Sound Income Strategies LLC Invests $9.94 Million in Sonoco Products (NYSE:SON)

Sound Income Strategies LLC acquired a new stake in shares of Sonoco Products (NYSE:SON - Free Report) during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 181,856 shares of the industrial products company's stock, valued at approximately $9,935,000. Sound Income Strategies LLC owned approximately 0.19% of Sonoco Products as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Quadrature Capital Ltd purchased a new position in Sonoco Products in the 4th quarter worth $969,000. Sei Investments Co. boosted its stake in Sonoco Products by 6.9% during the first quarter. Sei Investments Co. now owns 1,363,937 shares of the industrial products company's stock worth $78,890,000 after acquiring an additional 88,407 shares in the last quarter. Russell Investments Group Ltd. boosted its stake in Sonoco Products by 49.3% during the first quarter. Russell Investments Group Ltd. now owns 123,974 shares of the industrial products company's stock worth $7,171,000 after acquiring an additional 40,927 shares in the last quarter. Atria Investments Inc purchased a new position in Sonoco Products in the first quarter worth about $1,626,000. Finally, AQR Capital Management LLC raised its holdings in Sonoco Products by 80.8% in the second quarter. AQR Capital Management LLC now owns 555,575 shares of the industrial products company's stock worth $28,179,000 after buying an additional 248,236 shares during the last quarter. Hedge funds and other institutional investors own 77.69% of the company's stock.

Sonoco Products Stock Performance

Shares of NYSE SON traded up $0.60 during mid-day trading on Friday, hitting $54.20. 746,106 shares of the company were exchanged, compared to its average volume of 730,424. Sonoco Products has a 1-year low of $48.22 and a 1-year high of $61.73. 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 stock has a 50 day simple moving average of $53.25 and a 200-day simple moving average of $55.00. The firm has a market cap of $5.33 billion, a price-to-earnings ratio of 13.69, a price-to-earnings-growth ratio of 2.08 and a beta of 0.68.

Sonoco Products (NYSE:SON - Get Free Report) last issued its earnings results on Wednesday, July 31st. The industrial products company reported $1.28 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.26 by $0.02. Sonoco Products had a return on equity of 20.10% and a net margin of 5.57%. The business had revenue of $1.62 billion during the quarter, compared to analysts' expectations of $1.69 billion. During the same quarter in the previous year, the business earned $1.38 EPS. The company's revenue for the quarter was down 4.8% on a year-over-year basis. On average, sell-side analysts forecast that Sonoco Products will post 5.09 EPS for the current fiscal year.

Sonoco Products Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Friday, August 9th were issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 3.84%. The ex-dividend date of this dividend was Friday, August 9th. Sonoco Products's dividend payout ratio is 52.53%.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on SON shares. Raymond James started coverage on shares of Sonoco Products in a research report on Friday, July 19th. They issued an "outperform" rating and a $62.00 price target for the company. Citigroup raised their price target on shares of Sonoco Products from $62.00 to $63.00 and gave the company a "buy" rating in a report on Wednesday, October 2nd. StockNews.com lowered shares of Sonoco Products from a "strong-buy" rating to a "buy" rating in a research report on Wednesday, July 3rd. Finally, Wells Fargo & Company lowered shares of Sonoco Products from an "equal weight" rating to an "underweight" rating and reduced their price target for the stock from $54.00 to $52.00 in a research report on Wednesday, August 21st. One analyst has rated the stock with a sell rating and three have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target 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.