Midwest Trust Co Makes New Investment in Sonoco Products Company $SON

Midwest Trust Co bought a new position in Sonoco Products Company (NYSE:SON) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 221,773 shares of the industrial products company’s stock, valued at approximately $9,660,000. Midwest Trust Co owned approximately 0.22% of Sonoco Products at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in SON. ST Germain D J Co. Inc. acquired a new position in Sonoco Products in the second quarter worth $26,000. Whittier Trust Co. of Nevada Inc. lifted its position in shares of Sonoco Products by 508.1% in the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 900 shares of the industrial products company’s stock worth $43,000 after buying an additional 752 shares during the last quarter. Allworth Financial LP boosted its holdings in shares of Sonoco Products by 152.0% in the 1st quarter. Allworth Financial LP now owns 1,071 shares of the industrial products company’s stock valued at $50,000 after buying an additional 646 shares during the period. SouthState Corp grew its position in shares of Sonoco Products by 439.1% during the 2nd quarter. SouthState Corp now owns 1,240 shares of the industrial products company’s stock valued at $54,000 after buying an additional 1,010 shares during the last quarter. Finally, Hilltop National Bank acquired a new stake in Sonoco Products during the second quarter worth about $56,000. 77.69% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have commented on SON. Weiss Ratings restated a “hold (c-)” rating on shares of Sonoco Products in a research note on Wednesday, October 8th. Raymond James Financial reissued a “market perform” rating on shares of Sonoco Products in a report on Friday, October 17th. 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 note on Friday, October 24th. UBS Group dropped their target price 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. Finally, Citigroup reduced their price target on shares of Sonoco Products from $56.00 to $55.00 and set a “buy” rating for the company in a report on Monday, September 29th. Four analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $54.43.

Insider Buying and Selling

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

Sonoco Products Trading Up 0.7%

NYSE:SON opened at $40.72 on Monday. The stock has a market cap of $4.02 billion, a price-to-earnings ratio of 6.46, a PEG ratio of 0.73 and a beta of 0.67. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.58 and a current ratio of 0.92. Sonoco Products Company has a 1 year low of $38.65 and a 1 year high of $52.77. The business has a fifty day moving average of $43.06 and a 200-day moving average of $44.72.

Sonoco Products (NYSE:SON) last issued its quarterly earnings data 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 for 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. Equities analysts predict that Sonoco Products Company will post 6.1 earnings per share for the current year.

Sonoco Products Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 10th. Stockholders of record on Monday, November 10th will be issued a $0.53 dividend. The ex-dividend date is Monday, November 10th. This represents a $2.12 annualized dividend and a dividend yield of 5.2%. Sonoco Products’s dividend payout ratio (DPR) is 33.65%.

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.