Independent Advisor Alliance Makes New Investment in Sonoco Products (NYSE:SON)

Independent Advisor Alliance bought a new stake in shares of Sonoco Products (NYSE:SON) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 6,680 shares of the industrial products company’s stock, valued at approximately $365,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. AQR Capital Management LLC grew its stake in Sonoco Products by 80.8% during the 2nd quarter. AQR Capital Management LLC now owns 555,575 shares of the industrial products company’s stock valued at $28,179,000 after purchasing an additional 248,236 shares in the last quarter. Atria Investments Inc acquired a new stake in shares of Sonoco Products during the first quarter worth approximately $1,626,000. Canada Pension Plan Investment Board bought a new stake in shares of Sonoco Products in the second quarter worth $2,419,000. Oak Thistle LLC raised its holdings in Sonoco Products by 368.2% in the second quarter. Oak Thistle LLC now owns 20,321 shares of the industrial products company’s stock valued at $1,031,000 after acquiring an additional 15,981 shares in the last quarter. Finally, Versor Investments LP bought a new position in Sonoco Products during the 3rd quarter valued at $970,000. 77.69% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

SON has been the topic of a number of recent analyst reports. Robert W. Baird cut their target price on shares of Sonoco Products from $58.00 to $55.00 and set a “neutral” rating on the stock in a research note on Monday, November 4th. Citigroup increased their target price on Sonoco Products from $62.00 to $63.00 and gave the stock a “buy” rating in a report on Wednesday, October 2nd. Truist Financial started coverage on Sonoco Products in a research report on Tuesday. They set a “buy” rating and a $63.00 price target on the stock. Finally, Wells Fargo & Company lowered shares of Sonoco Products from an “equal weight” rating to an “underweight” rating and lowered their target price for the company from $54.00 to $52.00 in a research note on Wednesday, August 21st. One analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $59.00.

Sonoco Products Trading Down 0.6 %

Shares of NYSE:SON opened at $51.31 on Friday. The company has a quick ratio of 1.91, a current ratio of 2.36 and a debt-to-equity ratio of 1.74. The company’s 50-day moving average price is $52.49 and its 200 day moving average price is $53.77. The company has a market cap of $5.04 billion, a PE ratio of 17.63, a P/E/G ratio of 2.14 and a beta of 0.69. Sonoco Products has a fifty-two week low of $48.22 and a fifty-two week high of $61.73.

Sonoco Products (NYSE:SON) last announced its earnings results on Thursday, October 31st. The industrial products company reported $1.49 earnings per share for the quarter, beating the consensus estimate of $1.45 by $0.04. Sonoco Products had a return on equity of 19.92% and a net margin of 4.38%. The firm had revenue of $1.68 billion for the quarter, compared to the consensus estimate of $1.72 billion. During the same quarter in the previous year, the business earned $1.46 EPS. The firm’s revenue for the quarter was down 2.0% on a year-over-year basis. Sell-side analysts anticipate that Sonoco Products will post 5.1 earnings per share for the current year.

Sonoco Products Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Friday, November 8th will be paid a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, November 8th. This represents a $2.08 annualized dividend and a yield of 4.05%. Sonoco Products’s payout ratio is 71.48%.

About Sonoco Products

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.