Pallas Capital Advisors LLC Purchases Shares of 4,417 Sonoco Products (NYSE:SON)

Pallas Capital Advisors LLC bought a new stake in shares of Sonoco Products (NYSE:SON) during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 4,417 shares of the industrial products company’s stock, valued at approximately $234,000.

Other large investors have also recently bought and sold shares of the company. FinTrust Capital Advisors LLC increased its stake in Sonoco Products by 78.8% during the 1st quarter. FinTrust Capital Advisors LLC now owns 490 shares of the industrial products company’s stock valued at $28,000 after buying an additional 216 shares during the period. Allspring Global Investments Holdings LLC bought a new position in shares of Sonoco Products during the 1st quarter valued at about $50,000. Abich Financial Wealth Management LLC bought a new position in shares of Sonoco Products during the 2nd quarter valued at about $50,000. Gradient Investments LLC bought a new position in shares of Sonoco Products during the 2nd quarter valued at about $58,000. Finally, Northwestern Mutual Wealth Management Co. boosted its position in shares of Sonoco Products by 821.1% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,879 shares of the industrial products company’s stock valued at $95,000 after purchasing an additional 1,675 shares in the last quarter. Institutional investors and hedge funds own 77.69% of the company’s stock.

Sonoco Products Stock Performance

Shares of SON opened at $51.10 on Friday. Sonoco Products has a one year low of $48.22 and a one year high of $61.73. The company has a 50-day moving average of $54.03 and a two-hundred day moving average of $54.57. The stock has a market cap of $5.02 billion, a price-to-earnings ratio of 13.74, a PEG ratio of 2.20 and a beta of 0.68. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.30 and a quick ratio of 0.85.

Sonoco Products (NYSE:SON) last posted its quarterly earnings results on Thursday, October 31st. The industrial products company reported $1.49 EPS for the quarter, topping the consensus estimate of $1.44 by $0.05. The business had revenue of $1.68 billion during the quarter, compared to analysts’ expectations of $1.72 billion. Sonoco Products had a net margin of 5.57% and a return on equity of 20.10%. The firm’s quarterly revenue was down 2.0% compared to the same quarter last year. During the same period last year, the company posted $1.46 earnings per share. On average, equities research analysts expect that Sonoco Products will post 5 earnings per share for the current year.

Sonoco Products Dividend Announcement

The business also recently declared 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. This represents a $2.08 annualized dividend and a dividend yield of 4.07%. The ex-dividend date is Friday, November 8th. Sonoco Products’s dividend payout ratio is currently 55.91%.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on SON shares. Raymond James started coverage on shares of Sonoco Products in a research report on Friday, July 19th. They set an “outperform” rating and a $62.00 price objective for the company. Citigroup raised their target price on shares of Sonoco Products from $62.00 to $63.00 and gave the stock a “buy” rating in a report on Wednesday, October 2nd. Finally, Wells Fargo & Company cut shares of Sonoco Products from an “equal weight” rating to an “underweight” rating and decreased their target price for the stock from $54.00 to $52.00 in a report on Wednesday, August 21st. One investment analyst has rated the stock with a sell rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, Sonoco Products has a consensus rating of “Moderate Buy” and a consensus target price of $59.00.

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.