IVC Wealth Advisors LLC Increases Position in Sonoco Products (NYSE:SON)

IVC Wealth Advisors LLC increased its stake in shares of Sonoco Products (NYSE:SON) by 20.4% during the fourth quarter, Holdings Channel reports. The institutional investor owned 6,254 shares of the industrial products company’s stock after acquiring an additional 1,060 shares during the period. IVC Wealth Advisors LLC’s holdings in Sonoco Products were worth $306,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Kennebec Savings Bank purchased a new stake in shares of Sonoco Products during the 3rd quarter worth approximately $27,000. Capital Performance Advisors LLP acquired a new position in shares of Sonoco Products during the 3rd quarter worth approximately $33,000. Abich Financial Wealth Management LLC purchased a new position in Sonoco Products during the second quarter worth $50,000. Wilmington Savings Fund Society FSB acquired a new position in shares of Sonoco Products in the third quarter worth $71,000. Finally, Albion Financial Group UT purchased a new stake in shares of Sonoco Products in the fourth quarter valued at $84,000. 77.69% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. Robert W. Baird dropped their price objective on Sonoco Products from $58.00 to $55.00 and set a “neutral” rating for the company in a research report on Monday, November 4th. Truist Financial boosted their price objective on shares of Sonoco Products from $63.00 to $68.00 and gave the company a “buy” rating in a research report on Monday, January 6th. Wells Fargo & Company decreased their target price on shares of Sonoco Products from $52.00 to $50.00 and set an “underweight” rating on the stock in a research report on Monday, January 6th. Bank of America boosted their price target on Sonoco Products from $66.00 to $71.00 and gave the company a “buy” rating in a report on Monday, January 6th. Finally, Citigroup decreased their price objective on Sonoco Products from $59.00 to $55.00 and set a “buy” rating on the stock in a report on Monday, January 6th. One analyst has rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $60.17.

Insider Activity

In related news, Director Robert R. Hill, Jr. sold 4,000 shares of the firm’s stock in a transaction dated Tuesday, January 7th. The stock was sold at an average price of $47.95, for a total transaction of $191,800.00. Following the sale, the director now directly owns 16,065 shares in the company, valued at approximately $770,316.75. This trade represents a 19.94 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.51% of the company’s stock.

Sonoco Products Price Performance

Shares of Sonoco Products stock opened at $48.61 on Friday. The business’s fifty day moving average price is $49.63 and its 200 day moving average price is $51.55. Sonoco Products has a twelve month low of $45.93 and a twelve month high of $61.73. The company has a current ratio of 2.36, a quick ratio of 1.91 and a debt-to-equity ratio of 1.74. The stock has a market capitalization of $4.78 billion, a P/E ratio of 16.70, a PEG ratio of 0.78 and a beta of 0.68.

Sonoco Products (NYSE:SON) last released its quarterly earnings data on Thursday, October 31st. The industrial products company reported $1.49 earnings per share for the quarter, beating the consensus estimate of $1.45 by $0.04. Sonoco Products had a return on equity of 19.92% and a net margin of 4.38%. The business had revenue of $1.68 billion for the quarter, compared to analyst estimates of $1.72 billion. During the same period in the previous year, the company posted $1.46 EPS. The company’s revenue was down 2.0% compared to the same quarter last year. As a group, research analysts anticipate that Sonoco Products will post 5.12 earnings per share for the current year.

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.