Access Investment Management LLC Acquires 81,780 Shares of Sonoco Products (NYSE:SON)

Access Investment Management LLC grew its stake in shares of Sonoco Products (NYSE:SON - Free Report) by 80.3% in the third quarter, according to the company in its most recent filing with the SEC. The firm owned 183,620 shares of the industrial products company's stock after acquiring an additional 81,780 shares during the quarter. Sonoco Products comprises about 3.1% of Access Investment Management LLC's portfolio, making the stock its 10th biggest holding. Access Investment Management LLC owned approximately 0.19% of Sonoco Products worth $10,031,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of SON. Kennebec Savings Bank acquired a new position in Sonoco Products during the third quarter valued at approximately $27,000. Capital Performance Advisors LLP bought a new stake in shares of Sonoco Products during the 3rd quarter worth $33,000. Allspring Global Investments Holdings LLC acquired a new stake in Sonoco Products in the first quarter valued at about $50,000. Abich Financial Wealth Management LLC bought a new position in Sonoco Products in the second quarter valued at about $50,000. Finally, Gradient Investments LLC acquired a new position in Sonoco Products during the second quarter worth about $58,000. 77.69% of the stock is owned by institutional investors and hedge funds.

Sonoco Products Price Performance

Shares of NYSE SON remained flat at $50.66 during trading on Monday. The company's stock had a trading volume of 417,891 shares, compared to its average volume of 616,004. Sonoco Products has a 1 year low of $48.22 and a 1 year high of $61.73. The company has a current ratio of 2.36, a quick ratio of 1.91 and a debt-to-equity ratio of 1.74. The company has a market cap of $4.98 billion, a PE ratio of 17.41, a P/E/G ratio of 2.08 and a beta of 0.69. The company has a 50 day simple moving average of $53.64 and a two-hundred day simple moving average of $54.35.

Sonoco Products (NYSE:SON - Get Free Report) last released its earnings results on Thursday, October 31st. The industrial products company reported $1.49 earnings per share for the quarter, beating analysts' consensus estimates of $1.45 by $0.04. The business had revenue of $1.68 billion during the quarter, compared to the consensus estimate of $1.72 billion. Sonoco Products had a net margin of 4.38% and a return on equity of 19.92%. The company's revenue for the quarter was down 2.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.46 EPS. As a group, equities analysts predict that Sonoco Products will post 5.1 earnings per share for the current year.

Sonoco Products Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Friday, November 8th will be issued a $0.52 dividend. The ex-dividend date is Friday, November 8th. This represents a $2.08 annualized dividend and a yield of 4.11%. Sonoco Products's payout ratio is 71.48%.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Wells Fargo & Company lowered shares of Sonoco Products from an "equal weight" rating to an "underweight" rating and cut their target price for the company from $54.00 to $52.00 in a research report on Wednesday, August 21st. Robert W. Baird reduced their price objective on Sonoco Products from $58.00 to $55.00 and set a "neutral" rating on the stock in a research report on Monday, November 4th. Raymond James initiated coverage on Sonoco Products in a report on Friday, July 19th. They issued an "outperform" rating and a $62.00 target price for the company. Finally, Citigroup boosted their price target on Sonoco Products from $62.00 to $63.00 and gave the stock a "buy" rating in a report on Wednesday, October 2nd. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $58.00.

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.