Access Investment Management LLC Makes New $10.55 Million Investment in Sonoco Products Company $SON

Access Investment Management LLC acquired a new position in shares of Sonoco Products Company (NYSE:SON) in the 2nd quarter, HoldingsChannel reports. The institutional investor acquired 242,190 shares of the industrial products company’s stock, valued at approximately $10,550,000. Sonoco Products comprises approximately 3.0% of Access Investment Management LLC’s portfolio, making the stock its 9th biggest holding.

A number of other institutional investors have also recently bought and sold shares of SON. Speece Thorson Capital Group Inc. lifted its position in shares of Sonoco Products by 63.5% in the second quarter. Speece Thorson Capital Group Inc. now owns 355,136 shares of the industrial products company’s stock worth $15,470,000 after purchasing an additional 137,881 shares in the last quarter. Strs Ohio purchased a new position in shares of Sonoco Products during the 2nd quarter valued at $2,371,000. Atria Investments Inc raised its holdings in shares of Sonoco Products by 13.2% during the second quarter. Atria Investments Inc now owns 38,030 shares of the industrial products company’s stock worth $1,657,000 after acquiring an additional 4,440 shares in the last quarter. Arkadios Wealth Advisors acquired a new stake in Sonoco Products during the second quarter valued at $966,000. Finally, GoalVest Advisory LLC grew its stake in Sonoco Products by 3.1% in the second quarter. GoalVest Advisory LLC now owns 26,391 shares of the industrial products company’s stock valued at $1,150,000 after purchasing an additional 805 shares in the last quarter. 77.69% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

SON has been the subject of several recent research reports. Zacks Research cut Sonoco Products from a “hold” rating to a “strong sell” rating in a research note on Monday, October 27th. Raymond James Financial reiterated a “market perform” rating on shares of Sonoco Products in a report on Friday, October 17th. UBS Group reduced their price target on Sonoco Products from $50.00 to $46.00 and set a “neutral” rating for the company in a research report on Monday, October 6th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Sonoco Products in a research report on Wednesday, October 8th. Finally, Bank of America restated a “neutral” rating and issued a $56.00 price objective on shares of Sonoco Products in a research note on Thursday, October 9th. Four investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $54.50.

Sonoco Products Price Performance

NYSE:SON opened at $40.61 on Monday. 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 cap of $4.01 billion, a P/E ratio of 6.45, a PEG ratio of 0.73 and a beta of 0.68. The company has a fifty day moving average price of $43.71 and a 200 day moving average price of $44.85. Sonoco Products Company has a one year low of $38.65 and a one year high of $53.22.

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

Sonoco Products Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 10th. Shareholders of record on Monday, November 10th will be paid a dividend of $0.53 per share. The ex-dividend date is Monday, November 10th. This represents a $2.12 dividend on an annualized basis and a yield of 5.2%. Sonoco Products’s dividend payout ratio (DPR) is currently 33.65%.

Insider Buying and Selling

In related news, Director John R. Haley bought 2,506 shares of the company’s stock in a transaction dated Tuesday, October 28th. The stock was acquired at an average cost of $39.87 per share, with a total value of $99,914.22. Following the acquisition, the director owned 23,310 shares in the company, valued at approximately $929,369.70. This represents a 12.05% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Paul Joachimczyk purchased 20,500 shares of the firm’s stock in a transaction that occurred on Wednesday, October 29th. The stock was bought at an average cost of $39.50 per share, for a total transaction of $809,750.00. Following the purchase, the chief financial officer owned 20,500 shares in the company, valued at $809,750. This represents a ∞ increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 0.74% of the stock is currently owned by insiders.

Sonoco Products Company 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.