Sound Income Strategies LLC Raises Holdings in Sonoco Products (NYSE:SON)

Sound Income Strategies LLC increased its position in Sonoco Products (NYSE:SON - Free Report) by 53.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 278,729 shares of the industrial products company's stock after purchasing an additional 96,873 shares during the period. Sound Income Strategies LLC owned approximately 0.28% of Sonoco Products worth $13,616,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of SON. IVC Wealth Advisors LLC grew its holdings in Sonoco Products by 20.4% during the fourth quarter. IVC Wealth Advisors LLC now owns 6,254 shares of the industrial products company's stock worth $306,000 after buying an additional 1,060 shares in the last quarter. D.B. Root & Company LLC raised its holdings in shares of Sonoco Products by 10.0% in the fourth quarter. D.B. Root & Company LLC now owns 16,046 shares of the industrial products company's stock valued at $784,000 after purchasing an additional 1,465 shares during the last quarter. SG Americas Securities LLC lifted its position in shares of Sonoco Products by 710.7% during the fourth quarter. SG Americas Securities LLC now owns 113,421 shares of the industrial products company's stock valued at $5,541,000 after purchasing an additional 99,431 shares in the last quarter. Albion Financial Group UT purchased a new position in Sonoco Products during the fourth quarter worth about $84,000. Finally, HB Wealth Management LLC grew its position in Sonoco Products by 10.2% in the 4th quarter. HB Wealth Management LLC now owns 7,198 shares of the industrial products company's stock worth $352,000 after purchasing an additional 665 shares in the last quarter. Institutional investors and hedge funds own 77.69% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Wells Fargo & Company cut their target price on Sonoco Products from $52.00 to $50.00 and set an "underweight" rating on the stock in a research note on Monday, January 6th. Bank of America upped their price objective on Sonoco Products from $66.00 to $71.00 and gave the company a "buy" rating in a research note on Monday, January 6th. Robert W. Baird cut their price target on shares of Sonoco Products from $58.00 to $55.00 and set a "neutral" rating on the stock in a report on Monday, November 4th. Truist Financial lifted their price objective on shares of Sonoco Products from $63.00 to $68.00 and gave the stock a "buy" rating in a research report on Monday, January 6th. Finally, Citigroup reduced their price objective on Sonoco Products from $59.00 to $55.00 and set a "buy" rating for the company in a report on Monday, January 6th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $60.17.

Sonoco Products Price Performance

Shares of SON traded down $0.17 during midday trading on Friday, hitting $48.44. 513,681 shares of the company traded hands, compared to its average volume of 691,283. Sonoco Products has a one year low of $45.93 and a one year high of $61.73. The firm has a market cap of $4.76 billion, a P/E ratio of 16.65, a PEG ratio of 0.78 and a beta of 0.68. The company has a debt-to-equity ratio of 1.74, a current ratio of 2.36 and a quick ratio of 1.91. The stock has a 50-day moving average of $49.63 and a 200-day moving average of $51.55.

Sonoco Products (NYSE:SON - Get Free Report) last announced its quarterly earnings results on Thursday, October 31st. The industrial products company reported $1.49 EPS for the quarter, beating the consensus estimate of $1.45 by $0.04. The firm 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 business's quarterly revenue was down 2.0% compared to the same quarter last year. During the same period last year, the firm earned $1.46 EPS. As a group, sell-side analysts predict that Sonoco Products will post 5.12 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Robert R. Hill, Jr. sold 4,000 shares of the company's stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of $47.95, for a total value of $191,800.00. Following the completion of the transaction, the director now directly owns 16,065 shares in the company, valued at approximately $770,316.75. The trade was a 19.94 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.51% of the company's stock.

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.