Foundry Partners LLC Purchases 4,981 Shares of Sonoco Products (NYSE:SON)

Foundry Partners LLC boosted its position in shares of Sonoco Products (NYSE:SON) by 5.3% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 98,921 shares of the industrial products company’s stock after buying an additional 4,981 shares during the period. Foundry Partners LLC owned approximately 0.10% of Sonoco Products worth $5,017,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Rise Advisors LLC bought a new position in Sonoco Products during the first quarter valued at approximately $26,000. FinTrust Capital Advisors LLC boosted its stake in Sonoco Products by 78.8% during 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. Burkett Financial Services LLC bought a new stake in shares of Sonoco Products in the 4th quarter valued at approximately $30,000. TFO Wealth Partners LLC lifted its stake in shares of Sonoco Products by 12,183.3% in the 4th quarter. TFO Wealth Partners LLC now owns 737 shares of the industrial products company’s stock valued at $41,000 after purchasing an additional 731 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC bought a new stake in shares of Sonoco Products in the 1st quarter valued at approximately $50,000. 77.69% of the stock is owned by institutional investors.

Analysts Set New Price Targets

SON has been the subject of several analyst reports. Citigroup lowered their price objective on Sonoco Products from $64.00 to $60.00 and set a “buy” rating for the company in a research note on Monday, July 8th. Wells Fargo & Company lowered Sonoco Products from an “equal weight” rating to an “underweight” rating and lowered their price objective for the company from $54.00 to $52.00 in a research note on Wednesday, August 21st. Raymond James initiated coverage on Sonoco Products in a research note on Friday, July 19th. They issued an “outperform” rating and a $62.00 price objective for the company. Finally, StockNews.com lowered Sonoco Products from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, July 3rd. One investment analyst has rated the stock with a sell rating and three have issued a buy rating to the company. According to MarketBeat, Sonoco Products has a consensus rating of “Moderate Buy” and a consensus price target of $58.00.

Sonoco Products Price Performance

Shares of SON stock opened at $55.00 on Friday. Sonoco Products has a 52-week low of $54.28 and a 52-week high of $56.66. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.85 and a current ratio of 1.30. The firm has a market capitalization of $5.40 billion, a P/E ratio of 13.89, a P/E/G ratio of 2.20 and a beta of 0.68. The stock has a 50 day moving average price of $51.63 and a 200 day moving average price of $55.49.

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

Sonoco Products Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 10th. Shareholders of record on Friday, August 9th will be issued a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, August 9th. This represents a $2.08 annualized dividend and a yield of 3.78%. Sonoco Products’s payout ratio is currently 52.53%.

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.