Abich Financial Wealth Management LLC Invests $50,000 in Sonoco Products (NYSE:SON)

Abich Financial Wealth Management LLC acquired a new position in shares of Sonoco Products (NYSE:SON – Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 989 shares of the industrial products company’s stock, valued at approximately $50,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Sonoco Products in the second quarter valued at approximately $164,000. Point72 Hong Kong Ltd lifted its position in shares of Sonoco Products by 1,247.3% during the second quarter. Point72 Hong Kong Ltd now owns 70,290 shares of the industrial products company’s stock worth $3,565,000 after purchasing an additional 65,073 shares in the last quarter. Point72 DIFC Ltd boosted its holdings in shares of Sonoco Products by 13.6% in the second quarter. Point72 DIFC Ltd now owns 17,351 shares of the industrial products company’s stock valued at $880,000 after acquiring an additional 2,082 shares in the last quarter. Marshall Wace LLP bought a new stake in Sonoco Products in the second quarter valued at $1,491,000. Finally, Magnetar Financial LLC acquired a new position in Sonoco Products in the second quarter valued at $245,000. 77.69% of the shares are held by hedge funds and other institutional investors.

Analysts on Wall Street are forecasting an increase

A number of equities analysts recently weighed in on the stock. StockNews.com downgraded shares of Sonoco Products from a “strong-buy” rating to a “buy” rating in a report on Wednesday, July 3rd. Raymond James initiated coverage on shares of Sonoco Products in a research note on Friday, July 19th. They set an “outperform” rating and a $62.00 price target for the company. Wells Fargo & Company downgraded Sonoco Products from an “equal weight” rating to an “underweight” rating and dropped their price objective for the company from $54.00 to $52.00 in a research note on Wednesday, August 21. Finally, Citigroup cut their price target on Sonoco Products from $64.00 to $60.00 and set a “buy” rating for the company in a research report on Monday, July 8th. One equities research analyst has rated the stock with a sell rating and three have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Moderate Buy” and a consensus price target of $58.00, according to MarketBeat.com.

Read the latest research report on SON

Stock performance of Sonoco products

NYSE SON opened at $53.62 on Thursday. The firm has a market cap of $5.27 billion, a P/E ratio of 13.54, a price-to-earnings-growth ratio of 2.11 and a beta of 0.68. The company has a quick ratio of 0.85, a current ratio of 1.30, and a debt-to-equity ratio of 1.04. The company’s 50-day moving average is $52.87 and its 200-day moving average is $55.28. Sonoco Products has a 12 month low of $48.22 and a 12 month high of $61.73.

Sonoco Products (NYSE:SON – Get Your Free Report ) last posted its earnings results on Wednesday, July 31st. The industrial products company reported $1.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.26 by $0.02. The business had revenue of $1.62 billion for the quarter, compared to analysts’ expectations of $1.69 billion. Sonoco Products had a net margin of 5.57% and a return on equity of 20.10%. The company’s revenue for the quarter was down 4.8% compared to the same quarter last year. In the same quarter last year, the firm posted EPS of $1.38. sell-side analysts predict that Sonoco Products will post 5.09 earnings per share for the current year.

Sonoco Products Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Friday, August 9th were given a dividend of $0.52 per share. This represents a dividend of $2.08 on an annualized basis and a yield of 3.88%. The ex-dividend date was Friday, August 9. Sonoco Products’s payout ratio is currently 52.53%.

Sonoco Products Company Profile

(Free Report)

Sonoco Products Company, together with its subsidiaries, designs, develops, manufactures and sells various sustainable and engineered packaging products in North and South America, Europe, Australia and Asia. The company operates in the consumer packaging and industrial paper packaging segments. The Consumer Packaging segment offers round containers and rigid shapes in paper, steel and plastic; metal and peelable membrane heads, closures and components; thermoformed plastic trays and cases; and high barrier flexible packaging products.

Recommended articles

Receive daily news and reviews for Sonoco products – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Sonoco Products and related companies with MarketBeat.com’s FREE daily email newsletter.