HighTower Advisors LLC Raises Holdings in Sonoco Products (NYSE:SON)

HighTower Advisors LLC increased its position in Sonoco Products (NYSE:SON) by 13.1% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 17,082 shares of the industrial products company’s stock after purchasing an additional 1,979 shares during the period. HighTower Advisors LLC’s holdings in Sonoco Products were worth $834,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Arizona State Retirement System increased its position in Sonoco Products by 0.8% in the 4th quarter. Arizona State Retirement System now owns 28,516 shares of the industrial products company’s stock valued at $1,393,000 after acquiring an additional 224 shares during the period. IFP Advisors Inc raised its stake in shares of Sonoco Products by 3.6% during the fourth quarter. IFP Advisors Inc now owns 7,073 shares of the industrial products company’s stock worth $346,000 after purchasing an additional 243 shares during the last quarter. Wedmont Private Capital lifted its holdings in shares of Sonoco Products by 3.9% during the fourth quarter. Wedmont Private Capital now owns 6,652 shares of the industrial products company’s stock worth $306,000 after purchasing an additional 247 shares during the period. Pallas Capital Advisors LLC grew its position in Sonoco Products by 6.4% in the 4th quarter. Pallas Capital Advisors LLC now owns 4,701 shares of the industrial products company’s stock valued at $230,000 after buying an additional 284 shares during the last quarter. Finally, Park Avenue Securities LLC raised its position in Sonoco Products by 2.2% during the 4th quarter. Park Avenue Securities LLC now owns 14,084 shares of the industrial products company’s stock worth $688,000 after buying an additional 298 shares during the last quarter. 77.69% of the stock is owned by institutional investors and hedge funds.

Sonoco Products Stock Performance

NYSE SON opened at $46.89 on Friday. The company has a debt-to-equity ratio of 2.18, a current ratio of 0.79 and a quick ratio of 1.91. Sonoco Products has a 1-year low of $44.36 and a 1-year high of $61.73. The firm has a market capitalization of $4.62 billion, a P/E ratio of 28.42, a P/E/G ratio of 0.76 and a beta of 0.61. The business’s 50-day simple moving average is $47.34 and its 200-day simple moving average is $50.10.

Sonoco Products (NYSE:SON) last released its quarterly earnings data on Tuesday, February 18th. The industrial products company reported $1.17 EPS for the quarter, missing the consensus estimate of $1.18 by ($0.01). The company had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.67 billion. Sonoco Products had a net margin of 2.60% and a return on equity of 20.81%. Equities analysts predict that Sonoco Products will post 6.1 EPS for the current year.

Sonoco Products Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 10th. Investors of record on Wednesday, February 26th were issued a $0.52 dividend. The ex-dividend date of this dividend was Wednesday, February 26th. This represents a $2.08 annualized dividend and a yield of 4.44%. Sonoco Products’s dividend payout ratio is presently 126.06%.

Insider Buying and Selling at Sonoco Products

In other news, Director John R. Haley purchased 3,000 shares of the stock in a transaction dated Thursday, February 27th. The stock was acquired at an average cost of $46.76 per share, for a total transaction of $140,280.00. Following the acquisition, the director now owns 18,558 shares of the company’s stock, valued at $867,772.08. The trade was a 19.28 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Robert R. Hill, Jr. sold 4,000 shares of the firm’s stock in a transaction 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 transaction, the director now owns 16,065 shares in the company, valued at $770,316.75. This trade represents a 19.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.51% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on SON. Citigroup lowered 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. Truist Financial decreased their price target on Sonoco Products from $68.00 to $60.00 and set a “buy” rating on the stock in a research note on Friday, February 21st. Bank of America raised their target price on Sonoco Products from $66.00 to $71.00 and gave the company a “buy” rating in a report on Monday, January 6th. StockNews.com raised shares of Sonoco Products from a “sell” rating to a “hold” rating in a research note on Wednesday, March 5th. Finally, Wells Fargo & Company reduced their price objective on shares of Sonoco Products from $50.00 to $48.00 and set an “underweight” rating for the company in a research note on Monday, February 24th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, Sonoco Products presently has an average rating of “Hold” and a consensus price target 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.