Sonoco Products (NYSE:SON) Director John Haley Acquires 2,506 Shares

Sonoco Products Company (NYSE:SON) Director John Haley bought 2,506 shares of the company’s stock in a transaction dated Tuesday, October 28th. The shares were acquired at an average cost of $39.87 per share, for a total transaction of $99,914.22. Following the completion of the transaction, the director owned 23,310 shares of the company’s stock, valued at approximately $929,369.70. The trade was a 12.05% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Sonoco Products Stock Down 1.0%

Shares of NYSE SON opened at $39.31 on Friday. Sonoco Products Company has a 1 year low of $38.65 and a 1 year high of $53.22. The firm has a market cap of $3.88 billion, a price-to-earnings ratio of 6.24, a PEG ratio of 0.73 and a beta of 0.68. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.58 and a current ratio of 0.92. The stock’s 50-day simple moving average is $43.85 and its 200-day simple moving average is $44.86.

Sonoco Products (NYSE:SON) last announced its earnings results on Wednesday, June 22nd. The industrial products company reported $1.00 earnings per share (EPS) for the quarter. Sonoco Products had a return on equity of 20.49% and a net margin of 8.82%.The business had revenue of $1.35 billion for the quarter. Sonoco Products has set its Q2 2022 guidance at $1.60-$1.70 EPS. As a group, equities analysts anticipate that Sonoco Products Company will post 6.1 earnings per share for the current fiscal year.

Sonoco Products Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 10th. Stockholders of record on Monday, November 10th will be given a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a dividend yield of 5.4%. The ex-dividend date of this dividend is Monday, November 10th. Sonoco Products’s payout ratio is presently 33.65%.

Hedge Funds Weigh In On Sonoco Products

A number of hedge funds and other institutional investors have recently bought and sold shares of SON. ST Germain D J Co. Inc. acquired a new position in Sonoco Products in the second quarter valued at approximately $26,000. TD Waterhouse Canada Inc. acquired a new position in Sonoco Products in the second quarter valued at approximately $30,000. True Wealth Design LLC boosted its stake in Sonoco Products by 172.5% in the third quarter. True Wealth Design LLC now owns 744 shares of the industrial products company’s stock valued at $32,000 after acquiring an additional 471 shares during the period. Whittier Trust Co. of Nevada Inc. boosted its stake in Sonoco Products by 508.1% in the first quarter. Whittier Trust Co. of Nevada Inc. now owns 900 shares of the industrial products company’s stock valued at $43,000 after acquiring an additional 752 shares during the period. Finally, Allworth Financial LP boosted its stake in Sonoco Products by 152.0% in the first quarter. Allworth Financial LP now owns 1,071 shares of the industrial products company’s stock valued at $50,000 after acquiring an additional 646 shares during the period. 77.69% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on SON shares. Wells Fargo & Company lifted their price target on Sonoco Products from $50.00 to $52.00 and gave the stock an “overweight” rating in a research note on Friday, October 24th. Zacks Research downgraded Sonoco Products from a “hold” rating to a “strong sell” rating in a research note on Monday. Raymond James Financial reiterated a “market perform” rating on shares of Sonoco Products in a research note on Friday, October 17th. Bank of America reiterated a “neutral” rating and issued a $56.00 price target on shares of Sonoco Products in a research note on Thursday, October 9th. Finally, Jefferies Financial Group lowered their target price on shares of Sonoco Products from $61.00 to $60.00 and set a “buy” rating for the company in a research note on Friday, October 24th. Four research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $54.50.

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.