Novare Capital Management LLC Takes $213,000 Position in Sonoco Products (NYSE:SON)

Novare Capital Management LLC bought a new position in shares of Sonoco Products (NYSE:SON) during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund bought 3,901 shares of the industrial products company’s stock, valued at approximately $213,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Rise Advisors LLC purchased a new stake in Sonoco Products during the 1st quarter valued at about $26,000. FinTrust Capital Advisors LLC boosted its position in Sonoco Products by 78.8% in the first quarter. FinTrust Capital Advisors LLC now owns 490 shares of the industrial products company’s stock valued at $28,000 after buying an additional 216 shares during the last quarter. Allspring Global Investments Holdings LLC acquired a new position in Sonoco Products in the 1st quarter worth approximately $50,000. Abich Financial Wealth Management LLC purchased a new position in Sonoco Products during the 2nd quarter worth approximately $50,000. Finally, Gradient Investments LLC acquired a new stake in Sonoco Products during the 2nd quarter valued at approximately $58,000. 77.69% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Raymond James initiated coverage on shares of Sonoco Products in a research note on Friday, July 19th. They issued an “outperform” rating and a $62.00 price objective on the stock. StockNews.com lowered Sonoco Products from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, July 3rd. Wells Fargo & Company downgraded Sonoco Products from an “equal weight” rating to an “underweight” rating and lowered their target price for the stock from $54.00 to $52.00 in a research note on Wednesday, August 21st. Finally, Citigroup raised their target price 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 and three have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $59.00.

Sonoco Products Price Performance

NYSE:SON opened at $54.64 on Tuesday. The company has a quick ratio of 0.85, a current ratio of 1.30 and a debt-to-equity ratio of 1.04. Sonoco Products has a 52 week low of $48.22 and a 52 week high of $61.73. The stock’s 50-day moving average price is $53.35 and its 200-day moving average price is $54.97. The stock has a market capitalization of $5.37 billion, a PE ratio of 13.80, a price-to-earnings-growth ratio of 2.08 and a beta of 0.68.

Sonoco Products (NYSE:SON) last issued its quarterly earnings data on Wednesday, July 31st. The industrial products company reported $1.28 EPS for the quarter, beating the consensus estimate of $1.26 by $0.02. Sonoco Products had a return on equity of 20.10% and a net margin of 5.57%. The company had revenue of $1.62 billion for the quarter, compared to analyst estimates of $1.69 billion. During the same period last year, the company earned $1.38 earnings per share. Sonoco Products’s quarterly revenue was down 4.8% compared to the same quarter last year. As a group, equities analysts expect that Sonoco Products will post 5.09 EPS for the current fiscal year.

Sonoco Products Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 10th. Investors of record on Friday, August 9th were given a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, August 9th. This represents a $2.08 annualized dividend and a dividend yield of 3.81%. Sonoco Products’s dividend payout ratio (DPR) is presently 52.53%.

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.