Merit Financial Group LLC Purchases Shares of 6,105 Sonoco Products (NYSE:SON)

Merit Financial Group LLC acquired a new position in shares of Sonoco Products (NYSE:SON) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 6,105 shares of the industrial products company’s stock, valued at approximately $298,000.

A number of other hedge funds have also modified their holdings of SON. Mercer Global Advisors Inc. ADV boosted its stake in shares of Sonoco Products by 2.7% during the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 8,862 shares of the industrial products company’s stock worth $445,000 after buying an additional 237 shares during the last quarter. Wedmont Private Capital raised its holdings in 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 acquiring an additional 247 shares in the last quarter. Pallas Capital Advisors LLC boosted its position in 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 valued at $230,000 after purchasing an additional 284 shares during the last quarter. Creative Financial Designs Inc. ADV grew its stake in Sonoco Products by 13.9% in the third quarter. Creative Financial Designs Inc. ADV now owns 2,373 shares of the industrial products company’s stock valued at $130,000 after purchasing an additional 289 shares in the last quarter. Finally, Park Avenue Securities LLC increased its position in shares of 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 purchasing an additional 298 shares during the last quarter. 77.69% of the stock is currently owned by institutional investors.

Sonoco Products Stock Performance

NYSE SON opened at $48.44 on Friday. The stock has a market cap of $4.76 billion, a PE ratio of 16.65, a P/E/G ratio of 0.78 and a beta of 0.68. The company has a debt-to-equity ratio of 1.74, a quick ratio of 1.91 and a current ratio of 2.36. The firm has a 50-day moving average of $49.59 and a 200-day moving average of $51.57. Sonoco Products has a 52-week low of $45.93 and a 52-week high of $61.73.

Sonoco Products (NYSE:SON) last issued its quarterly earnings data on Thursday, October 31st. The industrial products company reported $1.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.45 by $0.04. Sonoco Products had a net margin of 4.38% and a return on equity of 19.92%. The firm had revenue of $1.68 billion during the quarter, compared to the consensus estimate of $1.72 billion. During the same period last year, the business posted $1.46 earnings per share. The business’s revenue for the quarter was down 2.0% compared to the same quarter last year. On average, sell-side analysts anticipate that Sonoco Products will post 5.12 EPS for the current year.

Insider Buying and Selling at Sonoco Products

In other Sonoco Products news, Director Robert R. Hill, Jr. sold 4,000 shares of the business’s stock in a transaction dated Tuesday, January 7th. The shares were sold at an average price of $47.95, for a total value 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 transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 0.51% of the company’s stock.

Wall Street Analysts Forecast Growth

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

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.