HBK Sorce Advisory LLC has acquired a significant stake in Sonoco Products Company, purchasing 20,220 shares during the third quarter of 2023. This investment is valued at approximately $862,000, according to a report from Holdings Channel. This move reflects growing interest from institutional investors in the industrial products sector.
Other investors have also adjusted their holdings in Sonoco. Raymond James Financial Inc. increased its stake by 11.0% in the first quarter, bringing its total ownership to 136,553 shares, valued at around $6.45 million after acquiring an additional 13,479 shares. Similarly, Northwestern Mutual Wealth Management Co. saw its investment rise by 103.3% during the same period, now holding 4,100 shares valued at roughly $194,000 following a purchase of 2,083 shares.
Additional movements include Quarry LP, which raised its position by 56.5%, owning 1,518 shares worth around $72,000. Meanwhile, Ancora Advisors LLC lifted its stake by 14.7%, totaling 33,477 shares valued at approximately $1.58 million. Collectively, institutional investors now hold 77.69% of Sonoco Products’ stock.
In insider trading, Paul Joachimczyk, Chief Financial Officer of Sonoco, purchased 20,500 shares on October 29, 2023, at an average price of $39.50 each, totaling $809,750. This acquisition increased his holdings significantly. Similarly, John R. Haley, a director of the company, acquired 2,506 shares on October 28, 2023, at an average price of $39.87, resulting in a total purchase of approximately $99,914.
As of now, insiders own 0.74% of Sonoco’s stock. Following these transactions, the stock price opened at $43.97 on the New York Stock Exchange. Over the past year, Sonoco Products has seen a low of $38.65 and a high of $50.09. The company boasts a market capitalization of $4.34 billion with a price-to-earnings ratio of 6.98.
Sonoco Products last reported earnings on June 22, 2023, achieving earnings per share of $1.00 for the quarter. The company indicated a revenue of $1.35 billion and a return on equity of 20.49%. Looking ahead, analysts forecast an earnings per share of 6.1 for the current year.
In addition to its financial activities, Sonoco recently announced a quarterly dividend of $0.53 per share, which was paid on December 10, 2023. This represents an annualized dividend of $2.12 and a yield of 4.8%. The company’s dividend payout ratio currently stands at 33.65%.
Sonoco Products Company, listed on NYSE: SON, is a global leader in diversified packaging solutions, serving various industries including food and beverage, healthcare, and electronics. With operations across more than 30 countries, Sonoco leverages a comprehensive network of manufacturing facilities and recycling centers to meet the needs of its clients worldwide.
