Sonoco Products (NYSE:SON) Shares Sold by NewEdge Advisors LLC

NewEdge Advisors LLC lessened its stake in shares of Sonoco Products (NYSE:SON) by 39.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 6,054 shares of the industrial products company’s stock after selling 3,970 shares during the quarter. NewEdge Advisors LLC’s holdings in Sonoco Products were worth $296,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of SON. Barclays PLC boosted its holdings in Sonoco Products by 29.8% in the 3rd quarter. Barclays PLC now owns 94,885 shares of the industrial products company’s stock worth $5,184,000 after acquiring an additional 21,799 shares during the period. Wilmington Savings Fund Society FSB acquired a new position in shares of Sonoco Products during the third quarter worth $71,000. Tidal Investments LLC boosted its stake in shares of Sonoco Products by 36.0% in the third quarter. Tidal Investments LLC now owns 25,941 shares of the industrial products company’s stock valued at $1,417,000 after purchasing an additional 6,869 shares during the period. Franklin Resources Inc. grew its holdings in Sonoco Products by 110.4% during the 3rd quarter. Franklin Resources Inc. now owns 73,501 shares of the industrial products company’s stock valued at $4,018,000 after purchasing an additional 38,564 shares in the last quarter. Finally, Trust Co of the South increased its stake in Sonoco Products by 11.4% during the 4th quarter. Trust Co of the South now owns 16,248 shares of the industrial products company’s stock worth $794,000 after buying an additional 1,658 shares during the period. Hedge funds and other institutional investors own 77.69% of the company’s stock.

Insiders Place Their Bets

In other news, CEO R. Howard Coker bought 20,000 shares of the firm’s stock in a transaction on Thursday, March 13th. The stock was purchased at an average price 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 ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, Director John R. Haley purchased 3,000 shares of the business’s stock in a transaction dated Thursday, February 27th. The shares were 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 approximately $867,772.08. The trade was a 19.28 % increase in their position. The disclosure for this purchase can be found here. 0.74% of the stock is owned by corporate insiders.

Sonoco Products Stock Down 12.0 %

SON stock opened at $41.14 on Thursday. The firm has a fifty day moving average price of $45.56 and a two-hundred day moving average price of $48.36. 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 $39.46 and a 1-year high of $61.73. The firm has a market cap of $4.06 billion, a price-to-earnings ratio of 24.93, a PEG ratio of 0.76 and a beta of 0.64.

Sonoco Products (NYSE:SON) last released its quarterly earnings data on Tuesday, April 29th. The industrial products company reported $1.38 earnings per share for the quarter, missing the consensus estimate of $1.41 by ($0.03). Sonoco Products had a return on equity of 20.81% and a net margin of 2.60%. The business had revenue of $1.71 billion for the quarter, compared to analyst estimates of $2.02 billion. During the same quarter last year, the company earned $1.12 EPS. Sonoco Products’s revenue was up 30.6% compared to the same quarter last year. Research analysts predict that Sonoco Products will post 6.1 EPS for the current year.

Sonoco Products Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 10th. Investors of record on Friday, May 9th will be paid a dividend of $0.53 per share. This is an increase from Sonoco Products’s previous quarterly dividend of $0.52. This represents a $2.12 dividend on an annualized basis and a yield of 5.15%. The ex-dividend date of this dividend is Friday, May 9th. Sonoco Products’s dividend payout ratio is presently 128.48%.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. Truist Financial lowered their target price on Sonoco Products from $60.00 to $54.00 and set a “buy” rating for the company in a research note on Tuesday, April 22nd. Raymond James dropped their price objective on Sonoco Products from $54.00 to $50.00 and set an “outperform” rating on the stock in a report on Tuesday, April 22nd. Bank of America raised their price target on shares of Sonoco Products from $66.00 to $71.00 and gave the stock a “buy” rating in a research report on Monday, January 6th. StockNews.com cut shares of Sonoco Products from a “hold” rating to a “sell” rating in a report on Friday, April 25th. Finally, Wells Fargo & Company decreased their price objective 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. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, Sonoco Products presently has a consensus rating of “Hold” and an average target price of $56.43.

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.