. Sonoco Products Company has a 52 week low of $38.65 and a 52 week high of $58.44. The company has a quick ratio of 0.60, a current ratio of 1.05 and a debt-to-equity ratio of 1.04.

Sonoco Products (NYSE:SON) last issued its quarterly earnings results on Tuesday, February 17th. The industrial products company reported $1.05 earnings per share for the quarter, topping the consensus estimate of $1.01 by $0.04. Sonoco Products had a net margin of 13.34% and a return on equity of 18.52%. The company had revenue of $1.77 billion for the quarter, compared to the consensus estimate of $1.76 billion. During the same quarter in the prior year, the company earned $1.17 EPS. Sonoco Products’s quarterly revenue was up 29.7% on a year-over-year basis. Sell-side analysts anticipate that Sonoco Products Company will post 6.1 EPS for the current year.

Sonoco Products Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 10th. Investors of record on Wednesday, February 25th were issued a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 4.0%. The ex-dividend date of this dividend was Wednesday, February 25th. Sonoco Products’s dividend payout ratio (DPR) is 21.05%.

Insider Transactions at Sonoco Products

In related news, insider Ernest D. Haynes III sold 1,581 shares of the business’s stock in a transaction on Friday, February 27th. The shares were sold at an average price of $56.39, for a total transaction of $89,152.59. Following the completion of the transaction, the insider directly owned 9,377 shares in the company, valued at $528,769.03. The trade was a 14.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.98% of the stock is owned by corporate insiders.

About Sonoco Products

Sonoco Products Company (NYSE: SON) is a global provider of diversified packaging solutions, serving a wide range of consumer, industrial and retail markets. The company offers a broad portfolio that includes rigid paper and plastic containers, flexible packaging, industrial core and tube products, thermoformed plastics, retail point-of-purchase displays, and packaging supply chain services. Through its solutions, Sonoco helps customers in food and beverage, personal care, chemicals, healthcare, home and garden, and electronics industries address their packaging needs, improve product shelf appeal, and optimize logistics efficiency.

With operations in more than 30 countries across North America, South America, Europe, Asia and Africa, Sonoco leverages a global network of manufacturing facilities, recycling centers and distribution channels to meet the demands of multinational and regional customers.