IVC Wealth Advisors LLC Raises Stake in Sonoco Products (NYSE:SON)

IVC Wealth Advisors LLC lifted its position in shares of Sonoco Products (NYSE:SON) by 19.3% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 5,569 shares of the industrial products company’s stock after purchasing an additional 900 shares during the quarter. IVC Wealth Advisors LLC’s holdings in Sonoco Products were worth $322,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of SON. Rise Advisors LLC purchased a new stake in shares of Sonoco Products during the 1st quarter worth about $26,000. Bruce G. Allen Investments LLC acquired a new position in shares of Sonoco Products in the 4th quarter valued at approximately $28,000. Burkett Financial Services LLC acquired a new position in shares of Sonoco Products in the 4th quarter valued at approximately $30,000. TFO Wealth Partners LLC raised its position in shares of Sonoco Products by 12,183.3% in the 4th quarter. TFO Wealth Partners LLC now owns 737 shares of the industrial products company’s stock valued at $41,000 after purchasing an additional 731 shares in the last quarter. Finally, Parallel Advisors LLC raised its position in shares of Sonoco Products by 154.6% during the 4th quarter. Parallel Advisors LLC now owns 881 shares of the industrial products company’s stock valued at $49,000 after acquiring an additional 535 shares in the last quarter. Hedge funds and other institutional investors own 77.69% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. Citigroup dropped their price target on Sonoco Products from $66.00 to $65.00 and set a “buy” rating on the stock in a research report on Thursday, April 4th. Wells Fargo & Company upped their price target on Sonoco Products from $56.00 to $57.00 and gave the company an “equal weight” rating in a research report on Friday, May 3rd. Finally, StockNews.com downgraded Sonoco Products from a “strong-buy” rating to a “buy” rating in a research note on Wednesday. Two analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $63.33.

Sonoco Products Stock Performance

Shares of NYSE:SON traded up $0.26 on Wednesday, hitting $49.57. The company’s stock had a trading volume of 466,219 shares, compared to its average volume of 546,882. Sonoco Products has a 12 month low of $49.10 and a 12 month high of $61.73. The company has a market capitalization of $4.87 billion, a price-to-earnings ratio of 12.52, a price-to-earnings-growth ratio of 1.97 and a beta of 0.69. The stock’s 50-day moving average is $57.61 and its two-hundred day moving average is $57.16. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.83 and a current ratio of 1.31.

Sonoco Products (NYSE:SON) last released its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $1.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.05 by $0.07. Sonoco Products had a return on equity of 20.79% and a net margin of 5.86%. The company had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.67 billion. During the same quarter in the prior year, the business posted $1.40 earnings per share. The company’s revenue for the quarter was down 5.3% compared to the same quarter last year. On average, equities research analysts forecast that Sonoco Products will post 5.1 EPS for the current year.

Sonoco Products Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 10th. Stockholders of record on Friday, May 10th were paid a $0.52 dividend. This is a boost from Sonoco Products’s previous quarterly dividend of $0.51. The ex-dividend date of this dividend was Thursday, May 9th. This represents a $2.08 annualized dividend and a dividend yield of 4.20%. Sonoco Products’s dividend payout ratio is presently 52.53%.

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.