Osaic Holdings Inc. Buys 23,669 Shares of Sonoco Products Company $SON

Osaic Holdings Inc. boosted its stake in shares of Sonoco Products Company (NYSE:SON) by 170.6% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 37,545 shares of the industrial products company’s stock after purchasing an additional 23,669 shares during the period. Osaic Holdings Inc.’s holdings in Sonoco Products were worth $1,717,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of the stock. Richardson Financial Services Inc. raised its stake in shares of Sonoco Products by 13.2% during the 2nd quarter. Richardson Financial Services Inc. now owns 2,185 shares of the industrial products company’s stock worth $100,000 after purchasing an additional 255 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its holdings in Sonoco Products by 11.2% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 4,559 shares of the industrial products company’s stock worth $199,000 after buying an additional 459 shares during the last quarter. My Legacy Advisors LLC raised its position in Sonoco Products by 8.1% during the second quarter. My Legacy Advisors LLC now owns 7,174 shares of the industrial products company’s stock worth $337,000 after acquiring an additional 536 shares in the last quarter. CW Advisors LLC lifted its stake in Sonoco Products by 3.7% in the second quarter. CW Advisors LLC now owns 15,336 shares of the industrial products company’s stock valued at $668,000 after acquiring an additional 545 shares during the last quarter. Finally, Quarry LP lifted its stake in Sonoco Products by 56.5% in the first quarter. Quarry LP now owns 1,518 shares of the industrial products company’s stock valued at $72,000 after acquiring an additional 548 shares during the last quarter. 77.69% of the stock is currently owned by institutional investors.

Sonoco Products Stock Up 1.1%

Shares of SON opened at $43.97 on Tuesday. The stock has a market capitalization of $4.34 billion, a PE ratio of 6.98, a P/E/G ratio of 0.80 and a beta of 0.55. The company has a current ratio of 0.92, a quick ratio of 0.58 and a debt-to-equity ratio of 1.14. The firm’s 50 day moving average is $41.41 and its 200-day moving average is $43.82. Sonoco Products Company has a 12 month low of $38.65 and a 12 month high of $50.09.

Sonoco Products (NYSE:SON) last released its earnings results on Wednesday, June 22nd. The industrial products company reported $1.00 earnings per share (EPS) for the quarter. Sonoco Products had a return on equity of 20.49% and a net margin of 8.82%.The company had revenue of $1.35 billion for the quarter. Sonoco Products has set its Q2 2022 guidance at $1.60-$1.70 EPS. Equities research analysts forecast that Sonoco Products Company will post 6.1 EPS for the current year.

Sonoco Products Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, December 10th. Stockholders of record on Monday, November 10th were given a $0.53 dividend. The ex-dividend date was Monday, November 10th. This represents a $2.12 annualized dividend and a dividend yield of 4.8%. Sonoco Products’s payout ratio is presently 33.65%.

Insider Buying and Selling

In other news, CFO Paul Joachimczyk purchased 20,500 shares of the business’s stock in a transaction dated Wednesday, October 29th. The stock was bought at an average price of $39.50 per share, with a total value of $809,750.00. Following the acquisition, the chief financial officer owned 20,500 shares in the company, valued at approximately $809,750. The trade was a ∞ increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director John R. Haley acquired 2,506 shares of the firm’s stock in a transaction that occurred on Tuesday, October 28th. The stock was purchased at an average cost of $39.87 per share, for a total transaction of $99,914.22. Following the completion of the purchase, the director directly owned 23,310 shares of the company’s stock, valued at $929,369.70. The trade was a 12.05% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Corporate insiders own 0.74% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on SON. Truist Financial lowered their price objective on shares of Sonoco Products from $58.00 to $57.00 and set a “buy” rating on the stock in a research note on Monday, October 13th. Citigroup lowered their price target on Sonoco Products from $56.00 to $55.00 and set a “buy” rating on the stock in a research report on Monday, September 29th. UBS Group dropped their price objective on Sonoco Products from $50.00 to $46.00 and set a “neutral” rating on the stock in a research note on Monday, October 6th. Zacks Research downgraded Sonoco Products from a “hold” rating to a “strong sell” rating in a research note on Monday, October 27th. Finally, Jefferies Financial Group dropped their price target on Sonoco Products from $61.00 to $60.00 and set a “buy” rating on the stock in a research note on Friday, October 24th. Four investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $54.43.

Sonoco Products Company Profile

Sonoco Products Company (NYSE: SON) is a global provider of diversified packaging solutions, serving a wide range of consumer, industrial and retail markets. The company offers a broad portfolio that includes rigid paper and plastic containers, flexible packaging, industrial core and tube products, thermoformed plastics, retail point-of-purchase displays, and packaging supply chain services. Through its solutions, Sonoco helps customers in food and beverage, personal care, chemicals, healthcare, home and garden, and electronics industries address their packaging needs, improve product shelf appeal, and optimize logistics efficiency.

With operations in more than 30 countries across North America, South America, Europe, Asia and Africa, Sonoco leverages a global network of manufacturing facilities, recycling centers and distribution channels to meet the demands of multinational and regional customers.