Sonoco Products Company $SON Shares Sold by Icon Advisers Inc. Co.

Icon Advisers Inc. Co. reduced its position in shares of Sonoco Products Company (NYSE:SON) by 45.4% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 41,500 shares of the industrial products company’s stock after selling 34,500 shares during the period. Icon Advisers Inc. Co.’s holdings in Sonoco Products were worth $1,788,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Cornerstone Planning Group LLC purchased a new position in shares of Sonoco Products during the 3rd quarter worth approximately $29,000. TD Waterhouse Canada Inc. purchased a new stake in shares of Sonoco Products in the second quarter valued at approximately $30,000. True Wealth Design LLC grew 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 acquiring an additional 471 shares during the period. SouthState Corp grew its holdings 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 acquiring an additional 1,010 shares during the period. Finally, Clearstead Advisors LLC raised its position 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 worth $58,000 after acquiring an additional 965 shares in the last quarter. Hedge funds and other institutional investors own 77.69% of the company’s stock.

Sonoco Products Trading Down 0.8%

Shares of SON stock opened at $53.29 on Friday. The stock has a market cap of $5.26 billion, a P/E ratio of 5.29, a P/E/G ratio of 1.08 and a beta of 0.51. 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 Company has a fifty-two week low of $38.65 and a fifty-two week high of $58.44. The business has a fifty day simple moving average of $50.36 and a 200-day simple moving average of $45.50.

Sonoco Products (NYSE:SON) last released its quarterly earnings data on Tuesday, February 17th. The industrial products company reported $1.05 EPS for the quarter, topping the consensus estimate of $1.01 by $0.04. The business had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.76 billion. Sonoco Products had a net margin of 13.34% and a return on equity of 18.52%. The business’s revenue for the quarter was up 29.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.17 EPS. On average, analysts forecast that Sonoco Products Company will post 6.1 earnings per share for the current fiscal year.

Sonoco Products Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 10th. Stockholders of record on Wednesday, February 25th will be given a $0.53 dividend. The ex-dividend date is Wednesday, February 25th. This represents a $2.12 annualized dividend and a dividend yield of 4.0%. Sonoco Products’s dividend payout ratio is currently 21.05%.

Analyst Upgrades and Downgrades

A number of research firms have commented on SON. Wells Fargo & Company raised their target price on Sonoco Products from $47.00 to $60.00 and gave the company an “equal weight” rating in a report on Wednesday, February 18th. Raymond James Financial reiterated a “market perform” rating on shares of Sonoco Products in a research note on Friday. Truist Financial reissued a “buy” rating and set a $69.00 price objective (up from $54.00) on shares of Sonoco Products in a report on Friday, February 20th. UBS Group increased their target price on shares of Sonoco Products from $48.00 to $62.00 and gave the company a “neutral” rating in a report on Thursday, February 19th. Finally, Citigroup lifted their price target on shares of Sonoco Products from $52.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday, February 19th. Four analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $62.63.

Insider Buying and Selling at Sonoco Products

In other news, insider Ernest D. Haynes III sold 1,581 shares of the firm’s stock in a transaction that occurred 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 of the company’s stock, valued at $528,769.03. This trade represents a 14.43% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.74% of the stock is currently owned by company 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.