Belpointe Asset Management LLC Takes $45,000 Position in Sonoco Products (NYSE:SON)

Belpointe Asset Management LLC purchased a new stake in shares of Sonoco Products (NYSE:SON – Get Rating) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 745 shares of the industrial products company’s stock, valued at approximately $45,000.

Other hedge funds have also modified their holdings of the company. Nuveen Asset Management LLC grew its holdings in shares of Sonoco Products by 35.8% in the 3rd quarter. Nuveen Asset Management LLC now owns 346,837 shares of the industrial products company’s stock worth $19,676,000 after acquiring an additional 91,388 shares during the last quarter. Lido Advisors LLC acquired a new position in shares of Sonoco Products in the 3rd quarter worth $914,000. Cibc World Markets Corp acquired a new position in shares of Sonoco Products in the 3rd quarter worth $1,424,000. Retirement Systems of Alabama grew its holdings in shares of Sonoco Products by 0.7% in the 4th quarter. Retirement Systems of Alabama now owns 128,523 shares of the industrial products company’s stock worth $7,803,000 after acquiring an additional 870 shares during the last quarter. Finally, Independent Advisor Alliance acquired a new position in shares of Sonoco Products in the 3rd quarter worth $211,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Sonoco Products news, insider Ernest D. Haynes III sold 1,834 shares of the business’s stock in a transaction dated Wednesday, March 1st. The stock was sold at an average price of $60.00, for a total value of $110,040.00. Following the completion of the sale, the insider now owns 1,729 shares of the company’s stock, valued at $103,740. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Sonoco Products news, Director Robert R. Hill, Jr. acquired 10,000 shares of the company’s stock in a transaction dated Monday, March 13th. The shares were acquired at an average cost of $56.00 per share, for a total transaction of $560,000.00. Following the completion of the purchase, the director now owns 20,065 shares of the company’s stock, valued at approximately $1,123,640. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Ernest D. Haynes III sold 1,834 shares of Sonoco Products stock in a transaction dated Wednesday, March 1st. The stock was sold at an average price of $60.00, for a total value of $110,040.00. Following the completion of the transaction, the insider now owns 1,729 shares in the company, valued at $103,740. The disclosure for this sale can be found here. Insiders sold 2,565 shares of company stock valued at $152,754 over the last quarter. Insiders own 0.51% of the company’s stock.

Sonoco Products Price Performance

SON opened at $60.10 on Thursday. The stock has a market cap of $5.89 billion, a price-to-earnings ratio of 11.90, a PEG ratio of 2.07 and a beta of 0.71. Sonoco Products has a 1 year low of $51.52 and a 1 year high of $65.96. The company has a current ratio of 1.47, a quick ratio of 0.79 and a debt-to-equity ratio of 1.23. The stock has a fifty day moving average price of $59.66 and a 200 day moving average price of $59.77.

Sonoco Products (NYSE:SON – Get Rating) last announced its quarterly earnings results on Monday, May 1st. The industrial products company reported $1.40 earnings per share for the quarter, topping analysts’ consensus estimates of $1.33 by $0.07. Sonoco Products had a return on equity of 29.17% and a net margin of 6.93%. The company had revenue of $1.73 billion during the quarter, compared to analysts’ expectations of $1.84 billion. During the same quarter in the previous year, the firm earned $1.85 earnings per share. The business’s quarterly revenue was down 2.3% compared to the same quarter last year. Analysts forecast that Sonoco Products will post 5.82 EPS for the current fiscal year.

Sonoco Products Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 9th. Shareholders of record on Wednesday, May 10th will be given a $0.51 dividend. The ex-dividend date of this dividend is Tuesday, May 9th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 3.39%. This is a boost from Sonoco Products’s previous quarterly dividend of $0.49. Sonoco Products’s payout ratio is currently 40.40%.

Analysts Set New Price Targets

Several brokerages have recently commented on SON. Argus raised Sonoco Products from a “hold” rating to a “buy” rating and set a $67.00 target price for the company in a research report on Tuesday, February 14th. They noted that the move was a valuation call. Deutsche Bank Aktiengesellschaft decreased their target price on Sonoco Products from $61.00 to $57.00 in a research report on Wednesday, March 15th. Bank of America raised their target price on Sonoco Products from $76.00 to $82.00 and gave the stock a “buy” rating in a research report on Thursday, April 20th. StockNews.com cut Sonoco Products from a “buy” rating to a “hold” rating in a research report on Thursday, May 11th. Finally, Seaport Res Ptn raised Sonoco Products from a “neutral” rating to a “buy” rating in a research report on Monday, March 20th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, Sonoco Products presently has an average rating of “Hold” and a consensus target price of $66.17.

Sonoco Products Company Profile

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Sonoco Products Co engages in the manufacture of industrial and consumer packaging products and services. It operates through the following segments: Consumer Packaging, Paper and Industrial Converted Products, Protective Solutions, and Display and Packaging. The Consumer Packaging segment offers round and shaped rigid containers, fiber and plastic caulk and adhesive tubes, and aluminum, steel, and peelable membrane easy-open closures for paper and metal cans.