Impact Partnership Wealth LLC Buys 323 Shares of Sonoco Products (NYSE:SON)

Impact Partnership Wealth LLC lifted its stake in shares of Sonoco Products (NYSE:SON) by 7.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,506 shares of the industrial products company’s stock after acquiring an additional 323 shares during the period. Impact Partnership Wealth LLC’s holdings in Sonoco Products were worth $246,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in SON. Oak Thistle LLC bought a new position in Sonoco Products in the first quarter valued at $251,000. Allspring Global Investments Holdings LLC bought a new position in Sonoco Products in the first quarter valued at $50,000. State of Michigan Retirement System grew its position in Sonoco Products by 2.1% in the first quarter. State of Michigan Retirement System now owns 24,051 shares of the industrial products company’s stock valued at $1,391,000 after purchasing an additional 500 shares in the last quarter. Albion Financial Group UT bought a new position in Sonoco Products in the first quarter valued at $107,000. Finally, IVC Wealth Advisors LLC grew its position in Sonoco Products by 19.3% in the first quarter. IVC Wealth Advisors LLC now owns 5,569 shares of the industrial products company’s stock valued at $322,000 after purchasing an additional 900 shares in the last quarter. Institutional investors own 77.69% of the company’s stock.

Sonoco Products Stock Performance

Shares of SON stock opened at $53.08 on Friday. The stock has a market cap of $5.22 billion, a P/E ratio of 14.27, a P/E/G 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. The company has a fifty day moving average price of $53.94 and a two-hundred day moving average price of $54.77. Sonoco Products has a one year low of $48.22 and a one year high of $61.73.

Sonoco Products (NYSE:SON) last posted its earnings results on Wednesday, July 31st. The industrial products company reported $1.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.26 by $0.02. The company had revenue of $1.62 billion during the quarter, compared to analysts’ expectations of $1.69 billion. Sonoco Products had a net margin of 5.57% and a return on equity of 20.10%. Sonoco Products’s quarterly revenue was down 4.8% compared to the same quarter last year. During the same quarter last year, the company posted $1.38 EPS. As a group, equities analysts predict that Sonoco Products will post 5 EPS for the current year.

Sonoco Products Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Friday, November 8th will be paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.92%. The ex-dividend date of this dividend is Friday, November 8th. Sonoco Products’s dividend payout ratio is presently 55.91%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Raymond James assumed coverage on shares of Sonoco Products in a research report on Friday, July 19th. They issued an “outperform” rating and a $62.00 target price for the company. Wells Fargo & Company downgraded shares of Sonoco Products from an “equal weight” rating to an “underweight” rating and decreased their target price for the company from $54.00 to $52.00 in a research report on Wednesday, August 21st. Citigroup increased their price target on shares of Sonoco Products from $62.00 to $63.00 and gave the company a “buy” rating in a research note on Wednesday, October 2nd. Finally, StockNews.com cut shares of Sonoco Products from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, July 3rd. One analyst has rated the stock with a sell rating and three have assigned a buy rating to the company. Based on data from MarketBeat, Sonoco Products currently has a consensus rating of “Moderate Buy” and an average target price of $59.00.

Sonoco Products 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.