Victory Capital Management Inc. Sells 1,231,076 Shares of Sonoco Products (NYSE:SON)

Victory Capital Management Inc. lowered its position in shares of Sonoco Products (NYSE:SON) by 91.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 113,455 shares of the industrial products company’s stock after selling 1,231,076 shares during the period. Victory Capital Management Inc. owned 0.12% of Sonoco Products worth $5,542,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently made changes to their positions in the company. Private Management Group Inc. increased its stake in shares of Sonoco Products by 27.7% in the 4th quarter. Private Management Group Inc. now owns 584,390 shares of the industrial products company’s stock valued at $28,547,000 after purchasing an additional 126,867 shares during the last quarter. Quilter Plc boosted its position in shares of Sonoco Products by 3.1% during the 4th quarter. Quilter Plc now owns 299,178 shares of the industrial products company’s stock valued at $14,615,000 after purchasing an additional 8,895 shares in the last quarter. Synergy Asset Management LLC boosted its position in shares of Sonoco Products by 9.0% during the 4th quarter. Synergy Asset Management LLC now owns 66,754 shares of the industrial products company’s stock valued at $3,610,000 after purchasing an additional 5,505 shares in the last quarter. ING Groep NV raised its stake in Sonoco Products by 579.8% during the 4th quarter. ING Groep NV now owns 144,800 shares of the industrial products company’s stock worth $7,073,000 after buying an additional 123,500 shares during the period. Finally, Jane Street Group LLC raised its stake in Sonoco Products by 312.1% during the 3rd quarter. Jane Street Group LLC now owns 185,351 shares of the industrial products company’s stock worth $10,126,000 after buying an additional 140,370 shares during the period. Institutional investors own 77.69% of the company’s stock.

Insider Transactions at Sonoco Products

In other news, Director Robert R. Hill, Jr. sold 4,000 shares of the business’s stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of $47.95, for a total transaction of $191,800.00. Following the completion of the sale, the director now owns 16,065 shares of the company’s stock, valued at $770,316.75. The trade was a 19.94 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director John R. Haley acquired 3,000 shares of the business’s stock in a transaction dated Thursday, February 27th. The shares were acquired at an average cost of $46.76 per share, with a total value of $140,280.00. Following the transaction, the director now owns 18,558 shares in the company, valued at approximately $867,772.08. This trade represents a 19.28 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 0.51% of the company’s stock.

Sonoco Products Stock Up 2.1 %

SON opened at $45.66 on Friday. The company has a current ratio of 0.79, a quick ratio of 1.91 and a debt-to-equity ratio of 2.18. The company has a market cap of $4.49 billion, a P/E ratio of 27.67, a P/E/G ratio of 0.76 and a beta of 0.61. Sonoco Products has a 12 month low of $44.35 and a 12 month high of $61.73. The business’s 50-day moving average price is $47.31 and its 200-day moving average price is $50.58.

Sonoco Products (NYSE:SON) last posted its earnings results on Tuesday, February 18th. The industrial products company reported $1.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.18 by ($0.01). The business had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.67 billion. Sonoco Products had a return on equity of 20.81% and a net margin of 2.60%. On average, equities analysts expect that Sonoco Products will post 6.1 EPS for the current year.

Sonoco Products Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 10th. Stockholders of record on Wednesday, February 26th were given a $0.52 dividend. The ex-dividend date of this dividend was Wednesday, February 26th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.56%. Sonoco Products’s dividend payout ratio is currently 126.06%.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Truist Financial lowered their price objective on Sonoco Products from $68.00 to $60.00 and set a “buy” rating for the company in a research note on Friday, February 21st. StockNews.com raised Sonoco Products from a “sell” rating to a “hold” rating in a report on Wednesday, March 5th. Bank of America raised their price target on Sonoco Products from $66.00 to $71.00 and gave the stock a “buy” rating in a report on Monday, January 6th. Wells Fargo & Company lowered their price objective on Sonoco Products from $50.00 to $48.00 and set an “underweight” rating on the stock in a research report on Monday, February 24th. Finally, Citigroup lowered their price objective on Sonoco Products from $59.00 to $55.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $58.50.

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.