PNC Financial Services Group Inc. Sells 4,037 Shares of Sonoco Products (NYSE:SON)

PNC Financial Services Group Inc. lessened its holdings in Sonoco Products (NYSE:SON) by 25.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 11,817 shares of the industrial products company’s stock after selling 4,037 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Sonoco Products were worth $577,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of SON. Nordea Investment Management AB increased its holdings in Sonoco Products by 63.2% in the 4th quarter. Nordea Investment Management AB now owns 1,129,133 shares of the industrial products company’s stock valued at $55,181,000 after buying an additional 437,128 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in Sonoco Products by 50.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,029,166 shares of the industrial products company’s stock valued at $56,223,000 after buying an additional 344,658 shares during the period. Meadow Creek Wealth Advisors LLC bought a new stake in Sonoco Products in the 4th quarter valued at $11,672,000. FMR LLC increased its holdings in Sonoco Products by 70.1% in the 3rd quarter. FMR LLC now owns 559,596 shares of the industrial products company’s stock valued at $30,571,000 after buying an additional 230,709 shares during the period. Finally, Verition Fund Management LLC increased its holdings in Sonoco Products by 1,736.5% in the 3rd quarter. Verition Fund Management LLC now owns 148,940 shares of the industrial products company’s stock valued at $8,137,000 after buying an additional 140,830 shares during the period. Institutional investors own 77.69% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on SON shares. Wells Fargo & Company lowered their target price on shares of Sonoco Products from $50.00 to $48.00 and set an “underweight” rating on the stock in a report on Monday, February 24th. Citigroup lowered their target price on shares of 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 lowered their target price on shares of Sonoco Products from $68.00 to $60.00 and set a “buy” rating on the stock in a report on Friday, February 21st. StockNews.com raised shares of Sonoco Products from a “sell” rating to a “hold” rating in a report on Wednesday, March 5th. Finally, Bank of America upped their target price on shares of Sonoco Products from $66.00 to $71.00 and gave the stock a “buy” rating in a report on Monday, January 6th. One 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 data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $58.50.

Sonoco Products Stock Up 0.5 %

Shares of NYSE:SON opened at $47.42 on Wednesday. Sonoco Products has a 12 month low of $44.36 and a 12 month high of $61.73. The company’s 50-day moving average price is $47.31 and its two-hundred day moving average price is $50.43. The company has a quick ratio of 1.91, a current ratio of 0.79 and a debt-to-equity ratio of 2.18. The firm has a market cap of $4.66 billion, a P/E ratio of 28.74, a P/E/G ratio of 0.76 and a beta of 0.61.

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

Sonoco Products Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 10th. Shareholders of record on Wednesday, February 26th were issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 4.39%. The ex-dividend date of this dividend was Wednesday, February 26th. Sonoco Products’s dividend payout ratio is currently 126.06%.

Insider Buying and Selling at Sonoco Products

In other Sonoco Products news, CEO R. Howard Coker bought 20,000 shares of the business’s stock in a transaction on Thursday, March 13th. The shares were bought at an average cost of $46.10 per share, for a total transaction of $922,000.00. Following the transaction, the chief executive officer now owns 482,365 shares in the company, valued at approximately $22,237,026.50. This trade represents a 4.33 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Robert R. Hill, Jr. sold 4,000 shares of the company’s stock in a transaction dated Tuesday, January 7th. The shares were sold at an average price of $47.95, for a total transaction of $191,800.00. Following the transaction, the director now owns 16,065 shares in the company, valued at approximately $770,316.75. The trade was a 19.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.51% of the company’s stock.

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.