KLP Kapitalforvaltning AS Takes Position in Sonoco Products (NYSE:SON)

KLP Kapitalforvaltning AS acquired a new position in Sonoco Products (NYSE:SON) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 26,300 shares of the industrial products company’s stock, valued at approximately $1,285,000.

Other large investors also recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. boosted its stake in shares of Sonoco Products by 50.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,029,166 shares of the industrial products company’s stock worth $56,223,000 after acquiring an additional 344,658 shares during the last quarter. Cerity Partners LLC lifted its position in Sonoco Products by 17.3% during the third quarter. Cerity Partners LLC now owns 24,042 shares of the industrial products company’s stock valued at $1,313,000 after purchasing an additional 3,547 shares in the last quarter. FMR LLC grew its holdings in Sonoco Products by 70.1% during the third quarter. FMR LLC now owns 559,596 shares of the industrial products company’s stock valued at $30,571,000 after purchasing an additional 230,709 shares during the period. Quantbot Technologies LP purchased a new stake in Sonoco Products in the third quarter worth about $111,000. Finally, Bridgewater Associates LP raised its stake in shares of Sonoco Products by 63.7% in the third quarter. Bridgewater Associates LP now owns 39,283 shares of the industrial products company’s stock worth $2,146,000 after buying an additional 15,281 shares during the period. 77.69% of the stock is currently owned by institutional investors.

Sonoco Products Stock Down 0.4 %

SON opened at $46.70 on Friday. 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 firm has a 50-day simple moving average of $47.32 and a two-hundred day simple moving average of $50.02. The company has a quick ratio of 1.91, a current ratio of 0.79 and a debt-to-equity ratio of 2.18. Sonoco Products has a 52 week low of $44.36 and a 52 week high of $61.73.

Sonoco Products (NYSE:SON) last released its quarterly earnings results 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). Sonoco Products had a net margin of 2.60% and a return on equity of 20.81%. The firm had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.67 billion. Analysts forecast that Sonoco Products will post 6.1 earnings per share for the current fiscal year.

Sonoco Products Announces Dividend

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

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on SON shares. Wells Fargo & Company reduced their target price on shares of Sonoco Products from $50.00 to $48.00 and set an “underweight” rating for the company in a report on Monday, February 24th. Bank of America increased their price objective on shares of Sonoco Products from $66.00 to $71.00 and gave the stock a “buy” rating in a research note on Monday, January 6th. StockNews.com raised shares of Sonoco Products from a “sell” rating to a “hold” rating in a report on Wednesday, March 5th. Truist Financial cut their price target 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. 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 stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $58.50.

Insider Buying and Selling at Sonoco Products

In other Sonoco Products news, Director John R. Haley purchased 3,000 shares of the stock in a transaction that occurred on Thursday, February 27th. The stock was purchased at an average price of $46.76 per share, with a total value of $140,280.00. Following the acquisition, the director now owns 18,558 shares in the company, valued at approximately $867,772.08. The trade was a 19.28 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO R. Howard Coker purchased 20,000 shares of the company’s stock in a transaction that occurred on Thursday, March 13th. The stock was bought at an average price of $46.10 per share, with a total value of $922,000.00. Following the transaction, the chief executive officer now owns 482,365 shares of the company’s stock, valued at $22,237,026.50. This represents a 4.33 % increase in their position. The disclosure for this purchase can be found here. 0.74% of the stock is owned by company insiders.

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.