Sonoco Products (NYSE:SON) Stock Position Decreased by Commonwealth Equity Services LLC

Commonwealth Equity Services LLC cut its stake in shares of Sonoco Products (NYSE:SON) by 4.3% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 26,597 shares of the industrial products company’s stock after selling 1,206 shares during the period. Commonwealth Equity Services LLC’s holdings in Sonoco Products were worth $1,299,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of SON. Private Management Group Inc. raised its holdings in Sonoco Products by 27.7% during the 4th quarter. Private Management Group Inc. now owns 584,390 shares of the industrial products company’s stock worth $28,547,000 after buying an additional 126,867 shares during the period. Quilter Plc raised its holdings in shares of Sonoco Products by 3.1% during the fourth quarter. Quilter Plc now owns 299,178 shares of the industrial products company’s stock valued at $14,615,000 after acquiring an additional 8,895 shares during the period. Synergy Asset Management LLC lifted its position in shares of Sonoco Products by 9.0% in 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 acquiring an additional 5,505 shares in the last quarter. ING Groep NV lifted its position in shares of Sonoco Products by 579.8% in the 4th quarter. ING Groep NV now owns 144,800 shares of the industrial products company’s stock valued at $7,073,000 after acquiring an additional 123,500 shares in the last quarter. Finally, Jane Street Group LLC boosted its stake in Sonoco Products by 312.1% in the 3rd quarter. Jane Street Group LLC now owns 185,351 shares of the industrial products company’s stock worth $10,126,000 after purchasing an additional 140,370 shares during the period. 77.69% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

SON has been the subject of a number of research analyst reports. Bank of America increased 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 Sonoco Products from a “sell” rating to a “hold” rating in a research note on Wednesday, March 5th. Truist Financial lowered their target price 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. Wells Fargo & Company reduced their price target on shares of Sonoco Products from $50.00 to $48.00 and set an “underweight” rating for the company in a research report on Monday, February 24th. Finally, 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. One equities 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $58.50.

Sonoco Products Stock Down 0.4 %

SON opened at $46.70 on Monday. The company has a market capitalization of $4.61 billion, a PE ratio of 28.30, a price-to-earnings-growth ratio of 0.76 and a beta of 0.61. 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 fifty-two week low of $44.36 and a fifty-two week high of $61.73. The business has a 50-day moving average of $47.32 and a 200-day moving average of $49.99.

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

Sonoco Products Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 10th. Shareholders of record on Wednesday, February 26th were given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 4.45%. The ex-dividend date was Wednesday, February 26th. Sonoco Products’s payout ratio is 126.06%.

Insider Buying and Selling at Sonoco Products

In other Sonoco Products news, CEO R. Howard Coker purchased 20,000 shares of the stock in a transaction dated Thursday, March 13th. The shares were bought at an average cost of $46.10 per share, with a total value of $922,000.00. Following the completion of the transaction, the chief executive officer now owns 482,365 shares in the company, valued at $22,237,026.50. This trade represents a 4.33 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Robert R. Hill, Jr. sold 4,000 shares of the business’s stock in a transaction dated 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 directly owns 16,065 shares of the company’s stock, valued at $770,316.75. This represents a 19.94 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.74% of the company’s stock.

Sonoco Products 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.