IVC Wealth Advisors LLC Trims Stock Position in Sonoco Products (NYSE:SON)

IVC Wealth Advisors LLC decreased its holdings in Sonoco Products (NYSE:SON) by 6.7% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,194 shares of the industrial products company’s stock after selling 375 shares during the quarter. IVC Wealth Advisors LLC’s holdings in Sonoco Products were worth $284,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Pacer Advisors Inc. grew its stake in shares of Sonoco Products by 13,464.6% during the 2nd quarter. Pacer Advisors Inc. now owns 1,980,297 shares of the industrial products company’s stock valued at $100,441,000 after buying an additional 1,965,698 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Sonoco Products by 11.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,631,259 shares of the industrial products company’s stock valued at $133,465,000 after purchasing an additional 261,062 shares in the last quarter. AQR Capital Management LLC lifted its position in Sonoco Products by 80.8% during the second quarter. AQR Capital Management LLC now owns 555,575 shares of the industrial products company’s stock valued at $28,179,000 after buying an additional 248,236 shares in the last quarter. Sound Income Strategies LLC purchased a new stake in Sonoco Products during the third quarter worth approximately $9,935,000. Finally, Kingsview Wealth Management LLC acquired a new stake in shares of Sonoco Products in the first quarter worth $8,507,000. Institutional investors and hedge funds own 77.69% of the company’s stock.

Sonoco Products Trading Down 0.0 %

Shares of SON opened at $53.08 on Monday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.85 and a current ratio of 1.30. Sonoco Products has a one year low of $48.22 and a one year high of $61.73. The stock has a 50-day moving average price of $53.98 and a 200 day moving average price of $54.70. The company has a market capitalization of $5.22 billion, a P/E ratio of 14.27, a P/E/G ratio of 2.22 and a beta of 0.68.

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

Sonoco Products Announces Dividend

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

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. StockNews.com lowered Sonoco Products from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, July 3rd. Raymond James started coverage on Sonoco Products in a report on Friday, July 19th. They set an “outperform” rating and a $62.00 target price on the stock. Citigroup boosted their price target on Sonoco Products from $62.00 to $63.00 and gave the stock a “buy” rating in a research report on Wednesday, October 2nd. Finally, Wells Fargo & Company downgraded shares of Sonoco Products from an “equal weight” rating to an “underweight” rating and lowered their price objective for the company from $54.00 to $52.00 in a research report on Wednesday, August 21st. One investment analyst has rated the stock with a sell rating and three have given a buy rating to the company. According to MarketBeat.com, 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.