Islay Capital Management LLC Invests $502,000 in Sonoco Products Company $SON

Islay Capital Management LLC purchased a new stake in Sonoco Products Company (NYSE:SON) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 11,643 shares of the industrial products company’s stock, valued at approximately $502,000.

Other large investors have also recently bought and sold shares of the company. TD Waterhouse Canada Inc. purchased a new stake in shares of Sonoco Products during the 2nd quarter worth $30,000. Cornerstone Planning Group LLC acquired a new stake in shares of Sonoco Products in the third quarter valued at about $29,000. True Wealth Design LLC boosted its holdings in Sonoco Products by 172.5% during the third quarter. True Wealth Design LLC now owns 744 shares of the industrial products company’s stock worth $32,000 after buying an additional 471 shares in the last quarter. SouthState Corp grew its position in Sonoco Products by 439.1% during the second quarter. SouthState Corp now owns 1,240 shares of the industrial products company’s stock worth $54,000 after buying an additional 1,010 shares during the period. Finally, Clearstead Advisors LLC increased its holdings in Sonoco Products by 258.7% in the third quarter. Clearstead Advisors LLC now owns 1,338 shares of the industrial products company’s stock valued at $58,000 after buying an additional 965 shares in the last quarter. Hedge funds and other institutional investors own 77.69% of the company’s stock.

Sonoco Products Stock Performance

Shares of SON opened at $53.70 on Friday. Sonoco Products Company has a 1 year low of $38.65 and a 1 year high of $58.44. The company’s 50 day simple moving average is $50.17 and its 200 day simple moving average is $45.45. The company has a market capitalization of $5.30 billion, a price-to-earnings ratio of 5.33, a PEG ratio of 1.10 and a beta of 0.51. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.60 and a current ratio of 1.05.

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, beating the consensus estimate of $1.01 by $0.04. Sonoco Products had a return on equity of 18.52% and a net margin of 13.34%.The company had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.76 billion. During the same period in the previous year, the firm posted $1.17 EPS. Sonoco Products’s revenue was up 29.7% on a year-over-year basis. On average, sell-side analysts predict that Sonoco Products Company will post 6.1 EPS for the current year.

Sonoco Products Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 10th. Shareholders of record on Wednesday, February 25th will be issued a $0.53 dividend. The ex-dividend date is Wednesday, February 25th. This represents a $2.12 annualized dividend and a yield of 3.9%. Sonoco Products’s payout ratio is 21.05%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on SON. UBS Group boosted their price target on Sonoco Products from $48.00 to $62.00 and gave the stock a “neutral” rating in a research note on Thursday, February 19th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Sonoco Products in a research report on Wednesday, January 21st. Bank of America raised Sonoco Products from a “neutral” rating to a “buy” rating and upped their target price for the company from $56.00 to $60.00 in a report on Monday, January 5th. Raymond James Financial set a $60.00 price target on Sonoco Products in a research note on Monday, January 5th. Finally, Truist Financial reissued a “buy” rating and issued a $69.00 price objective (up from $54.00) on shares of Sonoco Products in a research note on Friday, February 20th. Four investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $62.63.

Insider Activity at Sonoco Products

In other news, insider Ernest D. Haynes III sold 1,581 shares of the company’s stock in a transaction dated 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 owned 9,377 shares of the company’s stock, valued at $528,769.03. This represents a 14.43% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.74% of the stock is currently owned by corporate insiders.

Sonoco Products Company Profile

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.