Rede Wealth LLC Takes $540,000 Position in Sonoco Products Company $SON

Rede Wealth LLC acquired a new position in shares of Sonoco Products Company (NYSE:SON) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 12,526 shares of the industrial products company’s stock, valued at approximately $540,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. State Street Corp increased its holdings in shares of Sonoco Products by 0.3% in the second quarter. State Street Corp now owns 4,470,449 shares of the industrial products company’s stock worth $194,733,000 after acquiring an additional 13,161 shares in the last quarter. Nordea Investment Management AB grew its position in shares of Sonoco Products by 70.1% in the 2nd quarter. Nordea Investment Management AB now owns 2,827,569 shares of the industrial products company’s stock valued at $122,914,000 after purchasing an additional 1,164,849 shares during the period. Bank of America Corp DE increased its stake in Sonoco Products by 6.1% during the 2nd quarter. Bank of America Corp DE now owns 2,804,621 shares of the industrial products company’s stock worth $122,169,000 after purchasing an additional 162,262 shares in the last quarter. Sei Investments Co. raised its holdings in Sonoco Products by 1.3% during the 2nd quarter. Sei Investments Co. now owns 1,398,881 shares of the industrial products company’s stock worth $60,935,000 after buying an additional 18,308 shares during the period. Finally, Norges Bank bought a new position in Sonoco Products in the second quarter valued at approximately $53,618,000. 77.69% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, CFO Paul Joachimczyk acquired 20,500 shares of the business’s stock in a transaction dated Wednesday, October 29th. The stock was bought at an average price of $39.50 per share, with a total value of $809,750.00. Following the acquisition, the chief financial officer owned 20,500 shares in the company, valued at $809,750. This represents a ? increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John R. Haley bought 2,506 shares of the stock in a transaction that occurred on Tuesday, October 28th. The shares were purchased at an average price of $39.87 per share, for a total transaction of $99,914.22. Following the completion of the acquisition, the director owned 23,310 shares of the company’s stock, valued at $929,369.70. The trade was a 12.05% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Corporate insiders own 0.74% of the company’s stock.

Sonoco Products Trading Up 0.8%

Shares of NYSE:SON opened at $43.51 on Friday. The company’s 50-day moving average price is $41.34 and its two-hundred day moving average price is $43.84. Sonoco Products Company has a one year low of $38.65 and a one year high of $50.09. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.92 and a quick ratio of 0.58. The stock has a market capitalization of $4.29 billion, a PE ratio of 6.91, a price-to-earnings-growth ratio of 0.80 and a beta of 0.55.

Sonoco Products (NYSE:SON) last released 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. On average, equities analysts forecast that Sonoco Products Company will post 6.1 EPS for the current fiscal year.

Sonoco Products Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 10th. Stockholders of record on Monday, November 10th were paid a dividend of $0.53 per share. The ex-dividend date was Monday, November 10th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 4.9%. Sonoco Products’s dividend payout ratio is currently 33.65%.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Raymond James Financial reissued a “market perform” rating on shares of Sonoco Products in a research report on Friday, October 17th. Bank of America reiterated a “neutral” rating and set a $56.00 target price on shares of Sonoco Products in a report on Thursday, October 9th. Jefferies Financial Group dropped their price target on Sonoco Products from $61.00 to $60.00 and set a “buy” rating on the stock in a research note on Friday, October 24th. Wells Fargo & Company upped their price objective on Sonoco Products from $50.00 to $52.00 and gave the stock an “overweight” rating in a research report on Friday, October 24th. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of Sonoco Products in a research report on Wednesday, October 8th. Four investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $54.43.

Sonoco Products Company Profile

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.