Richardson Financial Services Inc. Acquires 255 Shares of Sonoco Products Company $SON

Richardson Financial Services Inc. grew its holdings in Sonoco Products Company (NYSE:SON) by 13.2% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 2,185 shares of the industrial products company’s stock after purchasing an additional 255 shares during the period. Richardson Financial Services Inc.’s holdings in Sonoco Products were worth $100,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Beverly Hills Private Wealth LLC increased its stake in shares of Sonoco Products by 4.1% in the 1st quarter. Beverly Hills Private Wealth LLC now owns 5,669 shares of the industrial products company’s stock valued at $268,000 after purchasing an additional 224 shares during the last quarter. CW Advisors LLC grew its position in Sonoco Products by 1.5% during the 1st quarter. CW Advisors LLC now owns 14,791 shares of the industrial products company’s stock worth $699,000 after acquiring an additional 224 shares during the last quarter. Federated Hermes Inc. grew its position in Sonoco Products by 2.5% during the 1st quarter. Federated Hermes Inc. now owns 9,304 shares of the industrial products company’s stock worth $440,000 after acquiring an additional 230 shares during the last quarter. State of Michigan Retirement System grew its position in Sonoco Products by 1.3% during the 1st quarter. State of Michigan Retirement System now owns 23,551 shares of the industrial products company’s stock worth $1,113,000 after acquiring an additional 300 shares during the last quarter. Finally, State of Alaska Department of Revenue grew its position in Sonoco Products by 2.7% during the 1st quarter. State of Alaska Department of Revenue now owns 11,511 shares of the industrial products company’s stock worth $543,000 after acquiring an additional 305 shares during the last quarter. Institutional investors own 77.69% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. Citigroup reduced their price objective on Sonoco Products from $56.00 to $55.00 and set a “buy” rating on the stock in a research report on Monday, September 29th. Raymond James Financial boosted their price objective on Sonoco Products from $50.00 to $55.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 15th. UBS Group reduced their price objective on Sonoco Products from $50.00 to $46.00 and set a “neutral” rating on the stock in a research report on Monday, October 6th. Bank of America restated a “neutral” rating and set a $56.00 price objective on shares of Sonoco Products in a research report on Thursday. Finally, Truist Financial boosted their price objective on Sonoco Products from $53.00 to $58.00 and gave the stock a “buy” rating in a research report on Friday, July 25th. Five research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $55.25.

Sonoco Products Trading Down 2.0%

NYSE SON opened at $39.62 on Friday. The business’s 50-day moving average price is $45.39 and its two-hundred day moving average price is $45.26. Sonoco Products Company has a 12 month low of $39.46 and a 12 month high of $55.33. The firm has a market capitalization of $3.91 billion, a PE ratio of 7.10, a price-to-earnings-growth ratio of 0.53 and a beta of 0.68. The company has a current ratio of 1.25, a quick ratio of 0.72 and a debt-to-equity ratio of 1.53.

Sonoco Products (NYSE:SON) last released its quarterly earnings results on Wednesday, June 22nd. The industrial products company reported $1.00 EPS for the quarter. The firm had revenue of $1.35 billion for the quarter. Sonoco Products had a return on equity of 20.46% and a net margin of 8.35%. Sonoco Products has set its Q2 2022 guidance at $1.60-$1.70 EPS. On average, analysts expect that Sonoco Products Company will post 6.1 EPS for the current year.

Sonoco Products Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Friday, August 8th were paid a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a dividend yield of 5.4%. The ex-dividend date of this dividend was Friday, August 8th. Sonoco Products’s payout ratio is currently 37.99%.

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.