Paul Joachimczyk Buys 20,500 Shares of Sonoco Products (NYSE:SON) Stock

Sonoco Products Company (NYSE:SON) CFO Paul Joachimczyk acquired 20,500 shares of the company’s stock in a transaction dated Wednesday, October 29th. The stock was acquired at an average cost of $39.50 per share, with a total value of $809,750.00. Following the transaction, the chief financial officer directly owned 20,500 shares of the company’s stock, valued at approximately $809,750. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.

Sonoco Products Price Performance

Sonoco Products stock opened at $40.61 on Friday. Sonoco Products Company has a 52-week low of $38.65 and a 52-week high of $53.22. The firm has a market capitalization of $4.01 billion, a P/E ratio of 6.45, a PEG ratio of 0.73 and a beta of 0.68. The company has a quick ratio of 0.58, a current ratio of 0.92 and a debt-to-equity ratio of 1.14. The firm has a fifty day moving average of $43.71 and a 200-day moving average of $44.84.

Sonoco Products (NYSE:SON) last announced its quarterly 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 firm had revenue of $1.35 billion during the quarter. Sonoco Products has set its Q2 2022 guidance at $1.60-$1.70 EPS. As a group, analysts predict that Sonoco Products Company will post 6.1 EPS for the current year.

Sonoco Products Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 10th. Shareholders of record on Monday, November 10th will be given a $0.53 dividend. The ex-dividend date of this dividend is Monday, November 10th. This represents a $2.12 annualized dividend and a yield of 5.2%. Sonoco Products’s dividend payout ratio (DPR) is 33.65%.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Jefferies Financial Group lowered their price objective on shares of Sonoco Products from $61.00 to $60.00 and set a “buy” rating for the company in a research report on Friday, October 24th. Raymond James Financial reaffirmed a “market perform” rating on shares of Sonoco Products in a report on Friday, October 17th. Weiss Ratings restated a “hold (c-)” rating on shares of Sonoco Products in a research note on Wednesday, October 8th. Citigroup lowered their target price on Sonoco Products from $56.00 to $55.00 and set a “buy” rating for the company in a research note on Monday, September 29th. Finally, Bank of America restated a “neutral” rating and set a $56.00 target price on shares of Sonoco Products in a research note on Thursday, October 9th. Four investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Sonoco Products has a consensus rating of “Hold” and a consensus price target of $54.50.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in SON. Bessemer Group Inc. grew its stake in Sonoco Products by 215.7% in the first quarter. Bessemer Group Inc. now owns 6,775 shares of the industrial products company’s stock worth $320,000 after purchasing an additional 4,629 shares in the last quarter. Meritage Portfolio Management acquired a new position in Sonoco Products in the first quarter worth about $2,132,000. Principal Financial Group Inc. grew its position in shares of Sonoco Products by 0.5% in the 1st quarter. Principal Financial Group Inc. now owns 226,179 shares of the industrial products company’s stock worth $10,685,000 after acquiring an additional 1,044 shares in the last quarter. D.A. Davidson & CO. grew its position in shares of Sonoco Products by 49.5% in the 1st quarter. D.A. Davidson & CO. now owns 13,726 shares of the industrial products company’s stock worth $648,000 after acquiring an additional 4,545 shares in the last quarter. Finally, OneDigital Investment Advisors LLC acquired a new position in shares of Sonoco Products in the 1st quarter worth approximately $232,000. 77.69% of the stock is owned by institutional investors and hedge funds.

About Sonoco Products

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.