Park Avenue Securities LLC Grows Position in Sonoco Products (NYSE:SON)

Park Avenue Securities LLC raised its position in Sonoco Products (NYSE:SON) by 2.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 14,084 shares of the industrial products company’s stock after buying an additional 298 shares during the quarter. Park Avenue Securities LLC’s holdings in Sonoco Products were worth $688,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of SON. Mercer Global Advisors Inc. ADV raised its position in Sonoco Products by 2.7% in the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 8,862 shares of the industrial products company’s stock valued at $445,000 after purchasing an additional 237 shares during the last quarter. Wedmont Private Capital raised its holdings in shares of Sonoco Products by 3.9% in the fourth quarter. Wedmont Private Capital now owns 6,652 shares of the industrial products company’s stock valued at $306,000 after buying an additional 247 shares during the last quarter. Pallas Capital Advisors LLC boosted its stake in shares of Sonoco Products by 6.4% during the fourth quarter. Pallas Capital Advisors LLC now owns 4,701 shares of the industrial products company’s stock worth $230,000 after buying an additional 284 shares during the period. Creative Financial Designs Inc. ADV increased its position in Sonoco Products by 13.9% in the 3rd quarter. Creative Financial Designs Inc. ADV now owns 2,373 shares of the industrial products company’s stock valued at $130,000 after acquiring an additional 289 shares during the period. Finally, Curi RMB Capital LLC raised its stake in Sonoco Products by 2.4% during the 3rd quarter. Curi RMB Capital LLC now owns 12,979 shares of the industrial products company’s stock valued at $709,000 after acquiring an additional 304 shares during the last quarter. 77.69% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Sonoco Products

In related news, Director Robert R. Hill, Jr. sold 4,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 7th. The stock was sold at an average price of $47.95, for a total value of $191,800.00. Following the sale, the director now owns 16,065 shares of the company’s stock, valued at approximately $770,316.75. This represents a 19.94 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.51% of the stock is owned by corporate insiders.

Analyst Ratings Changes

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

Sonoco Products Stock Performance

Shares of SON opened at $48.51 on Thursday. The company has a quick ratio of 1.91, a current ratio of 2.36 and a debt-to-equity ratio of 1.74. Sonoco Products has a 52-week low of $45.93 and a 52-week high of $61.73. The company has a 50-day simple moving average of $49.66 and a 200-day simple moving average of $51.57. The company has a market capitalization of $4.77 billion, a PE ratio of 16.67, a P/E/G ratio of 0.74 and a beta of 0.68.

Sonoco Products (NYSE:SON) last announced its quarterly earnings results on Thursday, October 31st. The industrial products company reported $1.49 EPS for the quarter, topping 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 quarter in the previous year, the company earned $1.46 EPS. The company’s quarterly revenue was down 2.0% on a year-over-year basis. Equities research analysts predict that Sonoco Products will post 5.12 earnings per share for the current fiscal 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.