Richardson Financial Services Inc. Buys 255 Shares of Sonoco Products Company $SON

Richardson Financial Services Inc. grew its holdings in Sonoco Products Company (NYSE:SON) by 13.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,185 shares of the industrial products company’s stock after buying an additional 255 shares during the period. Richardson Financial Services Inc.’s holdings in Sonoco Products were worth $100,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Sequoia Financial Advisors LLC acquired a new stake in shares of Sonoco Products in the first quarter valued at approximately $820,000. Principal Financial Group Inc. lifted its position in shares of Sonoco Products by 0.5% in the first quarter. Principal Financial Group Inc. now owns 226,179 shares of the industrial products company’s stock valued at $10,685,000 after buying an additional 1,044 shares during the last quarter. OneDigital Investment Advisors LLC acquired a new stake in shares of Sonoco Products in the first quarter valued at approximately $232,000. World Investment Advisors acquired a new stake in shares of Sonoco Products in the first quarter valued at approximately $1,347,000. Finally, Janney Montgomery Scott LLC lifted its position in shares of Sonoco Products by 29.8% in the first quarter. Janney Montgomery Scott LLC now owns 23,004 shares of the industrial products company’s stock valued at $1,087,000 after buying an additional 5,278 shares during the last quarter. 77.69% of the stock is owned by institutional investors and hedge funds.

Sonoco Products Price Performance

Shares of NYSE SON opened at $39.62 on Friday. The stock has a market capitalization of $3.91 billion, a PE ratio of 7.10, a P/E/G ratio of 0.53 and a beta of 0.68. The company has a debt-to-equity ratio of 1.53, a current ratio of 1.25 and a quick ratio of 0.72. The business has a fifty day moving average price of $45.39 and a two-hundred day moving average price of $45.26. Sonoco Products Company has a fifty-two week low of $39.46 and a fifty-two week high of $55.33.

Sonoco Products (NYSE:SON) last announced its quarterly earnings data on Wednesday, June 22nd. The industrial products company reported $1.00 earnings per share for the quarter. The firm had revenue of $1.35 billion during the quarter. Sonoco Products had a return on equity of 20.46% and a net margin of 8.35%. Sonoco Products has set its Q2 2022 guidance at $1.60-$1.70 EPS. As a group, equities analysts predict that Sonoco Products Company will post 6.1 earnings per share for the current fiscal year.

Sonoco Products Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Shareholders of record on Friday, August 8th were issued a $0.53 dividend. The ex-dividend date of this dividend was Friday, August 8th. This represents a $2.12 annualized dividend and a yield of 5.4%. Sonoco Products’s payout ratio is currently 37.99%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Raymond James Financial raised their price objective on Sonoco Products from $50.00 to $55.00 and gave the company an “outperform” rating in a research report on Tuesday, July 15th. Truist Financial lifted their price target on Sonoco Products from $53.00 to $58.00 and gave the stock a “buy” rating in a report on Friday, July 25th. Bank of America reissued a “neutral” rating and set a $56.00 price target on shares of Sonoco Products in a report on Thursday. Weiss Ratings reissued a “hold (c-)” rating on shares of Sonoco Products in a report on Wednesday. Finally, Citigroup dropped their price target on Sonoco Products from $56.00 to $55.00 and set a “buy” rating for the company in a report on Monday, September 29th. Five equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $55.25.

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.